ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Business deals

Cashless in Vietnam: South Korea's Alliex partners with central bank

$700m payment system to be open to banks and retailers

Vietnam's government seeks to raise the ratio of cashless payments to 90% next year, up from 10% in 2016.   © Reuters

TOKYO -- South Korean payment servicer Alliex has partnered with Vietnam's central bank to develop a cashless payment network accessible to banks and retailers, helping the country's broader effort to move away from a cash-based economy.

The system could become operational next year and will be expanded over five years with an investment of $700 million. In addition to the State Bank of Vietnam, Alliex will also work with major Vietnamese lenders VietinBank and SacomBank to promote cashless payments.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more