Press Release: Timo’s strategic cooperation with 7-Eleven Vietnam

Ho Chi Minh City, January 11, 2021

TIMO’S STRATEGIC COOPERATION WITH 7-ELEVEN OFFERS SERVICE WITH ADVANTAGEOUS FEATURES AND ATTRACTIVE PROMOTIONS FOR CUSTOMERS.

Context

For the first time, Timo digital bank made a strategic decision to open  a “Hangout”  or branch inside a 7-Eleven convenience store. This latest Timo Hangout is located in District 7, in the Capri by Fraser building alongside a 7-Eleven signature store, in a prime location surrounded by commercial and residential buildings while also marking the 5th “Hangout” opened in Vietnam and the 2nd Timo Hangout in Ho Chi Minh City. With nearly 300 square meters, 7-Eleven Capri by Fraser is the largest store in Vietnam to date – where customers can shop-to-go or dine at the store with a variety of items with quality assurance, affordable price, and attentive and conscientious customer service.

Timo’s statement

Commenting on the strategic cooperation with 7-Eleven, Mr. Bui Hai An – Chief Operations Officer of Timo said:

“The Vietnam retail market  is growing rapidly due to  a young dynamic population that spends a large proportion of their income on consumables.

7-Eleven is one of the largest and most popular convenience store chains in Vietnam and is planning to expand despite the impact of Covid. Timo’s collaboration with 7-Eleven marks a long-term strategic partnership to widen the banking network by making it easier for 7-Eleven customers in Vietnam to shop for their essential needs and register for aTimo debit card or Timo Visa credit card right in the store. In under 10 minutes, customers can enjoy a cup of coffee at 7-Eleven while creating a Timo account for free and walk away with a brand new Timo Debit Card allowing them to experience Timo’s user friendly app anytime, anywhere.

With 2020 being a difficult year with Covid-19, Timo made a bold move and within five months of cooperation with Ban Viet Bank, Timo achieved impressive growth results. With the vision of continuing to innovate on customer experience, Timo has frequently updated the app and launched new features, enabled eKYC also known as opening digital accounts, expanded connectivity with e-wallet networks such as Momo, Moca, Zalopay and Airpay, built a strategic network of non banking partners all while offering attractive incentive packages for the customer’s best interests.

This new Hangout opening was also timed with the launch of Timo’s new dynamic and bold look, changing from a single colour to a 4 colors logo demonstrating its ability to constantly evolve with the aim of disrupting the industry with innovative, intuitive and seamless products. The Logo colours represent Wealth and Power, Stability and Trust, Innovation and Boldness, Joy and Compassion – all linked back to products, features and services offered under the Timo platform. The new logo reflects Timo’s commitment to revolutionize the way people think and feel about banking and finance.

Timo Bank plans to become the pioneering digital bank that provides customers with all essential banking services they need in the palm of their hand.

7-Eleven’s statement

Mr. Vu Thanh Tu – General Director of the 7-Eleven brand shared:

“According to recent statistics of the State Bank of Vietnam, 42% of banks in Vietnam consider digital banking as the top priority in their business strategy and 94% of banks have invested in this area. In addition, the explosion of e-commerce and technology that helps change consumption habits and shopping behaviors is an advantage in helping convenience stores dominate traditional media channels. This is a testament to a strong digitalization trend in the financial services industry. It is also the reason why we decided to choose Timo digital bank as a strategic partner of 7-Eleven.”

7-Eleven customers at Capri by Fraser District 7 are mainly young people such as office workers and university students. Therefore, in addition to developing more products and constantly improving quality and convenience, Timo together with other strategic partners, in the future, will build its ecosystem to offer a range of convenient services, while ensuring the customer experience is not compromised. .” 

Contact information:

Ms. Thu Tran – PR & Comms Director | TIMO

Email: thu.tran@timo.vn – Mobile +84 909 895 377