OK Financial Accelerates Vietnam Expansion, Signs Business Agreement with Woori Bank Vietnam

On the 28th of last month (local time), officials are taking a commemorative photo after the signing ceremony of the strategic business agreement (MOU) held at Woori Bank Vietnam Ho Chi Minh Branch. From the left, Woontak Jeong, Team Leader of Woori Bank Vietnam Ho Chi Minh Branch; Changseok Ok, Deputy Branch Manager of Woori Bank Vietnam Ho Chi Minh Branch; Yonggyu Kwon, Branch Manager of Woori Bank Vietnam Ho Chi Minh Branch; Jaejun Kim, Head of OK Financial Group Vietnam Corporation; Heegeun Choi, Deputy Head of OK Financial Group Vietnam. Photo by OK Financial Group

[Asia Economy Reporter Song Seung-seop] OK Financial Group's Vietnam subsidiary announced on the 3rd that it has signed a 'Strategic Business Agreement (MOU)' with Woori Bank Vietnam for local market entry.

The agreement, signed on the 28th of last month at Woori Bank Vietnam's Ho Chi Minh branch, was prepared for OK Financial Group to officially enter the Vietnamese local market. According to the MOU, Woori Bank Vietnam and OK Financial Group plan to jointly monitor and respond to the local market and prepare for the post-COVID-19 era.

This is OK Financial Group's first official project to advance into Vietnam. Since 2019, OK Financial Group has dispatched market research personnel and investigated various trends to prepare for local entry. After assessing the growth potential of the Southeast Asian financial market, they decided to enter the Vietnamese market and recently established a local subsidiary.

OK Financial Group plans to provide financial services targeting locals who do not have access to the benefits and services of first-tier financial institutions. The Vietnam subsidiary is organized into business sectors including consumer finance, peer-to-peer (P2P) finance, non-performing loan purchase and sale, local mergers and acquisitions (M&A), IT infrastructure construction, and service provision.

Kim Jae-jun, head of OK Financial Group's Vietnam subsidiary, said, "Based on the consumer finance know-how we have accumulated so far, we will strive to provide high-quality financial services locally in Vietnam," and emphasized, "We will accelerate our market penetration based on collaboration with Woori Bank Vietnam, which entered the local market early."

Choi Yoon, chairman of OK Financial Group, also stated, "We hope that the establishment of the Vietnam subsidiary and the signing of the MOU with Woori Bank Vietnam will serve as a catalyst for entering the Southeast Asian financial market."

Meanwhile, the signing ceremony was attended by Kim Jae-jun, head of OK Financial Group's Vietnam subsidiary, Kwon Yong-gyu, head of Woori Bank Vietnam Ho Chi Minh branch, and other officials from both companies.