In a significant development for financial technology in Vietnam, Webcash Global Co., Ltd. and Woori Bank Vietnam have launched a new Electronic Financial Service aimed at enhancing operational efficiency for Vietnamese enterprises. The official unveiling took place on July 9 at the Lotte Hotel in Hanoi, marking a major milestone in the collaboration between the two companies.

The Electronic Financial Service, introduced by Webcash Global Co., Ltd. and Woori Bank Vietnam, represents a major step forward in modernizing financial operations for businesses in Vietnam. The service, which emerged from a Memorandum of Understanding (MOU) signed in April, integrates advanced technology to streamline financial processes for corporate clients.

The newly launched service offers a unified platform allowing businesses to access comprehensive financial data from Woori Bank Vietnam. Key features include real-time connectivity to bank account and corporate card transactions, instantaneous transfers, and up-to-date exchange rates. Additionally, corporate users can seamlessly access data from the General Department of Taxation through Webcash Global’s electronic financial service center.

Service Offerings and Future Plans

Webcash Global and Woori Bank Vietnam have outlined plans to expand their offerings based on the new service. The companies aim to introduce several B2B fintech solutions to further support Vietnamese enterprises. These include:

– WeBill365: An intuitive billing and payment solution designed to simplify financial transactions.

– WABOOKS: A tailored expense management platform for Vietnamese businesses.

– WeTax: An electronic tax invoice issuance system to streamline tax-related processes.

These tools are expected to enhance operational efficiency and foster innovation by automating financial workflows and business processes.

The launch event was attended by prominent figures from both companies and other notable guests, including Lee Sil-Kwon, CEO of Webcash Global Co., Ltd.; Park Jong-il, CEO of Woori Bank Vietnam; Choi Joo-ho, Head of Samsung Electronics Vietnam Branch; Sang-ki Yoon, Finance Minister of the Embassy of the Republic of Korea in Vietnam; and Joo Seong-woo, Director of the Financial Supervisory Service. The ceremony underscored the strategic importance of the new service in revolutionizing financial management for Vietnamese businesses.

Lee Sil-Kwon emphasized that the launch represents a historic achievement for Webcash Global, highlighting the company’s commitment to leveraging B2B fintech technology to address the needs of the Vietnamese market. He noted that the service, developed with significant input from customers, aims to transform how Vietnamese business managers handle financial processes.

Park Jong-il affirmed Woori Bank Vietnam’s dedication to providing innovative and convenient electronic financial services in partnership with Webcash Global. He assured that the comprehensive financial solutions will offer reliable support for Vietnamese corporate customers.

The launch of the Electronic Financial Service by Webcash Global and Woori Bank Vietnam is a pivotal development in the fintech landscape. By integrating real-time financial data access with advanced B2B solutions, the service is set to significantly enhance operational efficiency for businesses in Vietnam. The anticipated B2B fintech platforms will further support this transformation, making it easier for companies to manage their financial operations effectively.

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