MBBank an ambitious climber in the Brand Finance Banking 500 ranking

Brand Finance recently revealed its list of the 500 banks with the highest global brand value in 2022, and 11 Vietnamese banks made the cut. Specifically, Military Commercial Joint Stock Bank (MB or MBBank) is one of the fastest-growing financial institutions in the industry, with revenues increasing by an astounding 113 per cent to $642 million in only one year. With its impressive performance, the bank has also been positioned as an ambitious climber by Brand Finance.

MBBank has jumped 100 ranks compared to 2021, making its presence in the Top 250 of the Brand Finance Banking 500 2022 ranking.

“MBBank has continued to innovate, particularly in the digital arena by partnering with a leading tech company, Software AG, to provide high-speed online services for its customers,” said Brand Finance’s representative. This explains the bank’s significant rise in worldwide brand value over the last several years.

With an overall brand value growth of 49 per cent, Vietnam’s banking sector is one of the fastest-growing in the world, according to Brand Finance’s latest report on the most valuable and strongest banking brands globally. Assets, capital, and business performance of Vietnamese banks are expected to further improve in 2022.

MBBank’s comprehensive strategy revolves around embracing digital transformation. In 2021, the bank continued to achieve breakthrough growth in the number of customers via digital channels. In particular, MBBank's app amassed 6.3 million new users, bringing the total number of users to 9.5 million, which is 3.2 times greater than 2020's projections.

The MB spokesperson added, "Up to now, MBBank's proportion of digital transactions ranks in the top group in Asia."

Military Commercial JSB (MB) becomes the first Vietnamese commercial bank to join the Contour network to provide blockchain-enabled letter-to-credit (L/C) services for import-export corporates.

Apple just announced the App Store Awards 2021, with the MBBank app being the only banking application in Vietnam to make it onto the Top Apps of 2021 on iOS.

The pandemic has forced many businesses to suspend their production and suffer from sales dips and financial hardships. Pham Nhu Anh, member of the Board of Management at Military Commercial JSB sat down with VIR’s Thu Huong and discussed how the bank leverages its tremendous network and finances to help affected customers to ride out the bumps.

Despite the unprecedented public health challenges of COVID-19, MBBank has successfully kept the lights on while considering COVID-19 a golden opportunity for the bank to promote digital transformation.