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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.

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