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Banking & Finance

Citi partners with Vietnam-based fintech Payoo

Released at: 11:57, 27/04/2019 BUSINESS SPOTLIGHT

Citi partners with Vietnam-based fintech Payoo

Photo: Citi

Partnership to facilitate consumer-to-business collections for corporate clients in Vietnam.

by Doanh Doanh

Citi Treasury and Trade Solutions has signed a strategic partnership with Payoo, a Vietnam-based intermediary payment service provider, to facilitate consumer-to-business collections for corporate clients in the country.

Citi’s corporate clients in Vietnam will be able to receive real-time payments from customers for services including utilities, telecommunications, and credit card bills through Payoo’s extensive digital network and physical footprint at over 10,000 bricks-and-mortar touchpoints.

“The collaboration with Payoo is exciting, as it complements Citi’s capabilities to deliver last-mile digital solutions to our clients,” said Mr. Debopama Sen, Singapore and ASEAN Head, Citi Treasury and Trade Solutions. “This is in line with our strategy to leverage the potential of the thriving fintech ecosystem in Singapore and ASEAN to enhance our client value propositions.”

“With our intensive knowledge of the local market, Payoo is proud to be delivering our innovative collections services to Citi’s clients,” said Mr. Linh Trung Ngo, CEO of VietUnion, which operates the Payoo platform. “We are excited to work with Citi to develop additional enhanced services to meet clients’ evolving needs as the local payments infrastructure in Vietnam continues to develop.”

The partnership was announced on the sidelines of Citi Treasury and Trade Solutions’ inaugural ASEAN FinTech Day, which commenced in Singapore on April 26. ASEAN FinTech Day is part of Citi Trade and Treasury Solutions’ FinTech Accelerance Program, which is designed to accelerate the delivery of solutions for Citi’s clients in partnership with key fintech players.

A total of eight shortlisted fintechs from ASEAN are presenting their prototype solutions to Citi today.

“Citi is actively working with fintechs around the world to create new services and capabilities on our platforms for the benefit of our clients,” said Manish Kohli, Global Head of Payments and Receivables, Citi Treasury and Trade Solutions. “These events play an important role in allowing us to engage with the fintech ecosystem to identify the best solutions for our clients in the digital economy.”

In the lead-up to ASEAN FinTech Day, Citi reached out to over 3,000 fintechs in the region, calling for solutions that could address one or more of eight identified problem statements across three categories: C2B Collections, Trade, and Ecosystems.

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