On October 7th 2022, the E-Banking system has been officially launched at the Co-opBank headquarters. The representatives of Co-opBank, the State Bank of Vietnam (SBV), the Association of People’s Credit Funds Vietnam (VAPCF), the Embassy of Canada to Vietnam, the STEP project and the contractor TechPlus joined the ceremony.

Ms. Lisa Moreau, First Secretary of the Embassy of Canada to Vietnam recognized the contribution of the E-Banking project to the development of the People’s Credit Funds (PCFs) in Vietnam. The new E-Banking system of the Co-opBank means an important step to financial inclusion for the members of PCFs in remote areas in Vietnam. She also expressed her sincerely thanks to all stakeholders for their engagement to the E-Banking project.

Mr. Claude Lafond, STEP project Field Director, was impressed with the number (about 700) of the PCFs which have participated in the E-Banking project and the transactions went through the system. More than 800,000 PCF members have now access to the system.

Speaking at the ceremony Mr. Nguyen Quoc Cuong, the Chairman of the Co-opBank reminded the vision since very early years of an modern banking system what can connect people and PCFs in all remote areas. Now, with the support of Canada and the implementation of the Desjardins Internationale Developpement (DID) the dream of this E-Banking system comes true. Mr. Cuong also hoped the STEP project will last longer to contribute more to the development of the PCF network.

In September, phase 3 of the E-banking project was completed. All end-user features such as 24/7 money transfer, bill payments, payments at the counter of the PCFs, etc. are implemented and offered to the customers.

The E-banking project is in its final stage and is expected to be completed in December 2022.