NH NongHyup Bank has joined hands with Agribank, a leading agricultural lender in Vietnam, aiming to expand cooperation in digital finance.
NH NongHyup Bank CEO Kang Tae-young and Agribank General Director Pham Toan Vuong signed a memorandum of understanding in Hanoi, Vietnam, Wednesday.
Under the agreement, NH NongHyup Bank will support Agribank in building an online platform for agricultural banking services, such as labor matching, real-time local food sales, settlement tracking and monitoring wholesale prices of crops.
The Korean lender is to jointly develop these features with Agribank, enabling it to benchmark the platform and integrate similar functions into its own mobile banking app.
The two lenders also plan to jointly develop a card-based remittance system for Vietnamese residents in Korea and launch an Agribank-branded card that offers discounts at Korean content stores to attract younger users in Vietnam, broadening customer base.
The banks further agreed to explore collaboration opportunities around Agribank’s potential privatization, closely monitoring market conditions and identifying ways NH NongHyup Bank could participate in the process if it proceeds.
“Cooperation between two representative agricultural finance institutions in both countries carries significant symbolic meaning,” Kang said.
“NH NongHyup Bank will expand its agricultural and digital finance expertise overseas and enhance its global competitiveness while contributing to rural and agricultural development through its partnership with Agribank.”
silverstar@heraldcorp.com
