VNPT-Vinaphone has signed a letter of intent with GlobeOne to offer GlobeOne mobile banking services in Vietnam. GlobeOne claims to be well positioned to capture Vietnam's huge cohort of digital natives converting to smartphones and enable Vinaphone to provide people with mobile-based access to meaningful and affordable financial services from their member banks, and the patent-pending income-building SocialBoost program.
GlobeOne claims to provide ""a new global platform for a community of networked member banks, corporate members and individual members."" It provides individual members with access to the member banks for their financial services needs, and also provides a solution for financial exclusion and immobility.
Sunil Sachdev, chief business development officer at GlobeOne, said: ""Our alliance now means more people across Vietnam will be able to access unique financial tools and start to enjoy the considerable benefits of financial inclusion.""
GlobeOne's mobile app will offer access through member banks to a demand deposit account, a security savings account, a secured line of credit, domestic and international transfers between GlobeOne individual members, as well as access to the income-building SocialBoost program, which gives members the opportunity to earn a new income stream while helping those who need it most.
According to GlobeOne, as it builds out its worldwide infrastructure of member banks and corporate members, Vietnam is going to be an important market. ""Its demographic is decidedly youthful, with over half of its population below 30 years of age - representing approximately 47 million people. Only 52 percent of urban adults are banked, yet smartphone adoption is rising dramatically (+57 percent YoY to 2014) and penetration is already over a third of the entire population, making this market primed to adopt a compelling, technology-based financial services solution such as GlobeOne.""
GlobeOne is expected to launch in the United States, Mexico and Vietnam Q1 2016, with a goal of establishing a global network of member banks in 30 countries by 2020.