Mekong Development Bank chooses PowerCARD as the solution
December 22, 2011
HPS, a leading payment solutions company,
continues its international development with the signing of a new contract in Vietnam
with Mekong Development Bank (MDB).
Mekong Development Bank, one of Vietnam’s major banks, will now use PowerCARD, the flagship system from HPS, to provide flexible and innovative management of all services related to payment cards, such as issuing and processing of credit cards, debit cards and prepaid cards.
This acquisition of the PowerCARD system by Mekong Development Bank comes as part of the process of modernization of the Vietnam bank’s information system. Created in October 1992 and initially focused on rural financing, Mekong Development Bank has transformed itself in recent years into a commercial bank and since 2010 has concentrated on improving the quality of its loans, diversification of its credit offerings and simplifying its procedures. These objectives led the Vietnamese bank to choose PowerCARD and become the first customer of HPS in Vietnam.
Mekong Development Bank currently has about 40 branches located in the large Vietnamese cities such as An Giang, Can Tho, Sader, Ho Chi Minh City, etc. In addition, it has included in its share capital since 2010 Fullerton Financial Holdings, subsidiary of Singapore Temasek Holding, a $150 billion investment fund. Fullerton has acquired 15% of the Bank’s capital and plans to increase its stake to 20% of the capital of Mekong Development Bank at the end of 2011. This is a capital injection that will be sure to positively impact the bank’s development.
It should be noted that in 2007 HPS already signed with a first bank of Fullerton Financial Holdings which has a dozen Asiatic banks in its portfolio.
HPS is a leading payment solutions company. More than 100 sites use HPS’s PowerCARD© solution supporting the processing needs of over 320 institutions (banks, financial institutions, telecom operators, postal organizations, government entities, etc.) in over 70 countries around the world including Japan, Malaysia, Canada, France, Brazil, etc.
HPS has been listed on the Casablanca Stock Exchange since 2006 and now has over 300 employees based in Casablanca, Dubai, Paris, Aix-en-Provence and Miami.
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