Hanoi, Nov 14, 2017- National Payment Corporation of Vietnam (“NAPAS”) and Ant Financial Services Group (“Ant Financial”), operator of Alipay, havesigned a memorandum of understanding (“MOU”) to outline the strategic partnership between the parties for enabling Alipay for Chinese travelling in Vietnam and contributing to the establishment of a cashless society in Vietnam.
Alipay aims to work closely with NAPAS, the national switching and clearing company of Vietnam, in the Vietnamese market in compliance with State Bank of Vietnam regulations as well as international payment best practices.
One of the aims of the co-operation is to allow Chinese tourists to use the Alipay payment service throughout Vietnam, via NAPAS member banks and its intermediary payment service networks.
NAPAS and Alipay aim to expand on the co-operation. In the future, Vietnamese users may be able to use NAPAS-branded cards issued by NAPAS’ bank members to shop on e-commerce sites and platforms under the Alibaba Group, such as AliExpress and Taobao.
“We look forward to working closely with NAPAS in bringing Alipay to Chinese tourists in Vietnam and connecting local merchants with Alipay users,” said Eric Jing, CEO of Ant Financial, at the MOU signing ceremony. With over 520 million users, Alipay is a world-leading online and mobile payment platform under Ant Financial.
“As a member of the Asian Payment Network, NAPAS is always aiming to utilise the existing connections among the APN members to all of our Member Banks. The collaboration with Alipay is part of our strategy to expand international co-operation and to explore new payment solutions, allowing for a better connection between the banks, the merchants / service providers and the consumers.” said Madam Nguyen Tu Anh – Chairwoman of NAPAS.
Being established in 2004, National Corporation of Vietnam – NAPAS, previously known as Vietnam National Financial Switching, JSC (Banknetvn) is the unique intermediary payment service provider being granted license by the State Bank of Vietnam (SBV) of providing switching and electronic clearing and settlement services in Vietnam. NAPAS is operating and managing an inter-bank connection system with 17.300 ATM, 270.600 POS, 100 million domestic cards of 46 domestic commercial banks and foreign banks being operated in Vietnam.
Operated by Ant Financial Services Group, Alipay is the world’s largest mobile and online payment platform. Launched in 2004, Alipay currently has over 520 million active users and over 200 domestic financial institution partners. Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app. In addition to online payments, Alipay is expanding to in-store offline payments both inside and outside of China. Alipay’s in-store payment service covers more than 32 countries and regions across the world, and tax reimbursement via Alipay is supported in 24 countries and regions. Alipay works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites.
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