Citi Treasury and Trade Solutions has forged a partnership with Vietnam-based intermediary payment service provider Payoo to facilitate last-mile consumer-to-business collections for corporate clients in the country.
Under the partnership, Citi’s corporate clients in Vietnam will be able to receive real-time payments from their customers for services including utilities, telecommunications and credit card bills through Payoo’s extensive digital network and physical footprint of over 10,000 brick-and-mortar touchpoints.
Debopama Sen, Singapore and Asean head, Citi Treasury and Trade Solutions, says: "This is in line with our strategy to leverage the potential of the thriving fintech ecosystem in Singapore and Asean to enhance our client value propositions."
The partnership was announced at the sidelines of the bank's inaugural Asean FinTech Day which commenced in Singapore today, where a total of eight startups are presenting their propositions to a judging panel of senior Citi executives. Selected finalists will work in partnership with Citi to commercialise and launch market-ready services in the next six to nine months.
The inaugural event in Singapore follows from previous Treasury and Trade Solutions FinTech Days held in other markets including North America, the United Kingdom and India.
“Citi is actively working with FinTechs around the world to create new services and capabilities on our platforms for the benefit of our clients,” says Manish Kohli, global head of payments and receivables, Citi Treasury and Trade Solutions. “These events play an important role in allowing us to engage with the fintech ecosystem in order to co-create the best solutions for our clients in the digital economy.”