Singapore-based Tagit is a mobile banking solutions company that offers secure and scalable solutions for financial institutions and enterprises. The company’s proprietary Mobeix platform enables rapid mobilization of payment services, and boasts of clients across 10 countries. Tagit has recently announced a partnership with Vietnamese payment switch operator Smartlink, which is aimed at providing new growth opportunities in the mobile payments space.
The new service allows payment networks to provide secure mobile solutions, and enables member banks to offer innovative mobile services to clients. The first bank to provide such secure services through the platform is Vietcombank, which is the largest bank under the Smartlink network.
Additionally, the new VCB Mobile B@nking application allows customers to perform core banking transactions, which include account information query, funds transfer within the Vietcombank system, bill payments and top-ups for prepaid mobile services. The application will be supported by all mobile networks in Vietnam and is compatible across all mobile operating systems, including iOS, Android, Blackberry and Java-based OSes.
Tagit’s president and head of business development Navtej Singh highlights how this partnership is a big move toward the company’s expansion in the region. “By connecting with payment switch networks like Smartlink, Tagit’s mBanking platform will be quickly made available to all network member banks.”
There is still room for growth in the country, though. While mobile penetration in Vietnam is at 136% according to Pricewaterhouse Coopers, smartphones are only at 11%, from GfK Asia data. Meanwhile, Vietname is ranked 25th out of 35 countries in the region in MasterCard’s Mobile Payments Readiness index.
“More Vietnamese consumers are adopting the mobile lifestyle,” says Smartlink’s deputy CEO of business development and technology Nguyen Đăng Hùng. “[S]o we’re putting mobile at the core of our strategy to ensure that we keep pace with what customers want.”
In collaborating with payment networks like Smartlink, Tagit stands to increase their reach in their target markets and strengthen their position as a leading mobile solutions provider. Previously, Tagit has delivered mobile banking solutions for banks including DBS Bank, Singapore and Hong Kong, CitiBank India, UOB, Standard Chartered Bank and Maybank in Asia, to MovenBank and Royal Bank of Canada in North America.
Meanwhile, Smartlink operates an information processing system connecting to 51 banks and financial institutions, airlines, telecommunications, insurance and nearly 100 enterprises operating in the field of e-commerce in Vietnam. Smartlink supplies products and utility payment services on ATM, POS electronic transaction channels, mobile phones and the internet; connecting a network of nearly 16,000 ATMs and 77,000 POS (POS); and accepting payment for over 40 million domestic bankcard holders.
Featured Image Credits : InSites Consulting