MB recognised as Best FX Bank in Vietnam by The Asian Banker

This is the third time MB has been honoured in this category, recognising its relentless efforts in recent years in business operations and foreign exchange services in the Vietnam market.

In the appraisal by The Asian Banker, the distinguishing factor that led to MB’s selection for the esteemed accolade can be attributed to its market scale and standing. Its rapid and robust digital transformation, complemented by a team of high-calibre professionals, further underscores this recognition.

With a creditable market share and diverse product solutions, MB’s foreign exchange trading segment has long been considered the top choice in the Vietnamese market. The bank’s trading volume has grown on average nearly 30 per cent in the past three years, and the foreign exchange market share is always among the top five credit institutions in Vietnam with the leading market trading efficiency.

Recognising the escalating competitiveness in the foreign exchange market, MB has progressively digitised every phase of the trading process, thereby providing customers with an increasing array of automated and efficient trading methods. The digital conversion rate for foreign exchange transactions at MB ranges from 60-70 per cent.

Moreover, the human resources team, comprised entirely of foreign exchange specialists with extensive experience and qualifications, is always on hand to provide customers with tailored solutions to meet their specific needs. The range of foreign exchange products offered is diverse, extending beyond traditional, simply structured products to include a variety of derivative products such as cross currency interest rate swaps, accumulative interest rate swaps, and commodities trading. This diversification has enabled MB to cater to the varied needs of its customer base, ranging from individual customers to large financial institutions.

In 2023, MB simultaneously deployed many services on digital channels for different customer groups: import L/C online/ disbursement and foreign currency buying and selling for corporate customers on the Biz MB platform; remittance service and cash foreign currency transactions for individual customers via the MB App; and a chatbot to support consultation and execute foreign exchange transactions with customers through the centralised trading system MBTB.

As a result of these initiatives, MB has garnered positive responses and acknowledgment from customers across all segments. Le Van Chung, deputy general director of Stavian Chemical Company, a business associated with MB’s foreign exchange products from the early days of establishment, shared, “Stavian Chemical is a large, long-standing reputable organisation with frequent, diverse foreign currency needs. Trading foreign exchange at MB, businesses can feel the continuous changes from MB’s products towards a customer-centric experience. The business’s frequent foreign currency needs are fully met. In addition, the advisory team at MB regularly updates information and supports us in volatile times with diverse risk prevention solutions.”

The award received from The Asian Banker in the hinge year of the bank’s new business strategy transformation is an important stepping stone to help MB affirm its leading position in the journey to transform into a digital enterprise, especially in the field of financial derivative product supply and commodity price management.

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