An Binh Commercial Joint Stock Bank (ABBANK), a prominent retail bank in Vietnam, has made a strategic investment in fintech company Backbase launching its new business digital banking platform, ABBANK Business.
With this move, ABBANK aims to digitally transform its services, particularly for small and medium-sized enterprises (SMEs) across Vietnam.
ABBANK’s investment in the Backbase platform is a key component of its broader digital transformation strategy, aiming to simplify banking for SMEs and entrepreneurs. The new ABBANK Business platform delivers features, including customisable account numbers, quick bill payments, international money transfers, and a comprehensive dashboard for easy asset and transaction management.
According to Pham Duy Hieu, CEO of ABBANK, “The new application makes banking easy, safe and convenient for our clients while enhancing ABBANK’s efficiency and enabling us to achieve transformative SME digital banking goals”.
Also Read: The banking revolution: Balancing convenience and security in the digital era
By leveraging Backbase’s platform, ABBANK aims to empower SMEs with the tools they need for success in the digital-first world. ABBANK’s vision is to be a trusted financial partner for SMEs and entrepreneurs, supporting them with the innovation, security, and service levels essential for growth. This partnership highlights the increasing importance of technology investment for financial institutions looking to meet the demands of modern businesses.
Founded in 2003 in Amsterdam, Backbase offers an Engagement Banking Platform, a composable platform that empowers banks to accelerate their digital transformation by progressively modernising their main customer journeys. From onboarding to servicing, lending and investing, the platform streamlines every aspect of the customer and employee journey.
With its APAC headquarters in Singapore, Backbase operates across key regional markets, including Australia, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. The company also has regional hubs strategically located in the Americas, Europe, the Middle East, and Africa.
The post Vietnam’s ABBANK invests in fintech firm Backbase appeared first on e27.