JERSEY CITY, N.J., Aug. 30, 2022 /PRNewswire/ -- Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has just been honored by The Asian Banker – A leading financial rating organization in Asia, with the award "Best Supply Chain Finance Bank in Vietnam". This is the first time this organization has awarded the SCF Award to a domestic bank in Vietnam - based on Techcombank's outstanding breakthroughs in digitizing supply chain financing for Vietnamese businesses.
The bank has launched a holistic supply chain finance solution for a real-estate corporate to unlock cash and free up working capital needs for contractors and sub-contractors. As a leader in technology and financial digitization, Techcombank's end-to-end solution for supply chain finance has been assessed by The Asian Banker as a breakthrough step to remove the "knot", thereby freeing up working capital for manufacturing enterprises, especially SMEs. Mr. Phan Thanh Son, Deputy General Director of Techcombank shared:
"In order to support businesses in the long term in their business journey, Techcombank believes that digital transformation is the most sustainable and effective companion. Therefore, in the 2021-2025 strategy, Techcombank focuses on investing strongly in the three pillars of Digitization - Data – Human Resources to realize the vision of "The transformation of the financial industry, the raise in the value of life". This award we received from The Asian Banker shows that this is an appropriate direction from the perspective of international experts. We aim to be the standard of financial service in the region to help Vietnamese businesses to have a solid fulcrum in their daily journey of excellence."
Due to customer-oriented improvements and established a data and analytics division, in 2021, Techcombank's number of supply chain financed businesses has grown by 195% and continues to double in just the first 6 months of 2022. Mr. Dang Trung Hieu, GTS Solution Development Director of Techcombank, expresses gratitude to Premium Technology, developer of the FinShare supply chain finance digital platform, and says;
"With the goal of providing the best digital experience to the financial activities of Vietnamese businesses, Premium Technology's professionalism and modern technology are an important factor in helping Techcombank successfully develop the SCF End -to-end technology."
Mr. Gerald Huang, Chief Sales Officer of Premium Technology, expressed excitement about Techcombank's success:
"We would like to thank Techcombank for selecting Premium Technology to be their supply chain finance solution partner. It has been a challenging but amicable journey. We are glad that we can use our market-leading position and expertise in supply chain finance to contribute to the bank's success. Techcombank and Premium Technology are working closely together so that we can help even more of the bank's customers."
Premium Technology is continuously working to ensure Techcombank stays to lead the supply chain finance business by providing an excellent digital business life cycle end-to-end and supported by the pool of experts in this domain space.
ABOUT PREMIUM TECHNOLOGY
Premium Technology Inc. (PTI), founded in New York in 2001 is a global market leader specializing in Digital Supply Chain Finance (SCF) and Working Capital solutions. Its Supplier Finance solution has been battle-tested and proven in production environments since 2006 in global banks and corporate clients. Today, PTI offers FinShare as a modular single-platform ecosystem linking anchor clients with its suppliers' and buyers' value chain life cycle, integrating Working Capital solutions to enhance customers' value proposition. FinShare services over 50,000 corporate clients in 100+ countries daily and processes over 50 million transactions monthly.
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is listed on the Ho Chi Minh City Stock Exchange (HoSE) with stock code TCB VN. The bank was established in 1993 when Vietnam was just going through the Doi Moi process, transforming from a centralized economy to a market economy.
Techcombank is one of the largest joint stock banks in Vietnam and one of the leading banks in Asia. Techcombank adopts a customer-centric strategy in providing diversified banking solutions and services to more than 12.2 million customers, including individual and corporate customers in Vietnam through an extensive network with more than 300 transaction points nationwide as well as market-leading digital and mobile banking services. The ecosystem approach in many key economic sectors sets Techcombank apart in one of the world's fastest-growing economies. Techcombank has the highest credit rating among banks in Vietnam with a Ba3 rating, Techcombank has a positive outlook and is the only bank being only limited by the national credit rating ceiling from Moody's. S&P rates Techcombank at BB- as a stable outlook.
ABOUT THE ASIAN BANKER
Established in 1996, The Asian Banker is a leading rating agency in the financial sector in Asia. The Asian Banker will publish a ranking of financial institutions in the region every once a year according to specific criteria of the financial industry. The Asian Banker Ranking is the most rigorously audited, prestigious, and transparent award for the banking sector across Asia.
The Asian Banker is also the most prestigious unit in the region, specializing in providing strategic business information to the financial services community. The company is headquartered in Singapore, with offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, Dubai, and representative offices in London, New York, and San Francisco. The company has 3 core business areas: publishing, research, and organizing forums. The official website of the Company is www.theasianbanker.com