- First bank in Vietnam to offer Virtual Card Accounts, a next-generation global digital payments solution
Hanoi, Vietnam – Citi announces the launch of Commercial Cards in Vietnam, offering a comprehensive suite of innovative payment solutions for corporate clients. These include Business-to-Business (B2B) solutions such as purchasing cards and our market-first Virtual Card Account (VCA) for Payables, as well as Travel solutions such as corporate cards for travel and entertainment purposes, a central travel account with a travel management company and the Virtual Card Account for Travel.
These solutions are testimony to Citi’s commitment to providing greater efficiency, control and transparency to help corporate clients more effectively manage their payment and expense management processes in a seamless, streamlined and accountable manner.
Commenting on the launch, Citi Country Officer for Vietnam Natasha Ansell said, “We are delighted to add on to our comprehensive and market-leading suite of institutional banking products for our global multinational and local corporate clients in Vietnam. This launch is a furter demonstration of our commitment to the country and the development of its economy, local enterprises, banking and financial industry, and its people.”
Jared Mecham, Citi’s Treasury and Trade Solutions Head for Vietnam added, “Globalization and changing business trends have had a significant impact on the volume of travel and entertainment expenses, as well as B2B payments. At the same time, economic pressures are leading corporates to reduce expenses, tighten working capital and release trapped liquidity. In this fast evolving corporate landscape, our clients need to focus on being digital, centralized and globally compliant, and our sophisticated Commercial Card solutions allow them to do that.”
“The launch of Citi’s commercial cards solution in Vietnam signifies the continued expansion of our business globally and in Asia. Vietnam is the 13th and latest market in the region where we now offer our commercial cards product suite on our proprietary platforms, covering comprehensive solutions for corporate travel and procurement needs. We remain committed to offering our clients digital and innovative solutions to help them simplify their banking, heighten efficiency and meet the evolving needs of their organizations in today’s rapidly changing business landscape,” said Deven Somaya, Citi’s Head of Commercial Cards for Asia Pacific, Treasury & Trade Solutions.
With this launch, Citi will also be the first bank in Vietnam to offer VCA, a next-generation global digital payment solution designed to provide corporates with greater security, flexibility and control over organizational expenses. With VCA, corporates are able to generate unique virtual card numbers and dynamically set spending and reconciliation controls on each virtual card number based on their specific purchasing needs. VCA safeguards against unauthorized spend, helps prevent fraudulent purchases, simplifies reconciliation and eliminates manual paper-based payments with a faster, more efficient and traceable electronic payables solution.