Tagit launches aggregated mobile banking service in vietnam


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Tagit launches aggregated mobile banking service in vietnam

  1. 1. Tagit Launches Aggregated Mobile Banking Service in Vietnam January 02, 2013Singapore, December 21st 2012 - Tagit, a leading Singapore-based mobile banking solutionscompany, today announced the launch of the first aggregated mobile banking service by leadingVietnamese payment switch operator, Smartlink.Over 40 million domestic bankcard holders and 120 million mobile users in Vietnam are expectedto benefit from Tagit’s Mobeix platform when Smartlink jointly deploys mobile services with thenetwork’s growing base of member banks across Vietnam. Tagit’s collaboration with Smartlink willset the trend in Vietnam’s mobile payment space, opening up new growth opportunities for themobile 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 ina timely and cost-effective manner. Tagit will be adopting a usage-based model, an alternativebusiness 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 milestonefor Tagit as we introduce our aggregated service, which will expand the user base on Tagit’s mobileplatform and expand our presence in the region. By connecting with payment switch networks likeSmartlink, 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 PricewaterhouseCoopers, 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 ranked25th among 35 countries in the MasterCard’s Mobile Payments Readiness Index, Vietnam’s mobilepayments sector is slated to flourish in coming years.“More Vietnamese consumers are adopting the mobile lifestyle, so we’re putting mobile at the coreof our strategy to ensure that we keep pace with what customers want. We are pleased to have 1
  2. 2. Tagit as a partner in deploying this service in the market and providing a stable and securedplatform that will enable our member banks and end customers the ease of making transactionsand bill payments on their mobile devices,” said Mr. Nguyen Đăng Hùng, Deputy CEO of BusinessDevelopment and Technology at Smartlink.The first bank to launch Tagit’s mobile banking service in conjunction with Smartlink isVietcombank, the largest member bank under the Smartlink network. The new VCB MobileB@nking application allows customers to perform core banking transactions which include accountinformation query, funds transfer within Vietcombank system, bill payments and topups forprepaid mobile services. The application will be supported by all mobile networks in Vietnam and iscompatible 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 playerswithin the mCommerce ecosystem and third-party entities, such as utility companies andgovernment agencies in Vietnam.In collaborating with payment networks like Smartlink, Tagit stands to increase their reach in theirtarget 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 HongKong, CitiBank India, UOB, Standard Chartered Bank and Maybank in Asia, to MovenBank and RoyalBank of Canada in North America. Source: Re-disseminated by The Asian Banker 2