MB leads comprehensive digital transformation with BaaS.

MB offers flexible digital finance solutions (BaaS) for businesses, with over 1,200 APIs and an integration time of just 3 weeks. BaaS optimizes cash flow management, ensures information security, and saves costs. On a sweltering autumn afternoon in Hanoi, Le Minh Anh, 32, owner of a chain of young fashion stores, was busy preparing for the expansion of her online business. "I need a flexible and secure payment solution for my online store," she shared. That's when she discovered the Banking-as-a-Service (BaaS) service of Military Commercial Joint Stock Bank (MB). BaaS – A strategic spearhead in MB's digital banking era. BaaS, a relatively new concept in Vietnam, is rapidly becoming a highlight in MB's digital transformation strategy. Mr. Vu Thanh Trung, Vice Chairman of the Board of Directors of MB, explained: "BaaS is a model that allows third-party partners to connect with the bank's system via API to directly provide financial and banking services to customers on that partner's application/platform."

MB's BaaS service allows financial institutions to flexibly connect with third-party partners through APIs, thereby providing digital financial services directly to end customers on the partner's platform. Currently, MB has the most extensive API collection on the market with approximately 1,200 APIs, enabling customers to optimize cash flow management with absolute security. "Whether partners are large or small, when integrating banking services into their platforms, we are committed to a fast integration time of up to 3 working weeks," Mr. Trung affirmed.

"This saves me significant time and costs," Minh Anh commented. "I can focus on product development and customer care without worrying about complex payment issues." To date, MB has deployed BaaS services to over 1,000 businesses across all sectors: retail, logistics, payment intermediaries, hospitals, schools, manufacturing, etc. It is projected that by the end of 2024, transaction volume through MB's BaaS service will exceed VND 500 trillion, further maintaining its position as the leading bank in deploying this service in Vietnam. Challenges and Opportunities in the Digitalization Journey However, the pioneering path is not without challenges. Observers say that ensuring cybersecurity and information security in an open ecosystem like BaaS is a major challenge, with banks facing increasingly sophisticated and complex cyberattacks. In response to these concerns, MB has invested heavily in security technology and strictly adheres to the regulations of the State Bank of Vietnam. The bank applies multi-layered security measures, including end-to-end encryption, two-factor authentication, and continuous monitoring to ensure customer safety. In addition, educating and raising customer awareness about information security is also a priority for MB. The bank regularly organizes online seminars and training sessions on information security for corporate customers using BaaS services. Building an ecosystem through expanding cooperation and connectivity: Understanding market trends and needs, MB has also strived to develop and launch innovative service utilities on the applications/platforms used by customers. Banking services are provided at any touchpoint where a transaction need arises, in the simplest and most convenient way.

MB has seamlessly integrated its services with over 1,000 businesses, including leading names such as WinCommerce, THMilk , Vietnam Airlines , Momo, Zalopay, Vetc, Epass, Thegioididong, etc., minimizing manual reconciliation, optimizing business operations, and providing a convenient payment experience for customers. With MB's BaaS service, businesses' systems are directly integrated with the bank's system in the shortest time (no more than 3 working weeks) at the most suitable cost. From traditional bank to the center of the digital ecosystem, MB's digitalization strategy doesn't stop at BaaS. The bank has also recorded impressive results in card and electronic payment operations. Sharing about MB's digital transformation results, Mr. Luu Trung Thai - Chairman of the Board of Directors of MB - said that on August 4, 2024, MB officially reached 28 million customers. MB is also actively expanding cooperation with partners in various fields, from e-commerce to technology-based transportation services. According to Mr. Luu Trung Thai, BaaS is an ideal service for chain businesses, helping to automate the sales process quickly. "This is a new and very promising direction," the head of MB shared. For Minh Anh and thousands of other small and medium-sized enterprises in Vietnam, the development of digital banking services like BaaS opens up a great opportunity to participate in the booming digital economy . "I feel like I am part of the technological revolution in the financial industry," Minh Anh shared enthusiastically: "This not only helps my business grow but also contributes to the overall development of Vietnam's digital economy." Source: https://nhipsongkinhte.toquoc.vn/mb-dan-dat-chuyen-doi-so-toan-dien-with-baas-2024081910005646.htm