BIDV named foreign exchange bank of the year

tIen trung

BIDV was recently honoured with the award “Vietnam Domestic Foreign Exchange Bank of the Year” for the third consecutive year by Asian Banking & Finance (ABF).

The award, based on the evaluation of a council of leading financial experts and researchers, is recognition of BIDV's efforts in providing the best and most suitable forex products to customers.

Over a hundred exceptional banks from 30 countries were recognised at the 2020 Wholesale Banking Awards, Retail Banking Awards, and Corporate & Investment Banking Awards held digitally by ABF. For the first time, the awards were handed to the winners via a visual presentation due to the pandemic.

"As we have seen in this year’s winners, banks were still able to navigate and up their game even during the pandemic. We are looking forward to seeing how they will continue to provide the best service to clients in spite of these very difficult times," said Tim Charlton, publisher of Asian Banking & Finance magazine.

BIDV provides comprehensive foreign exchange services to customers, offering flexible solutions to mitigate risks and optimise deal plans through cross-selling and hedging products. In addition, the bank has always focused on developing services based on modern technology, allowing customers to perform transactions quickly and conveniently while minimising transaction costs and time for customers.

The award from Asian Banking & Finance recognises BIDV’s foreign exchange activities based on three criteria: products, policies and technology application. Specifically, over the past several years BIDV has introduced to customers foreign exchange products that are diverse in terms, currencies and payment flexibility, thereby helping customers fix their costs in trading foreign currencies in line with their respective business characteristics. BIDV has also provided customers with exchange rate hedging solutions and supported them to save costs through product bundles of forex trading, deposit, credit, trade finance and money transfer.

The Vietnamese lender has issued many policies geared towards optimising benefits for customers in foreign currency trading. Such policies have helped BIDV's products to reach more customers, as indicated by strong growth of 150 percent in forex trading volume between customers and BIDV.

BIDV strives to provide customers with the best digital experience in order to minimise trading time and papers. Customers may schedule transactions and buy and sell dozens of foreign currencies directly with the bank through online applications such as BIDV Smart Banking or BIDV iBank. They may also provide documents via online applications to the bank for checking before visiting the bank, which help significantly reduce trading time for both customers and the bank.

The Asian Banking & Finance has presented BIDV with many prestigious awards in areas including SME, cash management, and solutions for corporate customers as recognition of the bank’s relentless efforts in improving products as well as service quality to best serve customers, affirming the bank’s leading position in Vietnam, especially in the areas of forex trading and service.