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| Wednesday, 7 July 2010, 11:00 HKT/SGT | |
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Source: JCB | |
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HO CHI MINH CITY & TOKYO, July 7, 2010 - (ACN Newswire) - Vietnam Export Import Commercial Joint Stock Bank (Vietnam Eximbank), one of the major credit card acquiring banks in Vietnam, and JCB International (JCBI), the international operations subsidiary of JCB, Japan's major credit card brand and also an issuer, announced that Vietnam Eximbank - one of the leading commercial joint-stock bank in terms of total assets, equity - today started to recruit JCB credit card merchants in Vietnam based on the agreement signed by both parties in September 2009. Vietnam Eximbank will phase in enabling JCB cardmembers to use their JCB credit cards for purchases at Eximbank merchants. The bank targets to complete enabling JCB cards to be accepted at all their existing merchants by 2011.
JCB entered into this arrangement with the aim of enhancing convenience for 64.21 million JCB cardmembers largely based in Asia, including Japan, China, Taiwan, and Korea, who travel to Vietnam. Vietnam Eximbank aims to strengthen services for their merchants by accepting JCB, the international credit card brand, giving more payment options for customers and generating more sales opportunities with a growing JCB cardmember base in Asia.
JCB and JCBI entered into the Vietnam market to expand JCB card acceptance by signing with Joint Stock Commercial Bank for Foreign Trade of Vietnam in 1991, followed by Australia and New Zealand Banking Group Limited and United Overseas Bank Limited in 1998. As credit card market potential has expanded due to Vietnam's strong economic growth after the country joined the WTO in 2007, JCBI has been actively partnering with a number of banks including Asia Commercial Joint Stock Bank, Dong A Commercial Joint Stock Bank, Sai Gon Thuong Tin Commercial Joint Stock Bank and Vietnam Joint Stock Commercial Bank for Industry and Trade. Vietnam Eximbank is the 8th financial institution to start the JCB acquiring business in Vietnam.
According to the Vietnam tourist bureau, the total number of travelers from China, Korea, Taiwan and Japan visiting Vietnam grew 7% from 1.6 million in 2005 to 1.8 million in 2008. After the global economic crisis in 2008, it decreased to 1.5 million in 2009, but in the first quarter in 2010, it recovered by 47% from the same period in 2009. With multiple world heritage sites as well as acting as a gateway to Angkor Wat in neighboring Cambodia and to Luang Prabang in Laos, Vietnam's attraction as a tourist destination will continue to mark stable growth in the future.
"Vietnam Eximbank is pleased to have an opportunity to enhance wider acceptance and to expand the merchant service channel to JCB", said Ms. Dinh Thi Thu Thao, Vice President at Vietnam Eximbank. "The arrangement with JCB, a major international payment brand with a solid cardmember base in Asia, will result in more payment options for our merchants, and increase in sales volume accordingly."
Mr. Tsuyoshi Notani, Managing Director of JCB International (Thailand) Co., Ltd., who is supervising Thailand and other Southeast Asia including Vietnam, said, "Vietnam will continue to be an important market for JCB in terms of card acceptance. In order to enhance the JCB merchant network, we have been building and strengthening alliances with leading banks and financial institutions in Vietnam. I am extremely pleased that Vietnam Eximbank, one of the most powerful and trusted partner banks for JCB, today started to facilitate JCB card acceptance. I believe this will further increase the level of JCB cardmember convenience, especially in popular tourist sites such as Hanoi and Ho Chi Minh City."
About Vietnam Export Import Commercial Joint Stock Bank (Vietnam Eximbank)
Vietnam Export Import Commercial Joint Stock Bank (Vietnam Eximbank) was established in 1989 and was among the first commercial joint stock banks with leading operational scope, financial capability and service quality in Vietnam. Eximbank has an operation network all over Vietnam and has established correspondent banking relationship with more than 758 banks and their branches in 78 countries in the world. In terms of card services, Eximbank became official members of 2 international card organizations, MasterCard Worldwide and Visa Worldwide, in 1998 and of JCB in July 2010. In the forthcoming time, with a desire to bring customers utmost satisfaction, Vietnam Eximbank aims to offer more modern card products and services and simultaneously and continuously improve its card service quality. Please visit www.eximbank.com.vn/en/ for further details.
Contact:
Kazumi Kinoshita / Yoko Shinomiya
Corporate Planning
JCB International Co., Ltd.
+81-3-5778-8390
kazumi.kinoshita@jcb.co.jp
yoko.shinomiya@jcb.co.jp
Topic: Business Tieup
Source: JCB
Sectors: Daily Finance, Travel & Tourism, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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