HSBC Partners with Vietnam Post to Offer Financial Services

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Sept. 18 – HSBC has announced that it will be partnering with state-run, Vietnam Posts, to make its financial services available to more people through its network of post offices.

HSBC clients will now be able to make credit card payments or receive cash payments at post offices. “This move significantly expands HSBC’s domestic reach for cash-based transactions, the predominant mode of settlement, to around 2,000 collecting points across Vietnam,” the bank said in a statement.

General Director of Vietnam Posts, Do Ngoc Binh, was quoted by Thanh Nien News as saying that the partnership will allow both parties to expand their businesses through diversification and provide more value-added services to domestic and international customers.

HSBC is one of the only two banks along with Standard Chartered that were given business licenses to establish wholly owned units in the country last year. Only a small number of Vietnam’s population of 86 million people use bank services and the number is expected to grow in the coming years.