Tagit, Smartlink Offer Smartphone-Based Banking in Vietnam (Jan. 4, 2013)
Jan. 4, 2013
In a bid to capitalize on the rapid growth of smartphone use in Vietnam, Singapore-based mobile banking provider Tagit is partnering with mobile switch operator Smartlink to launch a new platform that will enable Vietnamese banks to launch cost-effective smartphone-based financial services, the companies said.
By partnering with Smartlink, Tagit gains access to 40 million Vietnamese bank cardholders, as well as 120 million mobile users in the country, according to the firm. One bank, Vietcombank, already has begun using the mobile services, which enable users to perform banking transactions such as funds transfers, queries, bill payments and prepaid mobile top-ups. The platform is compatible with mobile operating systems, including iOS, Android and BlackBerry and is supported by all mobile networks in Vietnam.
Smartphone use has grown remarkably fast in Vietnam after the first 3G networks were established there in 2009. According to research firm Wireless Intelligence, smartphones accounted for 29 percent of the country’s total mobile user base by mid-2011, a number comparable to most developed markets. Along with the technological advances, smartphone growth has been driven by the Vietnamese government’s loosening of entry restrictions to the previously state-dominated mobile market, as well as a boom in smartphone use among the 15-24 age group, which comprise more than one-fifth of Vietnam’s population.
Tagit’s entry into Vietnam follows a similar move into Kuwait in March 2012, when it partnered with switch provider Knet to launch a mobile payment service there.