Doreming brings it for Lien Viet Post Bank retail banking ambitions
“Easing cash flow problems for those who find themselves trapped by limited salaries and payday loans”
Doreming, a Japanese financial inclusion firm, has signed a memorandum of understanding (MoU) with Lien Viet Post Bank to build a solution for managing and paying wages to workers in Vietnam through the bank’s Vien Viet non-physical card.
Doreming provides businesses with an HR platform that enables workers to receive pro-rata payments, “easing cash flow problems for those who find themselves trapped by limited salaries and payday loans, particularly in developing countries”.
In the initial phase, the parties have agreed on a plan for the development and implementation of the proof of concept (PoC) programme with the objective of conducting a feasibility study among the parties.
The bank is a wholly-owned subsidiary of Mitsui, and will be supported by IT services provider Mitsui Knowledge Industry (MKI).
According to the parties, MKI supports marketing activities and localisation in Asia to commercialise Doreming.
MKI plans to introduce a number of Japanese enterprises based in Vietnam that require Doreming’s human resources management solutions, real-time payroll system and early access to earned wages for employees through the Vien Viet card, which can be used at 12,000 locations.
Lien Viet Post Bank has assets over $6.4 billion. The number of Vien Viet subscriptions is currently around 1.4 million, and the bank is aiming for two million by the end of 2017.
