TPBank to raise cash from international investors

According to TPBank CEO Nguyen Hung, the bank is now in negotiations with a number of international partners in order to seek capital for growth over the next year, cited Bloomberg.

The talks are happening against the backdrop of growing interest from foreign financiers in a more profitable and tech-driven TPBank.

"The bank will be able to enhance its pre-tax profit by 15 per cent over the next year as a direct result of the increased use of robotic process automation and machine learning in its systems in order to reallocate human resources," shared Hung.

Hung also disclosed that TPBank has been able to cut its operational expenses by around 30 per cent thanks to the use of cutting-edge technological solutions.

According to Bloomberg, approximately 95 per cent of the bank’s transactions are conducted through digital channels.

The CEO noted that LiveBank is extremely significant to its strategic plan since it lets TPBank swiftly reallocate resources to new business models and enhance revenues. Currently, around 800 employees at TPBank have been moved away from administrative positions into more creative jobs.

The commercial banking sector is rapidly evolving through digitalisation. Nguyen Ngoc Hoang, director and digital innovation lead for KPMG in Vietnam, looks at what the future of the commercial banking landscape looks like, and what commercial banks should do to stay competitive.

With the achievements of Industry 4.0, digital transformation has become a strong movement in all sectors in recent years. Finance-banking is one of the sectors prioritised in digital transformation since it is one of the backbones playing a vital role in the national economy, as stated in the National Digital Transformation Programme towards 2025, with an orientation to 2030.

The State Bank of Vietnam (SBV) has just issued Document No.8930/NHNN-TTGSNH dated December 20, approving Public Vietnam Bank's eligibility to operate another branch in the country.

With the surge of foreign capital inflow and rapid expansion of the economy during recent years, VietinBank stands out as a pioneering bank financing major projects focused on enhancing existing infrastructure in Vietnam, fostering economic growth and sustainable development.