Lotte Card injects 68 million USD into Vietnamese unit
(VOVWORLD) - Lotte Card, the No.5 credit card issuer in South Korea, said on Thursday that it has funneled 68 million USD into its Vietnamese unit - Lotte Finance Vietnam - to expand its business in the Southeast Asian country.
 (Photo: Korea Time) |
This is the largest capital increase since the card issuer began its business in Vietnam in 2018, which indicates that the firm will accelerate expansion in the nation as business there has stabilised to a sustainable level.
A Lotte Card official said that the firm aims to become a financial company with a strong foothold in Vietnam based on a stable business structure.
The Korean firm developed its own credit ratings model, and established a risk-based pricing system to offer customers in Vietnam interest rates tailored to their credit ratings.
Besides, it expanded a buy now, pay later (BNPL) service, a type of short-term financing that allows customers to make purchases and pay for them at a future date, often without interest.