IFC Invested in PayNet to develop Retail Payment System
IFC, a member of the World Bank Group, and Vina Payment Network Joint Stock Company (PayNet) signed on June 8 an investment agreement to help expand speedy and reliable electronic payment services to millions of households and individuals throughout Vietnam.
Under the agreement, IFC will provide about 1.2 million US dollars (about 21 billion Vietnamese dong) in new equity to PayNet, one of the leading retail payment processors in Vietnam.
IFC’s investment will be used primarily to strengthen PayNet’s back-office infrastructure by improving back-up and redundancy systems. It also will be used to expand the retail payment networks.
IFC and PayNet also plan to enter into an advisory services agreement under which IFC will provide strategic and technical implementation advice to PayNet.
Thu Huyen
Vietnamese
