Clermont Group urged to help Vietnam build fintech, digital banking ecosystem

14:53 | 12/12/2018 Economy

Deputy Prime Minister Vuong Dinh Hue called on Singapore’s Clermont Group to share its experience and provide consultations for Vietnam in building and developing an ecosystem for fintech and digital banking.

Deputy PM Vuong Dinh Hue (right) shakes hand with Chairman and Founder of Clermont Group Richard F Chandler - Source: VGP

At a working session with Richard F.Chandler, Chairman and Founder of Clermont Group, in Hanoi on December 11, the official suggested that the group consider the direct provision of services in the fintech and digital banking sectors in Vietnam.

Although the Vietnamese Government and the Prime Minister have no plans to establish more wholly foreign-owned banks, they encourage foreign investors to participate in restructuring weak banks and then become an entity holding 100 percent of capital in line with domestic legal regulations, he stressed.

Hue asked Clermont to select banks for restructuring through the State Bank of Vietnam and the relevant Vietnamese agencies and submit the list to the Government for consideration.

Lauding Clermont’s successes in Vietnam through its investment in the stock market, initial public offering (IPO) of several banks and healthcare, the official urged the group to train human resources in these realms.

He also spoke highly of the group’s moral principles as well as its commitments to long-term investment in Vietnam.

The Vietnamese Government and the PM always make efforts to improve the local business climate and national competitiveness, and create the best possible conditions for domestic and foreign investors, he noted.

Asked what Clermont can do to help Vietnam in bank restructuring and bad debt settlement, Richard Chandler said with its experience in Brazil, Russia, Japan and India, the group would join the effort, noting that the group wishes to make more contributions to Vietnam.

The Clermont Group is an international business group with its headquarters in Singapore. Founded in 1986, by New Zealand-born entrepreneur Richard F Chandler, the Clermont Group builds and invests in businesses in healthcare, financial services and aerospace. These businesses employ over 5,000 people around the world.

In Vietnam, Clermont invested in Hoan My Medical Corporation in 2013. From six hospitals at that time, Hoan My now comprises of 15 hospitals and six clinics, where more than 4,000 employees serve 3.7 million patients annually. In 2017, Hoan My was awarded 'Vietnam Hospital of the Year' by Frost & Sullivan and the Labour Medal by the President of Vietnam for its achievements in medical services, charitable activities and contribution to building.