NICE Group, a major credit rating and information service provider in South Korea, on November 25, announced the creation of a new legal entity in Vietnam. It is NICE’s first legal entity in Vietnam – NICE INFO Vietnam Co. Ltd.
NICE believes that its business activities will be constantly growing in Vietnam and contributing to the strong growth of the country’s financial market. Seeing Vietnam as an important market since 2011, NICE has built a strategic relationship with the Credit Information Center (CIC), a unit of the State Bank of Vietnam and then in 2014, NICE established a representative office in the country. NICE and CIC together provided credit rating model for corporate in 2014 and a rating model for individual in 2015.
With its expertise, NICE looks forward to continuously providing consulting services on credit rating models for commercial banks in Vietnam. Besides solutions on risk management, NICE is also expected to expand its service to provide solutions and infrastructure support for payment services in Vietnam. NICE currently holds a 30-percent market share in VAN (value-added network) credit card market in South Korea and it is hoping to expand its presence in foreign markets.
NICE has bought a 50 percent stake in Indonesian company IONPAY and since this May, the corporation has officially started providing payment services for online shopping sites such as Shopee, Q10 and Elevenia. In Vietnam, NICE is actively looking for opportunities.
Source : EVN Express