EMV MasterCard First for Vietnam Thanks to WAY4
VPBank – The Vietnam Bank for Private Enterprises – has become the first EMV chip card issuer in Vietnam. It has introduced its own-branded Platinum EMV MasterCard credit and debit cards for customers throughout the country where it is expanding its network and aims to have 100 branches and transaction offices by the end of 2007.
The EMV chip cards are issued and acquired on the bank's in-house system - built on WAY4 CMS and Switch solutions.
Mr Le Dac Son, General Director of VPBank said: “We chose WAY4 for our new Platinum card products because of its exceptional flexibility and its use of the latest technologies.”
Asia's banking environment requires a high level of flexibility in product configuration and management so that banks can actively adapt their wide product ranges to fit the specific needs of their customers. And new technologies such as EMV allows VPBank to provide the high security levels which platinum products need.
Having implemented its first EMV project in 2001, OpenWay remains one of the leading processing solution vendors to have successfully deployed this new technology.
VPBank, established in 1993, runs 75 branches and transaction offices. That number will rise to 100 by the 2007 year’s end. Its assets reached VND12 trillion (US$750 million) in June 2007. In the first quarter of the year, VPBank was listed by the Navigos Group and AC Nielsen of the US as one of the two Vietnamese banks among the top 50 businesses in the country in terms of working environment and personnel management. It was regarded by the State Bank of Viet Nam to be one of the best banks among all commercial joint stock banks in northern Viet Nam.