Sunday, 14 July 2024

MB named Best FX Bank and Best Financial Derivatives Provider in Vietnam Awards 2021

5 min read

Military Joint Stock Commercial Bank (MB) was honoured with two prestigious awards, namely Best FX Bank in Vietnam and Best Financial Derivatives Provider in Vietnam in recognition of the bank's breakthroughs in recent years at The Asian Banker Transaction Finance Awards virtual ceremony held in August.

After more than 26 years of development, MB has affirmed its solid position in the top five commercial banks in Vietnam in terms of business efficiency and safety with pre-tax profit reaching VND 10.688 trillion ($470.6 million) while the size of total assets maintained a growth momentum of 20% to VND 494.982 trillion ($21.8 billion) in 2020.

Foreign exchange (FX) services and derivative products are also MB's focus in business model transformation to increase the proportion of profit from services. As one of the first banks licensed by the State Bank of Vietnam to provide FX services and derivative products in Vietnam, MB has built up a client portfolio spanning many segments and fields, using a variety of products to meet the needs for financial risk hedging. With achievements and contributions to the market, MB was also recognised the Best FX Bank in Vietnam in 2016 and The Financial Derivatives Provider of the Year in Vietnam awards in 2019.

In 2021, the highlights that earned MB the above-mentioned prestigious awards are its market share and position in the market, fast and powerful digital transformation process, and highly qualified and enthusiastic staff. MB has always been among the top three choices for FX trading, while its interest rate derivatives and commodity derivatives are considered the top choices in the market for many years.

However, being aware of the intensive competition in the banking industry, particularly in the FX and derivatives market, MB has gradually digitised every step in the transaction process, offering customers increasingly automated and efficient transaction methods. MB was also the first to deploy FX and derivatives services on MBBank App for individual customers and Biz MB for corporate customers. At the same time, MB was also the first to launch a chatbot tool to automatically consult market information as well as conduct FX transactions with corporate clients.

In addition, considering human resources as the most important asset of the bank, especially in business lines such as FX and derivatives, MB’s board of managers has been closely involved in staff training and team building as well as supported employees in reaching their full potential.

Nguyen Minh Chau, deputy general director of MB, said, “MB is honoured to receive two prestigious awards for the Best FX Bank in Vietnam and Best Financial Derivatives Provider in Vietnam this year." "The two awards clearly illustrate the high quality and efficiency that MB foreign exchange services and derivative products provided to clients with the most convenient experiences on both digital and physical channels and with the most competitive solutions," Chau added.

Along with the wave of foreign direct investment and international corporations flocking to Vietnam, the domestic financial market is developing and integrating deeper into global capital flows. At the same time, the world financial market in recent years has seen strong fluctuations in exchange rates, interest rates, and commodity prices. Enterprises are more and more aware of the role of financial instruments in hedging financial risks. These are favourable conditions for MB to promote a diverse range of foreign exchange services and derivative products to clients.

The two awards received in the FX and derivatives segments are worthy recognition for MB's transformation efforts in recent years. This is also one of the important premises to help MB continue affirming its leading position in the Vietnamese financial market.


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