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BRANDING

TIMO MOVES IN WITH ing digital bank that provides customers with
the essential banking services they need right
7
ELEVEN in the palm of their hand.
“According to figures from the State Bank
of Vietnam, 42 per cent of banks in Vietnam
consider digital banking the top priority in
their business strategy and 94 per cent of
banks have invested in the field,” said Mr. Vu
Thanh Tu, General Director of 7-Eleven. “The
explosion of e-commerce and technology,
which helps change consumption habits and
shopping behaviour, is also an advantage in
helping convenience stores dominate tradi-
tional media channels. This is testament to
the strong digitalization trend in the financial
services industry. It is also the reason we
decided to choose Timo digital bank as a
strategic partner.”
On nearly 300 sq m, 7-Eleven Capri by
Fraser is the largest store in Vietnam to date
and where customers can shop-to-go for a
variety of items or dine in-store, with quality
assurance, affordable prices, and attentive
and conscientious customer service.
7-Eleven customers at Capri by Fraser are
mainly young people such as office workers
and university students. Therefore, in addition
Capri by Fraser in District 7 is the largest 7-Eleven store in Vietnam and Timo’s second “Hangout” in Ho Chi Minh City.
to developing more products and constantly
improving quality and convenience, Timo
and other strategic partners will, in the future,
or the first time, Timo digital bank vision of continuing to innovate the customer build its ecosystem to offer a range of con-
has made a strategic decision to open experience, Timo has frequently updated the venient services while ensuring the customer
F a “Hangout” branch inside a 7-Eleven app and launched new features, enabled
convenience store. This latest Timo Hangout eKYC (for opening digital accounts), expanded experience is not compromised. %
is located in Ho Chi Minh City’s District 7, in connectivity with e-wallet networks such as
the Capri by Fraser building alongside a 7- Momo, Moca, Zalopay, and Airpay, and built
Eleven signature store, with a prime location a strategic network of non-banking partners,
surrounded by commercial and residential all while offering attractive incentive packages
buildings. This marks its fifth “Hangout” in for customers.
Vietnam and the second in Ho Chi Minh City. The opening of the new Hangout was also
“Vietnam’s retail market is growing rapidly timed to coincide with the launch of Timo’s
due to a young and dynamic population that new dynamic and bold look, changing from
spends a large proportion of their income on a single-color to a four-color logo, demon-
consumables,” said Mr. Bui Hai An, Chief strating its ability to constantly evolve with
Operations Officer at Timo. “7-Eleven is one the aim of disrupting the industry with inno-
of the largest and most popular convenience vative, intuitive, and seamless products. The
store chains in Vietnam and is planning to logo’s colours represent Wealth and Power,
expand despite the impact of Covid-19. Timo’s Stability and Trust, Innovation and Boldness, Timo cards and payment products provide a
better instore experience for 7-Eleven customers.
collaboration with 7-Eleven marks a long- and Joy and Com-
term strategic partnership to broaden its passion - all linked
banking network by making it easier for 7- to products, fea-
Eleven customers in Vietnam to shop for tures, and services
their essential needs and register for a Timo offered under the
debit card or Timo Visa credit card right in Timo platform.
the store. In less than 10 minutes, customers The new logo also
can enjoy a cup of coffee at 7-Eleven while reflects Timo’s
creating a Timo account for free and walking commitment to
away with a brand-new Timo Debit Card revolutionizing
allowing them to experience Timo’s user- the way people
friendly app anytime, anywhere.” think and feel
With 2020 being a difficult year because about banking and
of Covid-19, Timo made a bold move to coop- finance.
erate with Ban Viet Bank and within five Timo digital
months achieved impressive growth, with bank plans to
150,000 new registered customers. With a become a pioneer-

FEBRUARY 2021 | VIETNAM ECONOMIC TIMES | 43