MELBOURNE, Australia – 13 February 2018 – Bluechain Payments Limited has entered into a partnership with Vietnam-based MITEC Joint Stock Company to jointly address the Government of Vietnam policy that 90% of transactions in Vietnam be electronic by 2020.
Bluechain technology, developed in Melbourne, enables Vietnamese citizens to conduct secure cashless transactions in-store, online, when paying bills, and peer-to-peer. This will go a long way to addressing government objectives of reducing the number of cash transactions by having all supermarkets, shopping malls and distributors and 70 per cent of water, electronics and telecommunication service providers accepting cash-free payments by 2020. Under the plan, 50 per cent of all urban households would use electronic payment methods for daily transactions by this date.
The government initiatives for financial inclusion aim to increase overall access to basic financial services and have at least 70 per cent of Vietnamese over the age of 15 owning a bank account by the end of 2020, particularly in rural and remote areas. Bluechain technology helps drive financial inclusion through its low-cost and easy-to-use interface. The same intuitive interface is used in all payment scenarios, with the same Bluechain app servicing both vendors and consumers. Bluechain’s patented security facilitates low-cost transactions by reducing fraud and eliminating the need for expensive point-of-sale terminals.
The partnership combines Bluechain’s ground-breaking mobile payments technology with the ability to integrate the system and the strong local business relationships that MITEC has established over the past 27 years of operating in Vietnam.
Bluechain is the brainchild of Craig Glendenning, who was also responsible for some of the most important innovations in secure payment technologies, including development of the first Australian dial-up POS terminal, design of Australia’s BPAY bill payment system, and the invention of Visa’s payWave technology.
Bluechain CEO Mike McAuley states “The partnership with MITEC in Vietnam completes the strategy for the implementation of Bluechain in Vietnam by providing local systems integration expertise and strategic local partnerships with key infrastructure stakeholders. This complements the work Bluechain has done over the last nine months in proving the Bluechain capability to key Vietnamese banks and government organisations.”
According to the Chairman of the Board, General Director of MITEC, Nguyen Ngoc Lan, “Bluechain has demonstrated a unique ability to address both cashless and financial inclusive strategic objectives for the Government of Vietnam. As such, Bluechain is fully capable of providing critical technology for strategic projects to clients in the financial and banking sector in Vietnam.”
The rollout of Bluechain technology is the next step in MITEC’s long experience in applying and transferring new technologies to Vietnam, including the introduction of the first ATMs in Vietnam.
This project in Vietnam strengthens Bluechain’s credentials as a supplier to emerging economies. The World Bank and IFC are targeting 25 focus countries that contain 73% of the world’s financially excluded people and Bluechain is working on solutions and pilot programs in a number of these economies.
About MITEC JSC
MITEC JSC is a leading supplier of information technology products and services to banks and financial services organisations in Vietnam, with more than 20 years of systems integration experience. MITEC has relationships with leading global technology firms, including IBM, Oracle, Fujitsu, HP, Dell, Cisco, Wincor Nixdorf…and provides services throughout Vietnam.
Bluechain technology is powering solutions for the payments industry around the globe, from versatile request-to-pay (RtP) solutions for acquirers and gateways to low-cost domestic payment schemes for central banks and national switches. The same easy-to-use mobile payment app is used for every RtP transaction, so consumers have the same, simple user experience whether they are paying in-store, purchasing online, paying bills or sending money peer-to-peer. Whatever the application, Bluechain solutions offer greater security, simplicity and control in every payment situation.
BLUECHAIN PAYMENTS LIMITED COMPANY
Level 1, 313 Burwood Rd, Hawthorn, VIC 3122, Australia
Tel: +61 418 949 400
Email: [email protected]
MITEC JOINT STOCK COMPANY
Level 3 & 4 MITEC Building, Lot E2, Cau Giay New Urban Area, Yen Hoa Ward, Cau Giay District, Hanoi
Tel: (84-24) 3769 1616
Fax: (84-24) 3769 1617
Email: [email protected]