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Vietnam digital bank relaunches as e-commerce booms

Timo Plus hopes to offer full suite of financial services with Viet Capital Bank

Vietnam is increasingly a crowded market for e-wallet companies like Momo and ZaloPay. (Photo by Tomoya Onishi)

HO CHI MINH CITY -- Vietnam's first digital bank on Monday relaunched its services with a new partner, promising to offer more than just basic financial services to a population seen to be ready to embrace online banking amid an e-commerce boom due to the coronavirus pandemic.

Timo Plus, Vietnam's first online-only bank, will operate in partnership with Viet Capital Bank, which has replaced VPBank. Timo Plus also has a new CEO, Henry Nguyen, whose sprawling portfolio includes a McDonald's franchise in the country and a Los Angeles football club.

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