Hanoi, 13th April 2020 - Joint Stock Commercial Bank for Foreign Trade of Vietnam ("Vietcombank"), the leading commercial bank in Vietnam, and FWD Vietnam Life Insurance Company Limited ("FWD") have officially launched an exclusive 15-year bancassurance partnership.
Under the agreement and in the first phase of the partnership, Vietcombank will distribute FWD's products, combining strong digital capabilities of both businesses to offer customers leading insurance products and enhanced digital experiences throughout more than 550 branches and transaction offices nationwide, including:
- FWD Embracing changes 2.0: A universal life insurance solution, combining long-term protection with short-term flexible investment, helping customers take a proactive approach to life's changing demands.
- FWD Smart kid: An education insurance product that is designed to provide a solid future for your child's education with a guaranteed fund of 150% Sum assured together with competitive bonuses during the whole policy term.
- FWD Family care: One critical illness protection fund covering the whole family against 80 critical illnesses.
- FWD Cancer care: A cancer insurance solution with affordable premiums from only VND 99,000/year, paying out 100% Sum assured upon diagnosis of cancer at any stage. The product can be purchased online entirely or via financial consultants.
Vietcombank's customers can also participate in credit life insurance solution FWD Dream assured and FWD's supplementary riders to enhance protection against varying risks.
Mr. Thomas William Tobin, Head of Retail Banking Group of Vietcombank, said: "FWD Vietnam has a prominent advantage in digitalizing all business processes, with a solid strategy of developing diversified, simple and suitable products for each customer segment that aligns with the Digital Banking Transformation and Retail Banking Operation Development Strategy of Vietcombank. The official launch of this exclusive bancassurance partnership will create a breakthrough in Vietcombank's product portfolio and service delivery process, helping us continue to be the preferred choice for millions of customers in Vietnam."
Mr. Huynh Huu Khang, CEO of FWD Vietnam, said: "The official distribution through Vietcombank's nationwide network is a great opportunity to take our Vietnam business to the next level and boost our ambitions to build a leading bancassurance franchise across the region. Vietcombank is a well-established bank in the 4.0 digital era, which compliments FWD's strong digital capabilities. This partnership will add size and scale to our distribution as we deliver our unique customer experience and product propositions to more customers across Vietnam as part of our vision to change the way people feel about insurance."
Previously, the Ministry of Finance approved in principle for the capital transfer at Vietcombank-Cardif Life Insurance ("VCLI") on 3rd April 2020. FWD has also officially completed the procedures for acquiring VCLI and will integrate VCLI into existing business in Vietnam. VCLI customers will not be affected by the transfer of ownership to FWD and all existing policies will continue to be honoured by FWD.
Established in 1963, Vietcombank is currently the leading commercial bank in Vietnam with total assets of 50 billion USD and highest market capitalization among credit institutions listed on Vietnam's stock market.
Vietcombank currently has over 18,000 employees with a nationwide operation network throughout Vietnam including the Head Office in Hanoi and over 550 branches and transaction offices across the country.
As a multifunctional bank with strengths in both wholesale, retail and investment services and pioneering in applying the best international standards, Vietcombank is always ready to provide its customers with modern and best financial and banking services.
Vietcombank's strategic goal to 2025 and vision to 2030 is to firmly consolidate the No. 1 position in Vietnam, ranked among the 100 largest banks in Asia, one of the 300 largest banking and financial groups in the world, one of the 1,000 largest listed companies globally, positively contributing to the growth of Vietnam.
For more information please visit www.vietcombank.com.vn
About FWD Vietnam
FWD Vietnam was established in 2016 and is a member of FWD Group, a leading Asian-pan life insurer. With the priority strategy on digital development, FWD Vietnam is a differentiated insurance company, with a solid foundation based on its own strengths: breakthrough products; high-quality distribution channels; digitized business processes and differentiate branding strategies.
FWD Vietnam is consistently recognised as one of the fastest-growing life insurance companies in the market.
For more information please visit www.fwd.com.vn
Mr. Nguyen Huu Kien
Deputy Director, Public Relations Department
Tel: (024) 39343137 (Ext.:1966)
Mr. Nguyễn Ngọc Thụy
Director, Communications Department
Tel: (028) 62563688