Due to growing demand, MB and F88 have formalised a partnership to enhance financial access across Việt Nam.

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Representatives of MB and F88 at the signing ceremony. Photo courtesy of F88

 The Military Commercial Joint Stock Bank (MB) and F88 on December 16 officially signed a comprehensive cooperation agreement enabling customers to update their biometrics at more than 850 F88 transaction points, ensuring seamless banking transactions even when their phones do not support NFC scanning.

Due to growing demand for convenient banking services, MB and F88 have formalised the partnership to enhance financial access across Việt Nam.

Speaking at the signing ceremony, Vũ Thành Trung, vice chairman of MB, said: “Through more than 850 F88 transaction points and over 300 MB branches and transaction offices, MB hopes to reach more customers across the country, particularly in areas lacking convenient financial service access.”

Phùng Anh Tuấn, chairman and general director of F88, said: “The advantage we bring to MB is not only our nationwide network, but also our expertise and experience in the financial sector. This will allow MB to better and more professionally serve its customers.”

Transactions at F88. Photo courtesy of F88

This strategic partnership will serve as a foundation for MB and F88 to deliver comprehensive financial services. The initial step will involve supporting customers to update their identification documents via the MBBank App at over 850 F88 transaction points.

This will ensure smooth transactions as new biometric ID requirements come into effect on January 1, 2025, per the State Bank of Vietnam's latest circulars. Customers who have not updated their biometric ID may face restrictions on online banking transactions.

Expanding financial access

From 2014 to 2023, MB and Viettel introduced innovative services like the BankPlus payment system, enabling remote money transfers in underserved areas. With the new Circular No 07/2024/TT-NHNN, MB has expanded its licensing to include "payment agent" services, adding new opportunities to this financial partnership.

With the new partnership, MB customers can now securely and easily update their ID information at any of over 850 F88 transaction points. F88's nationwide presence also offers convenience for customers by reducing wait times and providing support for customers in regions with limited access to traditional bank branches.

This partnership strengthens MB's position as one of the leading banks in Việt Nam, with enhanced biometric data update solutions. Customers can now choose multiple methods to update their identification: through direct support at MB branches or F88 points, via the MBBank App using VNeID, NFC scanning or other biometric options integrated into the app. Furthermore, F88 serves as a trusted, secure location for customers interested in opening MB accounts.

This is just the first step in the extensive MB-F88 partnership. Moving forward, the two companies plan to roll out a variety of financial solutions aimed at improving convenience, saving time and expanding services to customers nationwide.

Upcoming services expected to be introduced include cash deposits and withdrawals at agent locations, credit card balance payments, money transfers and payment order services, payment authorisations, collection services and payment-on-behalf solutions.

Through this collaboration, MB and F88 are committed to providing innovative, efficient and accessible financial experiences to millions of customers across the country. VNS

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