Hong Leong Bets on a Digital Bank for its Expansion into Vietnam

In a bid to capture foreign markets, Malaysian banks are increasingly turning to launching a digital bank as a strategy. Leong Bank announced recently that they have a launch a digital bank that they described as a next-generation, customer-centric digital bank.

This news comes after CIMB who has also similarly launched a digital bank in both the Philippines.

According to their media statement, the on-boarding for new customers only takes two steps and can all be completed digitally via its mobile banking platform HLB connect.

Once customers are on-boarded customers will a Visa virtual pre-paid card with the option of upgrading to a savings account enabled within the app itself, the customer will then have a physical Visa debit card delivered to them without having to step into a branch

Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB said the Bank has been steadily growing its presence in the Vietnam market for the past decade and is now seizing the right opportunity to offer Vietnamese consumers an innovative new digital banking experience.

“Vietnam is a market primed for digital and mobile bank offering as only about 40% of Vietnam’s 95 million people have bank accounts while there are around 120 million mobile phone subscriptions. Coupled with our understanding that time and convenience are the most treasured commodities in a fast-paced society like Vietnam, HLB Connect has the power to enable both greater financial inclusion and access to e-commerce to more Vietnamese on a single platform while allowing HLBVN to deliver customer experience that is seamless, straight-through and offers superior value.”

By December, customers can shop and pay seamlessly for deals exclusively available on HLB Connect such as dining, spa and travel with some of the biggest brands in Vietnam, with more stores and deals to be constantly added based on customers’ preference.

“Our Bank has over 110 years of strong heritage in Malaysia and we have been expanding to other markets in Asia, including Vietnam and we can only do so successfully if we are able to be the enabler of convenience, a trusted provider of financial services and one that empowers Vietnamese consumers to take full advantage of the booming digital economy by constantly focusing on their needs at the centre of everything we do,”

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