VP Bank opts for Leo Burnett to launch virtual prepaid card in Vietnam

The agency was brought in to analyse the e-commerce and e-payments space across different markets and to develop a launch strategy that includes ecosystem structure, branding and the long-term communication strategy.

Kalidas Ghose, head of retail banking for VP Bank, said the launch of SmartCash will help the bank to be ahead of the competition through the offering of a safe and unique solution for e-commerce and digital payments.

“As a first-of-its-kind in the market, SmartCash will help position VP Bank as an innovative organisation in the banking industry,” Ghose said.

VP Bank recently won the “Most innovative retail bank in Vietnam 2013” award at the Global Banking & Finance Review. It is believed that this is the first time VP Bank is working with an international agency. Prior to this, it worked with several local vendors and agencies.

Jarek Ziebinski, president at Leo Burnett Asia Pacific, said that e-commerce has become a key focus for businesses and digital has become a way of life for people, while In Vietnam e-commerce is still in its early stages of development.

Lukasz Roszczyc, managing director of Leo Burnett Vietnam, noted that SmartCash brings banking possibilities to users, including those who have never had a bank account and those who are hungry for e-commerce experience.

According to a recent PWC report, Vietnam’s e-commerce market was valued at about US$300 million in 2011, with a projected expectation to grow at an average 75 per cent between 2011 and 2015, to reach US$2.8 billion by 2015.