Bank wins “The SME Bank of the Year” from IFC.
The Vietnam Prosperity Joint Stock Bank (VPBank) overcame more than 100 competitors to be named “The SME Bank of the Year” in Asia at the inaugural Global SME Finance Awards, held in conjunction with the Global SME Finance Forum and managed by the International Finance Corporation, part of the World Bank Group. This is the fourth global award VPBank has won for its SME banking franchise.
Entrants were scored by 60 judges and each winner was further reviewed by six to eight judges.
The jury commended VPBank for the robust growth of its SME franchise. It also lauded the bank for its initiative to develop a women enterprise solution in Vietnam, which include financial and non-financial values, and highlighted its use of digital technology to improve the SME customer experience in non-financial services, called SME Connect.
“The Global SME Finance Awards celebrate best-in-class financial institutions and fintechs that have achieved remarkable results in their SME product or service offerings,” said Mr. Matthew Gamser, CEO of the SME Finance Forum. “Our winners are diverse, but they all share a strong commitment to helping small businesses in their markets with their dedication and innovative practices.”
“This is the fourth time VPBank has been named SME bank of the year,” said Mr. Fung Kai Jin, Deputy CEO and SME Head of VPBank. “This award is not only recognition of our efforts in empowering Vietnamese SME clients but also inspires us to keep our commitment to providing products and innovative services for SME in Vietnam, helping them to prosper.”
VPBank was established in 1993 and has transformed its model in recent years. SMEs is one of three core segments the bank focuses on with special investment in its business model, people and SME solutions.
In June it launched its women enterprise segment to the market. It was also named a pioneer in the market, providing financial services, especially non-collateral loans, to a large but unmet market in Vietnam: micro, small and medium-sized enterprises.