Alliex teams up with local banks to deploy integrated POS infrastructure

By Trang Nguyen - Sep 20, 2019 | 11:43 AM GMT+7

TheLEADERThe Seoul-based financial solutions provider has signed collaboration contracts with commercial lender Sacombank and state-owned VietinBank to collectively roll out a shared point-of-sale (POS) system in Vietnam.

Alliex teams up with local banks to deploy integrated POS infrastructure
Alliex and VietinBank signed the collaboration contract to deploy the shared POS infrastructure

Alliex Vietnam will accordingly be responsible for the financial resources and implementation of the integrated POS infrastructure in the country. The company, at the same time, will develop and operate a network of POS processing terminals and update new features of the advanced POS payments, including QR code, biometrics, non-facing channels and others.

Alliex has pledged to invest over $700 million in the next five years to develop the system in Vietnam, which will be translated into a network of about 600,000 card payment devices for the entire market.

According to Alliex CEO Park Byounggun, the shared POS infrastructure development project represents not only a win-win model for all parties in the agreements, but also a sustainable collaboration structure that will help elevate a cashless payment ecosystem for the country at large and promote financial inclusion in rural and remote areas.

In addition, the shared POS system will support the local authorities in cutting down the amount of cash in circulation and transaction costs, combating tax losses as well as speeding up payment transactions in a safe and efficient manner.

The signing of the collaboration contracts comes not long after Alliex announced its plan to invest $721 million into Vietnam’s integrated POS system in late June, in an effort to help transform the country into a cashless society by 2020.