Opening of new type of hub into Vietnam - Bosnia-Herzegovina is first to benefit
In January 2017, Eurogiro CEO, Mr. Michel Stuijt, participated in a celebration in Hanoi of newly signed contract with Nova Banka of Bosnia-Herzegovina. This was a milestone reached in realizing the vision for the partnership to become a hub for money transfer services in the South-East Asian market.
Nova Banka, Bosnia-Herzegovina, is the first Eurogiro member to open a corridor to newly forged partnership of Vietnam Post and SeABank, Vietnam. They schedule for live transactions April 2017.
This corridor manifests the creation of a new type of three-party agreement in Eurogiro, which will offer unique benefits to any Eurogiro member looking to send credits as well as cash payments to Vietnam:
- A one stop agreement for any type of transaction: Cash payments as well as account transfers are sent to SeABank via their Eurogiro connection. The account transactions are handled by SeAbank, whereas the cash payments are distributed via their own data exchange to Vietnam Post for pay-out. The brand name of this unique service is “Cash & Account service: SeABank – Vietnam Post”.
- The Eurogiro partner, Nova Banka as the first to realize this potential, settles all transactions with SeABank, which then settles the cash payments direct with Vietnam Post, in VND.
- The Eurogiro partner obtains upfront information on exchange rates used when converting into VND (for instance EUR into VND) for the cash payments handled by the post.
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Mr. Chu Quang Hao, Deputy Director of VNPost (frontline, right), and Ms. Tran Thi Thanh Thuy, Deputy General Director of SeABank (frontline left) hosted the ceremony and expressed their expectations that this cooperation can pull Vietnam and Bosnia- Herzegovina closer in mutual development and friendship. Michel Stuijt, CEO of Eurogiro, is standing in the back row, third from the left.
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Formed in 2016, the partnership between Vietnam Post and SeABank of Vietnam offers a simple and very efficient hub to Vietnamese beneficiaries. Thanks to the combined reach to Vietnam Post’s extensive post office network and SeABank’s large accounts base the partnership offers reach to any Vietnamese citizen.
The hub is open to Eurogiro members and the Vietnamese partners are currently talking to several other Eurogiro member organisations to open corridors.