NH Nonghyup Bank Signs MOU with Vietnam's Agribank for Digital Agricultural Finance Collaboration

NH Nonghyup Bank announced on the 24th that it had signed a "Digital Agricultural Finance Strategic Collaboration MOU" with Agribank, Vietnam’s leading commercial bank in the agricultural sector, in Hanoi on the 22nd.

Since their first business agreement in 2013, NH Nonghyup Bank and Agribank have collaborated in various fields, including personnel exchanges.

Through this MOU, the two banks plan to strengthen their strategic partnership by cooperating on the development of an integrated farming and financial platform, launching a card-based overseas remittance service, introducing card products linked to K-content, and working together in the field of Agribank’s privatization.

NH Nonghyup Bank will support Agribank in building its agricultural finance platform, leveraging its experience with the NH All-One Bank platform.

In addition, the two banks plan to jointly develop features from NH Nonghyup’s agricultural specialty platform, "NH Today’s Farming,"-which provides services such as rural labor brokerage, real-time sales and settlement tracking for local food, and real-time wholesale crop price viewing-so that Agribank can benchmark and integrate them into its own financial application.

NH Nonghyup Bank also intends to share its operational know-how in non-face-to-face agricultural finance and lifestyle services such as group purchasing of agricultural and livestock products.

A card-based simple remittance system will also be established for Vietnamese customers. Vietnamese customers residing in Korea will be able to receive a debit card from NH Nonghyup Bank and send money overseas to a recipient in Vietnam using only the recipient’s Agribank card number, which is expected to reduce fees and shorten remittance times.

The banks will also jointly promote the launch of an Agribank card offering K-content merchant discounts, aiming to attract more young customers in Vietnam.

If Agribank’s privatization proceeds, the two banks have agreed to closely monitor market conditions and jointly explore ways to participate for a successful privatization.

Taeyoung Kang, President of NH Nonghyup Bank, said, "NH Nonghyup Bank will expand its achievements in agricultural and digital finance abroad and, through cooperation with Agribank, further strengthen its global competitiveness to contribute to the development of agriculture and rural communities."

Kang Taeyoung, President of NH Nonghyup Bank (photo right), signed a digital agricultural finance MOU with Pham Toan Vuong, President of Agribank, in Hanoi, Vietnam, on the 22nd.

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