GlobeOne extends financial inclusion programme to Vietnam with HDBank

Source: GlobeOne

GlobeOne, committed to bringing socially-conscious innovation to the financial sector, today announced that HDBank (Ho Chi Minh Development Commercial Joint Stock Bank) has signed a Letter of Intent with GlobeOne.

This is the latest bank in Vietnam to join GlobeOne as it builds up a rapidly expanding network of Member Banks around the world, a network that offers an innovative package of financial services from these banks.

GlobeOne was established with a vision to create financial health at a worldwide level. Its goal is to provide equal access to tools for financial mobility for all, no matter how little they earn. Over 2 billion people around the world have no formal bank account1, and lack of access to formal finance can have significantly detrimental effects upon individuals, families, communities and even countries. GlobeOne and its network partners are setting out to redress the current imbalance where those with the least often pay the most for financial services.

Targeting both the financially underserved and socially-conscious Millennials, GlobeOne is well positioned to capture Vietnam’s huge cohort of digital natives converting to smartphones, enabling the company to provide people with mobile-based access to meaningful and affordable financial services from Member Banks, as well as the patent pending income-building SocialBoostTM program.

“GlobeOne is proud to work with HDBank, one of the largest and fastest growing commercial banks in Vietnam. HDBank brings a strong track record and long history of innovation and commitment for expanding its reach beyond its local branch network toward global markets to help provide all of its clients with greater financial empowerment,” said Sunil Sachdev, Chief Business Development Officer at GlobeOne. “Additionally, their commitment to community development directly aligns with our organization’s mission to improve financial mobility on a global scale.”

“HDBank’s focus on customer service and our commitment to the communities in which we operate makes our involvement with GlobeOne an exciting development,” said Mr Tran Quoc Anh, Head of Retail Banking at HDBank. “GlobeOne’s unique social model is a natural fit with the everyday behavior of the Millennial generation, and we believe the opportunity to earn money while growing the GlobeOne community will be very attractive to many people who have previously been outside of formal finance.”

GlobeOne’s innovative mobile app will provide access to Member Banks that offer a demand deposit account, a security savings account, a secured line of credit, domestic and international transfers between GlobeOne Individual Members, as well as access to the income-building SocialBoostTM program, which gives Members the opportunity to earn a new income stream while helping those who need it most.

As GlobeOne builds its worldwide infrastructure of Member Banks and Corporate Members, Vietnam is going to be an important market. Its demographic is decidedly youthful - with over half of its population below 30 years of age - representing approximately 47 million people.2 This statistic, along with the fact that only 52% of urban adults are banked3, makes this market primed to adopt a compelling, technology-based banking solution, such as GlobeOne.

GlobeOne is expected to launch in the United States, Mexico and Vietnam early 2016, with a goal of establishing a global network of banks in 30 countries by 2020.

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