Cathay United Bank keen to invest in consumer lending in Vietnam
VOV.VN - Cathay United Bank of Taiwan (China) has unveiled a strategic business plan aimed at expansion into the consumer finance sector in the Vietnamese market.
Benny Miao, head of Corporate Finance and SE Asia at Cathay United Bank (CUB), said the expansion plan marks a turning point for the bank after 18 years of operation in Vietnam.
The country boasts a market of more than 100 million consumers, all of whom are increasingly familiar with the use of digital payment tools, he said, adding that the bank has largely focused on building a digital consumer finance platform with the ultimate goal of launching many digital products and services in the near future.
Lu Wei Chieh, general director of Cathay United Bank’s Ho Chi Minh City branch, emphasised that apart from providing financial services to Vietnamese corporate customers and Taiwanese-invested enterprises, the bank is keen to provide financial solutions for individual customers in the country.
The expansion plan marks an important transformation for Cathay United Bank as it looks to provide comprehensive banking services and diverse financial solutions for all clients, he said, noting that it will soon introduce digital products to individual clients this year.
According to representatives of Cathay United Bank, Vietnam remains an attractive and magnet destination to foreign investors.
Aside from Taiwanese companies, there are also large investment flows coming from Singapore, Hong Kong, Japan and the Republic of Korea. In fact, Taiwanese companies have been moving into Vietnam to establish production and manufacturing facilities.
Furthermore, with the global supply chains being restructured, the country is one of the top destinations for foreign companies looking to shift their supply chains and reduce risks.
