Collaboration with largest payment switch operator will benefit 51 banks in Vietnam and millions of mobile users
SINGAPORE, Dec. 21, 2012 /PRNewswire/ -- Tagit, a leading Singapore-based mobile banking solutions company, today announced the launch of the first aggregated mobile banking service by leading Vietnamese payment switch operator, Smartlink.
Over 40 million domestic bankcard holders and 120 million mobile users in Vietnam are expected to benefit from Tagit's Mobeix platform when Smartlink jointly deploys mobile services with the network's growing base of member banks across Vietnam. Tagit's collaboration with Smartlink will set the trend in Vietnam's mobile payment space, opening up new growth opportunities for the mobile payments ecosystem in this market.
The new aggregated service business model from Tagit allows payment networks to deploy robust, scalable and secure mobile solutions, enabling member banks to offer innovative mobile services in a timely and cost-effective manner. Tagit will be adopting a usage-based model, an alternative business model from its current enterprise model that it has adopted with its banking customers.
Speaking on the collaboration and the launch of the new service in Vietnam, Mr. Navtej Singh ("Naffi"), Tagit's President and Head of Business Development, said, "This is an important milestone for Tagit as we introduce our aggregated service, which will expand the user base on Tagit's mobile platform and expand our presence in the region. By connecting with payment switch networks like Smartlink, Tagit's mBanking platform will be quickly made available to all network member banks."
Mobile penetration rate in Vietnam is estimated at 136%, according to a study by Pricewaterhouse Coopers, while smartphones penetration is relatively low at 11% based on statistics from GfK Asia, leaving room for growth for smartphones and mobile services in the market. With Vietnam ranked 25th among 35 countries in the MasterCard's Mobile Payments Readiness Index, Vietnam's mobile payments sector is slated to flourish in coming years.
"More Vietnamese consumers are adopting the mobile lifestyle, so we're putting mobile at the core of our strategy to ensure that we keep pace with what customers want. We are pleased to have Tagit as a partner in deploying this service in the market and providing a stable and secured platform that will enable our member banks and end customers the ease of making transactions and bill payments on their mobile devices," said Mr. Nguyen Đăng Hng, Deputy CEO of Business Development and Technology at Smartlink.
The first bank to launch Tagit's mobile banking service in conjunction with Smartlink is Vietcombank, the largest member bank under the Smartlink network. The new VCB Mobile B@nking application allows customers to perform core banking transactions which include account information query, funds transfer within Vietcombank system, bill payments and top-ups for prepaid mobile services. The application will be supported by all mobile networks in Vietnam and is compatible across all operating systems, including iOS, Android, Blackberry and Java systems. Through Tagit's platform, customers of Smartlink will also be able to connect with other players within the mCommerce ecosystem and third-party entities, such as utility companies and government agencies in Vietnam.
In collaborating with payment networks like Smartlink, Tagit stands to increase their reach in their target markets and strengthen their position as a leading mobile solutions provider. Previously, Tagit has delivered mobile banking solutions for banks including DBS Bank, Singapore and Hong Kong, CitiBank India, UOB, Standard Chartered Bank and Maybank in Asia, to MovenBank and Royal Bank of Canada in North America.
About Tagit (http://www.tagitmobile.com)
Tagit is an award-winning Singapore-based mobile solutions company with a proprietary mobile banking and commerce platform which provides secure, scalable and innovative solutions for financial institutions and enterprises, to extend their web-based services to the mobile channel in a seamless and cost-efficient manner. Tagit's proprietary mobility platform Mobeix enables rapid mobilization of banks and enterprises, payment switches and aggregators to deliver transactions with high security and scalability. Tagit is the Winner of the "Emerging Enterprise Award 2012" and has the distinction of being recognised as a "Singapore SME 1000" company based on its outstanding financial performance.
It has an impressive list of marquee bank customers in 10 countries across Asia, Middle-East, and N. America.
About Smartlink (www.smartlink.com)
Smartlink Card Service Joint Stock Company was founded by Vietcombank and 15 other banks. Smartlink operates an information processing system connecting to 51 banks and financial institutions, airlines, telecommunications, insurance and nearly 100 enterprises operating in the field of e-commerce in Vietnam. Smartlink supplies products and utility payment services on ATM, POS electronic transaction channels, mobile phones and the internet; connecting a network of nearly 16,000 ATMs and 77,000 POS (POS); and accepting payment for over 40 million domestic bankcard holders.