The two largest payment card networks in Vietnam, Vietnam National Financial Switching Joint Stock Company (Banknetvn) and Smartlink Card Services Joint Stock Company (Smartlink), were officially merged on December 25.
The two largest payment cardnetworks in Vietnam, Vietnam National Financial Switching Joint StockCompany (Banknetvn) and Smartlink Card Services Joint Stock Company(Smartlink), were officially merged on December 25.
The two firms started merging works since 2012 under the direction of Governor of State Bank of Vietnam (SBV).
On December 22, 2014, the Prime Minister allowed the pair to enjoy a5-year economic concentration status. Another 5-year extension will beautomatically awarded if no breaches are found.
Speaking atthe merger contract signing ceremony, SBV Deputy Governor Nguyen ToanThang expected the merged company would complete several key tasks,notably building a national standard for chip cards to be compatiblewith international ones and ensure national benefits at the same time.
He expressed his hope that the alliance will open upopportunities for the development of smart card payment in Vietnam andbecome a regional rival.
The firm will examine and rearrangethe commercial banks’ ATM and POS systems to improve the effectivenessand service quality, reduce costs and develop added-value services on aunified switching system.-VNA
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