- April 07, 2020
- 1551 Views
LienVietPostBank was awarded Best Pension Product at The Asian Banker Vietnam Awards 2020
- LienVietPostBank leveraged its unique relationship with Vietnam Post resulting in a convenient financial solution
- The bank provided easy access and transparent loan service for retirees
- The product contributes in promoting microfinance and solving illegal credit issues in rural areas
Hanoi, 9 April 2020 – LienVietPostBank received Best Pension Product at The Asian Banker Vietnam Awards 2020. The awards ceremony was held in conjunction with The Asian Banker Finance Vietnam 2020, the foremost annual meeting for decision makers in the financial services industry in Vietnam, held on 9 April at Meliá Hanoi, Vietnam.
LienVietPostBank leveraged its unique relationship with Vietnam Post resulting in a convenient financial solution
As the only bank cooperating with Vietnam Post which is assigned to implement pension payments, the loan outstanding of LienVietPostBank (LPB) reached nearly $400 million at the end of 2019 and loans for retired officers became the retail product with the highest and most effective loan balance of LPB. With keeping the non-performing loans ratio below 1%, the product is one of the most typical and effective retail products, contributing to LPB's sustainable development.
The bank provided easy access and transparent loan service for retirees
The pension product’s convenient, simple and familiar features provided retirees with easy access to loans. As modern financial resources became popular with retirees — especially for those living in rural, mountainous, and remote areas in Vietnam — they then experienced additional conveniences like speedy bank consultation, disbursement of loans and debt collection.
The product contributes in promoting microfinance and solving illegal credit issues in rural areas
Customers directly consult the product using more than 15,000 pension payment tablets within villages and communes. Disbursement and debt collections were implemented in more than 1,000 postal transaction offices in 63 provinces/cities covering all remote areas. This created favourable conditions for customers in accessing their loans. The pension loan, designed with simple lending procedures and provided in convenient locations, partly reduced the existing "illegal credit" in localities.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. Its business revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
Visit The Asian Banker Vietnam Awards 2020 official page at Finnace Vietnam 2020
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Region: Asia Pacific