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Sun Life Vietnam has cooperated with banks via a bancassurance partnership to offer more solutions to customers and improve client experience. - VnExpress International
Banks scaling up charter capital goals 11:57 | 23/02/2021
International and domestic financial institutions have strengthened their charter capital to boost financial capacity and ramp up business activities in Vietnam.
Domestic and foreign lenders have been ramping up their charter capital to compete in the country. Photo: Le Toan
The Vietnamese banking system was supplemented with more than VND33 trillion ($1.43 billion) of charter capital in 2020. By the end of last year, 18 Vietnamese banks recorded charter capital of over VND10 trillion ($434.8 million).
Earlier this month, digitally-led local lender TPBank was approved by the State Bank of Vietnam to increase its charter capital to more than VND10.71 trillion ($466 million), and is now eligible to open four more branches and two transaction offices nationwide in 2021.
Sun Life Vietnam increases charter capital 01:23 | 02/02/2021
Sun Life Vietnam has become one of the largest insurers in Vietnam
With this capital hike, Sun Life Vietnam has become one of the largest insurers in the country.
According to general director Larry Madge, this fresh source will help the firm strengthen its financial capacity, as well as continue to pursue its goal of helping customers achieve lifetime financial security and enjoy healthier lives.
Moreover, the insurer will lay a focus on developing the best digital experiences for customers, while continuing to expand distribution channels to reach more new customers. The capital hike also demonstrates the firmâs long-term commitment to Vietnamâs burgeoning market.
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