1. Tagit Launches Aggregated Mobile Banking Service in Vietnam
January 02, 2013
Singapore, December 21st 2012 - Tagit, a leading Singapore-based mobile banking solutions
company, today announced the launch of the first aggregated mobile banking service by leading
Vietnamese payment switch operator, Smartlink.
Over 40 million domestic bankcard holders and 120 million mobile users in Vietnam are expected
to benefit from Tagit’s Mobeix platform when Smartlink jointly deploys mobile services with the
network’s growing base of member banks across Vietnam. Tagit’s collaboration with Smartlink will
set the trend in Vietnam’s mobile payment space, opening up new growth opportunities for the
mobile payments ecosystem in this market.
The new aggregated service business model from Tagit allows payment networks to deploy robust,
scalable and secure mobile solutions, enabling member banks to offer innovative mobile services in
a timely and cost-effective manner. Tagit will be adopting a usage-based model, an alternative
business model from its current enterprise model that it has adopted with its banking customers.
Speaking on the collaboration and the launch of the new service in Vietnam, Mr. Navtej Singh
(“Naffi”), Tagit’s President and Head of Business Development, said, “This is an important milestone
for Tagit as we introduce our aggregated service, which will expand the user base on Tagit’s mobile
platform and expand our presence in the region. By connecting with payment switch networks like
Smartlink, Tagit’s mBanking platform will be quickly made available to all network member banks.”
Mobile penetration rate in Vietnam is estimated at 136%, according to a study by Pricewaterhouse
Coopers, while smartphones penetration is relatively low at 11% based on statistics from GfK Asia,
leaving room for growth for smartphones and mobile services in the market. With Vietnam ranked
25th among 35 countries in the MasterCard’s Mobile Payments Readiness Index, Vietnam’s mobile
payments sector is slated to flourish in coming years.
“More Vietnamese consumers are adopting the mobile lifestyle, so we’re putting mobile at the core
of our strategy to ensure that we keep pace with what customers want. We are pleased to have
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2. Tagit as a partner in deploying this service in the market and providing a stable and secured
platform that will enable our member banks and end customers the ease of making transactions
and bill payments on their mobile devices,” said Mr. Nguyen Đăng Hùng, Deputy CEO of Business
Development and Technology at Smartlink.
The first bank to launch Tagit’s mobile banking service in conjunction with Smartlink is
Vietcombank, the largest member bank under the Smartlink network. The new VCB Mobile
B@nking application allows customers to perform core banking transactions which include account
information query, funds transfer within Vietcombank system, bill payments and topups for
prepaid mobile services. The application will be supported by all mobile networks in Vietnam and is
compatible across all operating systems, including iOS, Android, Blackberry and Java systems.
Through Tagit’s platform, customers of Smartlink will also be able to connect with other players
within the mCommerce ecosystem and third-party entities, such as utility companies and
government agencies in Vietnam.
In collaborating with payment networks like Smartlink, Tagit stands to increase their reach in their
target markets and strengthen their position as a leading mobile solutions provider.Previously,
Tagit has delivered mobile banking solutions for banks including DBS Bank, Singapore and Hong
Kong, CitiBank India, UOB, Standard Chartered Bank and Maybank in Asia, to MovenBank and Royal
Bank of Canada in North America.
Source: Re-disseminated by The Asian Banker
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