RELEASED DATE 15 Jul 2022
These awards were handed to BIDV for the 2nd year in a row. Global Banking & Finance Review (GBAF) recognized BIDV for the efforts it has made in the development of BIDV iBank – its digial banking app, especially its lastest upgrade to the multichannel platform called Omni BIDV iBank. Thus, the bank’s customers are now able to conduct transactions on either its website or mobile app version. Ms. Wanda Rich - Editor-in-Chief of GBAF said: “The upgrade of this service has met the need of customers. Especially during the pandemic, a lot of them has changed the way they bank and preferred using digital banking servies on a mobile phone. For now corporate customers are pleased with faster financial transactions, no limitation on the place or device they use, they should gain more competitive advantage in this digital transformation era.”
BIDV has applied the latest technology to improve BIDV iBank, creating a diverse digital ecosystem for businesses. In addition to convenient features such as domestic/international money transfer, salary payment, online term deposit, foreign currency trading, trade finance, BIDV iBank also offers useful financial solutions such as: Cash flow management; Online bill payment; Collection through identity accounts; Connecting customers’ enterprise resource planning (ERP) with BIDV iBank system, etc.
As of 30 June 2022, the number of customers using BIDV iBank reached 93,000, an increase of nearly 200 percent compared to the beginning of 2020. In which, 81 percent of them registered for the financial package. The total number of transactions conducted in 2021 increased by 85 percent compared to the previous year, with the total revenue generated through BIDV iBank in 2021 reaching VND5.8 million billion.
The bank was also named the “Best Supply Chain Finance Provider” (SCF) in Vietnam in 2022. It was the first time a domestic bank won an international award for supply chain finance products.
BIDV has been a long trusted provider of this type of products for corporate customers. Especially from 2021 during the outbreak of the Covid-19 pandemic, facing the risk of disruption to both domestic and global supply chains, BIDV immediately established a SCF group to accelerate the solutions to meet the needs of businesses in different chains, promptly supporting enterprises with supplement capital and networks for stabilize productions and businesses.
As of 30 June 2022, BIDV has developed 12 new chains including 6 supply and 6 distribution ones, attracting nearly 300 more corporate customers to participate in its chain financing. Thanks to the bank’s unremitting efforts in this field, BIDV is the only bank in Vietnam to be sponsored by the Asian Development Bank (ADB) to build, design and deploy Supply Chain Financing business model. Accordingly, BIDV is consulted with solutions, from business models, products, solutions to support tracking, sales, risk management and capacity building. This is a favorable condition for BIDV to consolidate and expand product deployment in the near future.
According to GBAF, BIDV’s supply chain financing products have been beneficial to customers in a timely manner especially during the Covid-19 pandemic. These products have formed a sustainable and safe supply chain for buyers, optimizing payment time for sellers, thus save costs, shorten procedures, and allow access to capital at competitive cost.
The awards showcase BIDV's efforts in delivering modern, user-friendly, professional and dedicated banking products and services to corporate customers.