F88 partners with MB to transform over 850 financial stores into bank transaction offices

Military Commercial Joint Stock Bank (MB) and leading consumer finance firm F88 on Monday officially signed a comprehensive cooperation agreement.

The partnership agreement, signed at MB's headquarters at 18 Le Van Luong street, Hanoi, will enable customers to update their biometrics at more than 850 F88 transaction points, ensuring seamless banking transactions even when their phones do not support NFC (near dield communication) scanning.

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

Speaking at the signing ceremony, Vu Thanh 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.”

Phung Anh Tuan, 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.”

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. MB has implemented specialized training programs to ensure F88 staff can facilitate seamless and rapid ID updates via the MBBank App.

Customers visiting F88 transaction points will be guided by staff to perform NFC scanning and complete their ID updates quickly and securely through the app, even if their mobile device doesn't support NFC scanning.

F88's nationwide presence also offers convenience to 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 Vietnam, with enhanced biometric data update solutions. 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 authorizations, 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.