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Techcombank buys credit risk package
Techcombank on Apr 12 signed a contract with Dublin-based information services provider Experian to buy a package of credit risk and analytical services.
Although the value of the contract was undisclosed, Techcombank expected the service package would provide a platform that would enable it to validate consumer credit applications from multiple channels, while enriching application data that can be used to build and produce appropriate offers for each individual borrower.
The system was projected to reduce credit contract processing from a period of several days to an average of several minutes, as well as to reduce credit fraud, Experian Southeast Asia managing director Dennis Martin told Viet Nam News.
"Credit risk in Viet Nam is hundreds times higher than other countries in the world," said Techcombank CEO Nguyen Duc Vinh. "The risk even accelerates as the Government tightens monetary policy and focuses on tackling inflation, so risk management becomes more important."
Techcombank was looking to cut bad debts from 2.3 per cent of outstanding loans last year to 2.04 per cent this year, Vinh added.
Experian also partners with HSBC, which holds a 20-per-cent stake in Techcombank. Techcombank is the first Vietnamese bank to contract directly with Experian.
The bank, which expects to list shares on the stock market this year after four years of delays, projects profits to increase this year by 46 per cent over 2010 levels to VND4 trillion (US$195.12 million). It expects credit growth of just under 20 per cent, with loans to total over VND63.5 trillion ($3 billion) by year's end.
The Government has ordered all banks to maintain credit growth at under 20 per cent this year as part of its overall policy to control inflation.
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