Ho Chi Minh (PRWEB) June 13, 2013
Leading Vietnamese payment solutions provider, MobiVi, has announced the launch of its Employee Charge Card (“ECC”). The ECC is a major addition to MobiVi’s Employee Benefits Package, a B2B package designed to increase workforce retention and satisfaction by providing frontline workers with a suite of valuable incentives.
The ECC, through a partnership with Orient Commercial Bank (OCB), is an online bank account with card that allows employers easy management of expenses and payroll in addition to unlocking numerous benefits for employees. Employees within the system will gain access to reduced rates on everyday goods such as food, clothing, electronics, cell phone credit, and travel, from providers in MobiVi ‘s merchant network. Additionally, the ECC provides employees with a number of financial benefits:
1. 0% Installment Payment. Employees gain access to one of Vietnam’s most robust online/offline merchant networks with simple 3-to-6 month installment payment plans. Unlike other products in the market, Mobivi’s 0% Installment Payment plans come at no additional cost to the consumer. 0% installment payment plans empower ECC holders to buy medium-to-large ticket items whenever the need arises.
2. Charge Account. ECC holders can use their MobiVi Charge Account to purchase goods and services securely from Vietnam’s top merchants from the comfort of their mobile phone or computer. Like the 0% installment payment plan, the ECC’s Charge Account comes at no additional cost to the user.
3. Cash Advance. For all of life’s unexpected events, the ECC’s cash advance product allows ECC holders to obtain the cash they need through any domestic bank account in Vietnam. The process is completely automated – eliminating cumbersome paperwork, multiple levels of approval, and long disbursement delays.
The ECC is only one product in MobiVi’s extensive Employee Benefits Package that includes corporate credit cards, a robust payment gateway, and an integrated human-resource-management software platform that simplifies and reduces the amount of work related to processing salaries and work-related expenses. Together, the ECC and the Employee Benefits Package have been designed to improve employee retention, boost employee purchasing power by 50%, and significantly decrease companies’ burden of expense management.
MobiVi’s ability to develop innovative inclusive business models has drawn the attention of impact investors such as Unitus Impact (UI), a San Francisco-based venture capital firm that invests in businesses focused on improving the livelihoods of the working poor and generating strong financial returns.
Unitus Impact was initially attracted to MobiVi’s digital sales platform that helps its network of small “mom-and-pop stores” generate an additional income through the sale of mobile minutes and other products. Beau Seil, Managing Partner at Unitus Impact, stated that MobiVi’s Empolyee Benefits Package “further contributes to the livelihood-enhancing business activities that initially led us to invest in MobiVi.”
Founded in 2008, Viet Phu Payment Services Support Corporation (d/b/a MobiVi) is at the forefront of the payment technology and consumer financial services space in Vietnam. With over 22 bank partnerships, a team that holds more than 15 patents in IT security, and proprietary transaction platform handling millions of transactions per year, MobiVi prides itself in being the most trusted brand for payments in Vietnam.
Through innovation, MobiVi provides B2B and B2B2C technology to make everyday transactions easier. Our nationwide agent network includes 5000 agents using our web POS to process transactions for telecoms, utilities, cable & internet, and game companies.
Orient Commercial Bank (OCB) is one of Vietnam’s first Commercial Joint Stock Banks. Founded in 1996, OCB’s network consists of over 1,600 employees throughout 95 branches and transaction offices in all major metropolitan areas Vietnam. OCB prides itself at being at the forefront of customer service in Vietnam, offering innovative products like the Lucky Card and offerings from Liberty Insurance. In 2007, BNP Paribas invested in OCB, bringing strategic oversight, technological knowhow, and cash management and trade finance offerings. In 2011, BNP Paribas received authority from the State Bank of Vietnam to increase their holding along side OCB’s other shareholders: HSBC Holdings, Maybank, and Societe Generale.
About Unitus Impact
Unitus Impact ("UI") is a venture capital firm that invests in scalable companies building supply chains and distribution systems that increase income levels and improve the livelihoods of the working poor in Asia's fastest growing economies. Over the past 10+ years, UI's team has been working and investing in Asia to accelerate market-based solutions to poverty and generate risk-commensurate financial returns for its investors.
Although not restricted by industry, UI invests equity into companies focused on supply chain optimization, building agribusiness verticals, and providing small-business financing and microfranchise opportunities. Each UI portfolio company aims to build significant enterprise value by establishing distribution and supply chain platforms that can scale to reach millions of low-income families and significantly increase their incomes.