Trade finance solution provider Surecomp has partnered with the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) to deploy Surecomp’s trade finance platform as part of the bank’s broader digital transformation.
With the platform, BIDV can meet current and future demand, provide improved efficiency and faster response times, maintain a competitive edge and deliver enhanced customer service, according to a Tuesday (Aug. 30) press release.
“We believe that our trade finance solutions will bring BIDV all the business benefits associated with a digital trade platform and will enable the bank to better serve its corporate customers,” Surecomp Senior Vice President of Account Management Yaron Hupert said in the release.
BIDV has total assets of more than $85 billion and one of its most important service offerings is trade finance and bank guarantees, according to the press release.
With the implementation of the platform, which was supported by Surecomp’s local partner CMC Technology and Solution (CMC TS), the bank’s customers will be able to better manage their import and export activities, per the release.
“Thanks to a comprehensive collaboration between BIDV, Surecomp and CMC, we are delighted to be in live production with our new digital trade finance operation,” BIDV Senior Executive Vice President Le Trung Thanh said in the release. “Given its high priority, we believe in the value and competitive edge this digitalization path brings BIDV.”
Surecomp launched another solution in May — an application programming interface (API)-based trade finance platform called RIVO that is designed to create a collaborative ecosystem of corporates, financial institutions and FinTechs.
Read more: Surecomp Launches API Trade Finance Platform
“By bringing everyone together, we hope that the trade finance process will be immeasurably improved, reducing enormous overhead costs for financial institutions while unlocking liquidity and improving visibility for corporates,” Surecomp President and CEO Guy Perry said at the time in a press release.
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