Visa recently honored Vietcombank as the winner of the Champion Security Award for pioneering in managing and combating fraud risks in card payment.
On 20 June 2019, Visa held its Champion Security Awards in recognition of eight banks and financial institutions in the Asia-Pacific Region. The ceremony is part of the 15th Asia Pacific Visa Security Summit held in Shanghai, China. The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) is the first ever nominee from Vietnam to receive such an honor.
This award recognizes Vietcombank’s efforts in effectively managing and combating fraud risks for years with by providing innovative, modern and secure payment methods, as well as Vietcombank’s long-term commitment to build a cashless payment ecosystem for the community. At the summit, Vietcombank won the Champion Security Award based on having the lowest fraud rate among many banks in Vietnam and Southeast Asia. Vietcombank is considered as the leading financial institution for its innovative initiatives and strategic focus on data security and payment standards.
Vietcombank Card Center representative receives the prize awarded by Visa
“At Visa, we’re incredibly pleased to see the progress that banks have made in the area of payment security, and the way in which this is helping to drive and cement the use of electronic payments among consumers,” said Madame Dang Tuyet Dung, Country Manager for Visa Vietnam and Laos. “I would like to extend my congratulations to Vietcombank for their outstanding efforts in this area—we look forward to continuing to work with them and other financial institutions, to ensure that consumers have access to the most secure, efficient, and technologically advanced forms of payment possible.”
“Receiving this award, Vietcombank is motivated to contribute more to the empowerment of the payment card industry in Vietnam with the aim of achieving a cashless society, which together will cement Vietcombank’s position as the leader in cards and digital payments in the market” - said Madame Nguyen Hong Van, Director of Vietcombank Card Center.
Representatives of Visa, Vietcombank and other awarded banks in the region take photos at the ceremony
Founded in 1963, through 56 years of development, Vietcombank is currently the leading commercial bank in Vietnam with the biggest scale of profit. In recent years, to promote the creation of a cashless society as outlined by the Government and State Bank of Vietnam, Vietcombank hasn’t only focused on researching and developing financial inclusion and services for the Vietnamese; the bank has also invested heavily in technology frameworks. The bank prioritizes the most secure, advanced technology applications and infrastructure, ensuring that both card and digital payments are transparent, secure, and stable for customers. The "Champion Security Award" of Visa International Card Organization is an important recognition for Vietcombank in the journey of continuous improvement and efforts to design and provide customers with modern products and services those bring fantastic experience to customers as well as meet their ever-increasing demands in today’s digital era.