Vietnam’s Asia Commercial Bank and the UK’s Standard Chartered Bank announced Mar. 12 they have connected their ATM networks in the Asian country, and introduced their co-branded credit cards.
ACB currently operates about 260 ATMs across the country while the British bank has 10 here.
ACB said the two banks’ connected ATM networks enable their customers to use their cash machines in Vietnam free of charge.
The Ho Chi Minh City-based bank said it would issue credit cards for the customers of Standard Chartered, which is a strategic partner of ACB and received a license last year to set up a totally foreign-owned bank in Vietnam.
Ashok Sud, CEO of Standard Chartered in Vietnam, said at Thursday’s announcement conference that the two banks’ cooperation expansion was another important step to boost their strategic relationship.
ACB CEO Ly Xuan Hai said, “We expect that our co-branded ACB SCB credit card would bring lots of benefit to the customers of both banks. ACB customers when abroad will be able to use ATM and credit card services of Standard Chartered, while SCB clients in Vietnam can also make use of the ACB network.”
So far, ACB has issued more than 300,000 cards, including some 50,000 credit cards. The bank plans to install 200 more ATMs in cities across Vietnam this year, and targets an additional 160,000 cards.