Credit card company Visa has signed a memorandum of understanding with Vietnamese tech company FPT Corporation to improve digital transformation and financial inclusion in Vietnam’s government sector.
The collaboration aims to modernize government services and empower businesses, particularly small and medium-sized businesses (SMEs).
Building on previous engagements, both parties will collaborate to understand the national e-marketplace for procurement initiative, increase SME participation, and strengthen payment infrastructure, including moving towards a cashless society.
Additionally, Visa and FPT will explore innovative solutions for digitalising municipal services, such as exploring solutions to expand access to finance and equip SMEs with business credit cards for better cash flow management. This collaboration will foster ongoing cooperation and innovation in the public sector.
“This collaboration underscores our shared commitment to accelerating Vietnam’s digital transformation within the public sector and fostering greater financial inclusion,” said Visa’s Country Manager Dung Dang. “By leveraging our combined expertise and technology, we aim to create a more efficient, transparent, and inclusive digital ecosystem for government services and businesses across Vietnam.”
“The collaboration with Visa marks a significant milestone, enabling us to combine the expertise and experience of both parties to continue bringing technological advancement to advance digital transformation and cashless payment in Vietnam within the public sector, healthcare, education, social welfare, and so on,” said FPT Chief Technology Officer Vu Anh Tu. “(It) realizes FPT’s mission of fostering national prosperity through innovation and scientific & technological advancement.”
