Banks compete to establish insurance companies, expanding ecosystems

(Dan Tri) - ACB, Techcombank, and VPBank have all entered the insurance market, increasing the connection of financial services from credit, securities to insurance and asset management.

Asia Commercial Joint Stock Bank (ACB ) has announced the closing of the shareholder list on October 14 and will collect opinions from October 24 to November 10 on the establishment of a subsidiary operating in the field of non-life insurance.

Currently, this bank owns 4 100% owned subsidiaries including: ACB Securities Company (ACBS), Debt Management and Asset Exploitation Company (ACBA), Financial Leasing Company (ACBL) and Fund Management Company (ACBC).

With the plan to establish another non-life insurance company, ACB is known to be gradually perfecting its financial ecosystem, in addition to cooperating in exclusive life insurance distribution with Sun Life Vietnam.

Not only ACB, Techcombank is also showing similar "ambition" to expand. In October 2024, Techcombank established Techcom Non-Life Insurance Company (TCGIns). In September, this bank continued to launch Techcom Life Insurance Company (Techcom Life).

At the same time, Techcombank and Techcom Life signed a comprehensive cooperation agreement, helping Techcombank become the main distributor of Techcom Life's life and health insurance products.

VPBank is not out of the game. The bank acquired OPES Non-Life Insurance Company in 2022, increasing its ownership ratio to 99.42% with a charter capital of VND 1,900 billion.

Sharing at the General Meeting of Shareholders at the end of April, VPBank representative shared that they are planning to establish a life insurance subsidiary with a charter capital of nearly VND 2,000 billion. The participation rate of VPBank and related parties is up to 100%.

VPBank leaders said the bank wants to develop into a financial group. VPBank already has FE Credit, OPES, VPBankS and wants to add a life insurance company and a fund management company.

A series of banks are stepping up their insurance game (Photo: DT).

In fact, the banking - insurance ecosystem is increasingly expanding with familiar connection pairs such as MB - MIC, BIDV - BIC, VietinBank - VBI or Agribank - ABIC...

According to experts, this is being promoted by banks taking advantage of financial resources, technology and large customer networks to create an ecosystem from providing financial services, from savings, investment, insurance to asset management.

Before the insurance "game", banks are also eager to participate in the field of crypto assets - a completely new field but is assessed to have great potential, especially after the Government issued Resolution 05/2025/NQ-CP dated September 9, 2025 on the pilot implementation of the crypto asset market in Vietnam.

In review, on September 30, Loc Phat Vietnam Crypto Asset Exchange Joint Stock Company (LPEX) was established with a charter capital of 6.8 billion VND, headquartered in the building that is the headquarters of LPBank.

HD Cryptocurrency Exchange Joint Stock Company (HDEX) has also been established, with capital contributions coming from companies related to HDBank's ecosystem.

Similarly, Techcom Cryptocurrency Exchange Joint Stock Company (TCEX) was established in May, with the representative having a strong connection to Techcombank's financial ecosystem….

It is noted that Vietnam is currently among the countries with the highest level of interest and trading in crypto assets in the world, with more than 17 million participants and a transaction value of about 1,000 billion USD in 2024. Therefore, banks' participation in the crypto asset market not only expands their scope of operations but also helps retain young customers, leading the trend of digital finance.

Source: https://dantri.com.vn/kinh-doanh/ngan-hang-dua-nhau-lap-cong-ty-bao-hiem-mo-rong-he-sinh-thai-20251007144917301.htm