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Taiwan's Cathay United Bank ventures into Vietnam's consumer finance sector
On December 4, Cathay United Bank of Taiwan (China) announced its strategic plan to penetrate Vietnam's consumer finance sector, marking an important milestone for the bank after 18 years of operations in the country.
Benny Miao, head of corporate finance and Southeast Asia at Cathay United Bank (CUB) said, "Vietnam boasts a population of 100 million people, most of whom are young and increasingly becoming familiar with the use of digital payment tools. Thus, CUB is focusing on building a digital consumer finance platform with a view to launching more digital products and services in the country."
In the same vein, Lu Wei Chieh, general director of CUB’s Ho Chi Minh City Branch said, "In addition to offering financial services to Vietnamese- and Taiwanese-invested businesses, the bank is eager to offer financial solutions to retail customers. The expansion marks a major transition for CUB as it strives to provide comprehensive banking services and diverse financial solutions for all. It aims to roll out digital products for individual clients in 2024."
The representative of CUB said that the attractiveness of Vietnam to overseas investors remains strong. The country has attracted a significant foreign influx from Singapore, Hong Kong, Japan, and South Korea. In particular, Taiwanese companies are establishing manufacturing and processing hubs in the nation.
The country is also becoming one of the top destinations for foreign investors as they diversify their risks amidst the restructuring of global supply chains.
CUB is constantly expanding its markets in Asia-Pacific, with a current presence in 11 countries and territories. Among them, it has been in the Vietnamese market since 2005, which is one of its development priorities in Southeast Asia.
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