From January 1, 2022, Vietcombank waives all money transfer and service maintenance fees on VCB Digibank for customers.

Customer-centric digital transformation

Vietnam is considered a high potential market for digital banking with nearly 100 million people of the young generation, among which 72% own smartphones, 130 million mobile phone subscribers, and 64 million Internet users.

To direct non-cash payments in general and e-commerce activities in particular, in 2020, the Prime Minister issued Decision No. 654/QD-TTg, approving the National E-commerce Development Master Plan for the 2021-2025 period. The plan sets out specific goals to be achieved by 2025: 55% of the population participates in online shopping with an average value of purchased goods and services at 600 USD/person/year; non-cash payments in e-commerce reach 50%, of which payments processed through intermediary payment service providers account for 80%...

The digitization of banking products and services is inevitable in the context of the 4.0 technology revolution and international economic integration.

Vietcombank identifies digital transformation as a strategic breakthrough and is deploying with great determination a comprehensive digital transformation action program to reach the digital transformation maturity level among the top leading banks in ASEAN by 2025.

From a very initial stage, Vietcombank has always identified technology and digitization as the key factors, determining its competitiveness duration and being a pioneer in providing digital services to customers starting with the first version of Internet Banking for individual customers and the VCB-Money system for institutional customers in 2001.

Up to now, Vietcombank's digital services have been increasingly upgraded and diversified. In particular, the newest VCB Digibank digital banking service launch in July 2020 is an important milestone, demonstrating Vietcombank's vision and determination for digital transformation.

This 24/7 digital channel for personal banking allows customers to make transactions anywhere, on any internet-connected device. Customers can register for VCB Digibank entirely online in just a few minutes through eKYC online identification technology without going to the bank. VCB Digibank inherits the security methods applied to customers on previous services, including login security, transaction security and especially Smart OTP.

Moreover, VCB Digibank added a new login authentication technology - Push Authentication. With this technology, when a customer logs in on a web browser, the system will automatically send a notification to the mobile application and wait for the customer to confirm before allowing successful login. Login authentication technologies and Smart OTP have added layers of protection, creating a solid "wall" of security to ensure customers' safety in each transaction.

The number of individual customers using Vietcombank's VCB Digibank application has been proliferating. The app receives positive customer responses thanks to its modern features and new experiences, helping millions of customers enjoy maximum convenience in every transaction.

In 2021 alone, the number of customers on VCB Digibank increased by more than 45%. Vietcombank's digital app smoothly handles 2.5-3.5 million transactions valued at 18-36 trillion dong daily. The percentage of transactions of individual customers on digital channels accounts for 97% of the total number of transactions.

“Zero fee” Digital Bank

From January 1, 2022, Vietcombank waives all money transfer and service maintenance fees on VCB Digibank for customers.

Applying this new fee policy, all money transfer transactions inside and outside the Vietcombank system (including money transfer via account number and card number) on VCB Digibank are free. Moreover, customers are not required to make any registration or maintain a minimum balance in the bank's current account as before.

In addition, Vietcombank waives all fees for management and maintenance of services, including VCB Digibank service maintenance fee (the previous fee was 10,000 VND/month) and management fee for one default account registered with VCB Digibank (the last fee was 2,000 VND/month).

Ms. Cao Ngoc Ha Thuy (Long Bien) said that she has been loyal to Vietcombank for many years because she always appreciates the prestige and quality of the bank's products and services.

"Earlier this year, when I received the notice that Vietcombank waives all money transfer fees and service maintenance fees on VCB Digibank channel, I was also so surprised and happy. Having the habit of paying for shopping services mainly through transfer, being exempt from money transfer fees helps me save a lot.”

Many customers like Ms. Thuy think that the bank's zero-fee policy for money transfer and service maintenance on digital banking channels will help them switch their habits of spending cash to using digital banking services to make daily payment needs in a cashless manner, which in turn brings benefits to them with safety and convenience advantages.

Madam Nguyen Thi Kim Oanh, Deputy CEO of Vietcombank, said: “With the exemption of all maintenance fees, regular and daily transaction fees without having to register for a service package or maintaining a minimum balance, Vietcombank wishes to bring customers the simplest, most convenient and easiest way to transact on VCB Digibank. We believe this change will be positively received by customers as we are committed to constantly improving and bringing better experiences to customers in the future.”

With the exemption of all maintenance fees and transaction fees on digital channels, it is to support customers and promote the Government's policy of non-cash payment.