Banking As A Platform Partnership - RedCloud and GNCPay

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Red Cloud Technologies

May 03, 2017, 01:00 ET

LONDON and HANOI, Vietnam, May 3, 2017 /PRNewswire/ --

Banking As A Platform comes to Vietnam with an International partnership that will support Central Bank Plan on Agency Banking

Today, Cambridge based RedCloud Technologies, pioneers of Banking As A Platform, and GNC Pay, the leading payment solution in Vietnam and CEM platforms and Big Data solution - announced an international partnership to deliver RedCloud One, an adaptable, highly scalable and secure platform for banks to target and serve millions of unbanked customers and businesses.

"This partnership will help banks to promote a responsible and secure financial service environment to the people of Vietnam as well as to neighbouring countries," said GNC Pay CEO, Nguyen Duy Khuong. "This global standard financial technology platform and partnership will help banks to serve consumers and small and micro merchants via mobile technology, branchless banking, remittance, wallets and much more. This is also an opportunity to understand and help FMCG brands to innovate and better manage cash and distribution channels," he added.

This international partnership comes at a key time for Fintech and agency banking in South East Asia. This spring the Governor of the State Bank of Vietnam established a National Steering Committee on Financial Technology.

"The State Bank of Vietnam has a very exciting FinTech plan and this international partnership will strengthen it by providing the adaptable, scalable and intelligent mobile banking platform that so many agents, customers and businesses have been waiting for," said Justin Floyd, RedCloud CEO.

This is a key opportunity for financial and telecoms markets in Vietnam. Most people rely on cash as only 30% of the population is banked - so there is a real opportunity for banks to bridge the gap. With 140 million mobile subscriptions in a population of 93 million, mobile carriers are now also looking to the next generation of networks and innovators to sustain growth.

Through the RedCloud One™ platform and accredited agents, Vietnamese banking customers in even the remotest locations will, for the first time, have access to core banking services as well as more advanced financial services. These include: branchless banking, wallet, cashless transaction enablement, international money transfers, agency banking, loans, payments and microfinance services via mobile phones. This is an easy to use, innovative bank grade platform which also supports e-commerce.

The RedCloud and GNCPay partnership combines years of technological and financial experience in how to best deliver digital financial services to new markets. It will also strengthen the GNC Telecom mission to help the national economy reach higher levels of productivity and prosperity, with innovation and technology.

RedCloud One™ is the result of over one million man-hours of engineering and brings the vision of Banking As A Platform to a global audience by enabling banks to provide a wide range of digital financial services to people and businesses across the Vietnam via mobile and e-commerce.

GNC is a leading ICT company in Vietnam and one of the largest private enterprises in the country. http://www.gnctelecom.com/index.php/theme-features

REDCLOUD is a Cambridge based global technology company with offices across Africa, South America, and Asia. The technology which was developed over a five-year period has been built to help banks reach new customers and make digital financial services easily accessible through any connected device. https://redcloudtechnology.com

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