The official announcement and launch event of LOTTE FLEX product took place at LOTTE Mall Tay Ho, with the participation of senior leaders of LOTTE Group and LOTTE C&F, leaders of Vietnam Prosperity Joint Stock Commercial Bank ( VPBank ) and representatives of Sumitomo Mitsui Banking Corporation (SMBC) - VPBank's strategic partner.
The event not only marks a new milestone in the cooperation between the two financial giants, but also demonstrates VPBank's determination to expand the digital ecosystem, connecting banking services with retail consumption following the "phygital" trend (combining physical and digital).
LOTTE FLEX is one of the products in the strategic cooperation chain between VPBank and LOTTE C&F, aiming to increase the flexible and convenient financial experience for modern consumers. VPBank, with its strength in developing personal financial products, has worked with LOTTE C&F to design and provide an optimal solution, directly integrated into the shopping experience, ensuring legal transparency and reducing cumbersome procedures.
LOTTE FLEX is developed and integrated with modern technologies such as customers only need to register an account and identify themselves on the LOTTE C&F application to be granted a credit limit, no relatives are assessed, no income proof documents are required, automatic approval and 100% online in just about 30 seconds.
This is a consumer finance solution that allows customers to easily access a credit limit from 8 to 20 million VND, with flexible installment terms: 1, 2, 3, 6 or 12 months with an interest rate of 0%, while the late payment fee is only 30,000 VND/period - a fee much lower than the market, helping customers to be more proactive in their financial plans without the pressure of late payment fees. The limit after being granted can be used for online payment or QR code scanning at stores in the LOTTE retail system such as LOTTE Mall Tay Ho, LOTTE Center Hanoi and LOTTE Mart chain nationwide.
LOTTE FLEX “Fun now – pay later”, flexible and smart consumer finance product |
Sharing at the event, VPBank representative - Mr. Nguyen Chi Hien, Deputy General Director of Personal Banking Division said: “LOTTE FLEX is a flexible financial solution that helps customers be more proactive in spending thanks to fast processing speed and seamless experience. This is also a step demonstrating VPBank's orientation in expanding the personal financial ecosystem, creating more added value for customers. We believe that this cooperation will create an effective integrated model between the financial and retail sectors, contributing to expanding scale and increasing competitiveness in the market”.
Mr. Inaishi Noritaka - representative of LOTTE C&F emphasized: “This cooperation between LOTTE C&F and VPBank not only helps to improve the shopping experience of customers at LOTTE's retail system, but also opens up opportunities to deploy modern consumer finance solutions, closely linked to actual spending behavior. We believe that this is just the beginning of the cooperation to introduce many breakthrough products, meeting the diverse needs of Vietnamese customers”.
Representatives of VPBank and LOTTE C&F at the launch event of LOTTE FLEX |
In the context of the consumer finance market in Vietnam witnessing a strong shift from traditional loan forms to modern credit support models associated with consumer behavior, integrated at the point of sale, LOTTE FLEX was born as a timely solution and suitable for the need of "buy now, pay later" - an increasingly popular trend in the spending behavior of Vietnamese people, especially young people.
In the coming time, VPBank and LOTTE C&F will continue to build a more comprehensive and diverse cooperation plan, developing product lines such as Co-branded Cards with many attractive incentives exclusively for customers using services in LOTTE's Ecosystem, mobile banking applications, e-wallet services, digital payment gateways, etc.
With a distinct and expanding ecosystem including banking, securities, insurance and consumer finance, and a customer base accounting for nearly 1/3 of Vietnam's population, VPBank is increasingly affirming its position as one of the leading financial institutions. The cooperation in product development with LOTTE C&F, a member of the global LOTTE Group, is a clear demonstration of VPBank's international connectivity capacity, demonstrating a long-term vision in expanding its influence not only domestically but also in regional and international markets.
LOTTE C&F is an application from the combination of LOTTE Group Japan and Korea with the goal of becoming the leading application providing diverse, flexible and advanced Buy Now - Pay Later payment solutions to increase value and benefits for customers not only through understanding the lifestyle of Vietnamese people but also to optimize the cashless economy in Vietnam.
Customers can learn more about LOTTE C&F and experience the “LOTTE C&F - Buy Now Pay Later” application at:
Google Store: https://play.google.com/store/apps/details?id=vn.lotte.lcnf
Apple Store: https://apps.apple.com/us/app/lotte-cf-buy-now-pay-later/id6477904637
Source: https://baodautu.vn/vpbank-va-lotte-cf-danh-dau-cot-moc-hop-tac-moi-gia-tang-trai-nghiem-khach-hang-d330517.html
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