VPBank, Lotte C&F partner to offer financial services to customers

The two companies officially signed a Memorandum of Understanding (MoU) on Sept. 27.

This collaboration aims to create innovative financial products, enhancing customer experience and providing greater value to Lotte’s loyal customer base. Among the planned initiatives are co-branded cards and BNPL services tailored for Lotte customers. These products will allow customers to enjoy purchasing and consumption privileges, boosting their financial capacity with flexible payment options.

VPBank and Lotte C&F are also focusing on developing finance solutions specifically designed for their combined technological platforms and ecosystems. The partnership will integrate account services, virtual credit cards, and other digital functions based on Lotte C&F's digital infrastructure, providing customers with modern, transparent, and convenient payment solutions.

The cooperation is expected to maximize the strengths of both companies, enhancing their competitive positions in the market. VPBank will offer comprehensive financial solutions to foster sustainable growth for enterprises within the Lotte ecosystem in Vietnam, supporting them in achieving strategic objectives. Meanwhile, Lotte C&F will promote VPBank’s financial services to its subsidiaries in Vietnam, helping the bank expand its network and increase its market reach among foreign direct investment (FDI) clients.

Kamijo Hiroki (R), Deputy CEO of VPBank, and Shigemitsu Satoshi (L, Korean name is Shin Yoo Yeol), CEO of Lotte Financial Corporation Japan, at the signing ceremony on Sept. 27. Photo courtesy of VPBank

At the signing ceremony, Kamijo Hiroki, Deputy CEO of VPBank, emphasized that as a leading multifunctional bank, VPBank is dedicated to innovation and value creation through advanced financial services. The partnership with Lotte C&F aligns with VPBank’s strategy to develop FDI clients and implement joint business strategies, creating synergies and delivering greater value to enterprises and customers alike.

Shigemitsu Satoshi (Korean name is Shin Yoo Yeol), CEO of Lotte Financial Corporation Japan, highlighted Lotte's commitment to developing BNPL services and supporting its subsidiaries' contributions to Vietnamese society. He expressed Lotte’s interest in expanding its business ecosystem by collaborating with sales partners across Vietnam, Japan, and Korea. Satoshi also noted VPBank’s expertise in personal and digital financial services, calling the bank a suitable partner for Lotte’s expansion plans.

The MoU with Lotte C&F is a key part of VPBank’s strategy to grow its FDI customer base, a segment expected to see significant growth as FDI capital flows into Vietnam continue to rise. With leading charter capital in Vietnam and an ecosystem spanning consumer finance, securities, and insurance, VPBank is well-positioned to meet the financial needs of FDI clients. The bank’s Supply Chain Finance product, designed specifically for FDI customers, provides financial solutions for distributors and suppliers of major international clients, a strength backed by over 10 years of experience and support from the International Finance Corporation (IFC).

Lotte C&F, established in April 2023 in Ho Chi Minh City, is a joint venture between Lotte Financial Corporation (Japan) and Lotte Capital (Korea). The company focuses on providing BNPL services, offering consumers the convenience of purchasing now and paying later.