Vietnam International Bank (VIB) has become the first bank in Vietnam to use the national digital identification system (VNeID) for online credit card applications. This new system, which connects to the Ministry of Public Security’s identification platform, allows VIB to securely issue credit cards with the applicant's consent and within a swift 15-30 minutes. The digital process, now serving nearly 1.9 million daily users, emphasizes data security and fraud prevention. VIB’s initiative aligns with Vietnam’s broader digital identity goals, aiming to enhance customer experience and streamline financial services.
Key Points:
- VIB’s Innovation: VIB is the first Vietnamese bank to issue credit cards via the VNeID system, using national digital ID for secure, fast online applications.
Enhanced Security and Data Control: The system connects directly to the Ministry of Public Security, reducing fraud risks and ensuring information is shared only with citizen approval. - Quick Processing: Eligible citizens with a level-2 VNeID account can receive a credit card within 15-30 minutes.
- Eligibility Requirements: Applicants must be at least 20 years old with stable income or be in their third or fourth year of university.
- VIB’s Market Growth: Since late September 2024, VIB has issued 800,000 credit cards, with customer spending reaching $4 billion in 2023.
- Wider Digital Integration in Vietnam: The VNeID system reflects Vietnam’s ongoing digital transformation, which includes future plans to integrate digital IDs with the tax system by 2025.
Read full article at biometricupdate.com
