SeABank and Visa Strengthen Strategic Partnership for Digital Payments Development
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This partnership further solidifies the comprehensive collaboration between SeABank and Visa, while also paving the way for new initiatives to boost the development of card products and contribute to the bank’s digital payment solutions.
Based on their existing payment platform, Visa will support SeABank in refining and implementing effective strategies to enhance their payment products, with a particular focus on digital solutions. This collaboration aims to revolutionize digital payments by focusing on five key pillars: enhancing the customer journey for card products and services in the digital realm; innovating card products and services; optimizing the card services ecosystem in the digital domain; improving efficiency and creativity in marketing card products and services; and enhancing risk management and fraud prevention in card issuance and payments.
Ms. Le Thu Thuy, Vice Chairwoman of SeABank’s Board of Directors, shared: “As part of our digital convergence strategy, SeABank prioritizes the digitization of our products, services, and operational processes. Over the years, with Visa’s support, we have made significant strides in our card services and have left a lasting impression on our customers. Expanding our partnership with Visa on digital payments development plays a crucial role in helping SeABank enhance efficiency, safety, and customer experience when using our card products and services in the digital domain.”
Visa’s 2023 study revealed that 56% of surveyed consumers carried less cash compared to 2022, indicating a rapid shift towards convenient digital payment methods in Vietnam. This presents ample opportunities for the development of card services. Ms. Dang Tuyet Dung, Visa’s Country Manager for Vietnam and Laos, expressed her confidence in the collaboration, stating, “The strategic partnership between Visa and SeABank opens up avenues for SeABank to evolve its product and service offerings, marking new strides in the adoption of digital payment technology and modern payment habits among customers. In the coming years, Visa and SeABank will continue our comprehensive collaboration, contributing to the advancement of a cashless economy and the nation’s digital transformation journey.”
The collaboration between SeABank and Visa has already brought about significant changes to SeABank’s card services. With Visa’s support, SeABank has introduced a range of card products, including Signature, SeATravel, SeALady, SeAEasy, SeAGolf, and BRG Elite, catering to diverse customer segments. The bank has consistently achieved impressive growth in card transaction volume, averaging a 125% increase annually. Additionally, SeABank has been recognized with prestigious awards for its card products and services, such as the ‘Bank with Leading Growth in Card Transaction Volume for Consecutive Years’ (Visa) and PCI – DSS 3.2 for the safety and security of its payment card system (Control Case Organization).
At the signing ceremony for the strategic partnership agreement, Mr. Stephen Karpin, Visa’s Group President for Asia Pacific, remarked, “We are delighted to partner with SeABank in our shared commitment to elevate the digital payments ecosystem in Vietnam. Partnerships are a key element in our journey to support banks in enhancing customer experiences and strengthening risk management capabilities. Visa is dedicated to accompanying SeABank in achieving their long-term goals and reaping even greater successes.”
The expanded collaboration between SeABank and Visa is expected to drive significant advancements in card services and digital payments by enhancing the diversity, safety, and user-friendliness of their product and service offerings. This, in turn, opens up new opportunities for the future of digital payments and contributes to the nation’s digital transformation journey.
