The implementation of Decree 70, which promotes digital transformation in financial and accounting activities, is driving higher demands for spending transparency and process standardization among businesses. An MB survey reveals that 40% of SMEs still face challenges in invoice management, expense reconciliation, and controlling dispersed cash flow across employees or departments. For import-oriented businesses, the need for fast and streamlined international payments is also growing. Furthermore, operating costs for businesses increased by 5,8-7,2% in the first 9 months of the year, according to the General Statistics Office, making cost optimization an urgent priority.

In response to this environment, MB partnered with Visa and the Korea Trade-Investment Promotion Agency (KOTRA) to introduce an upgraded version of the MB Visa Hi BIZ card. This initiative aims to optimize costs, enhance cash flow transparency, and expand international trade capabilities for Vietnamese businesses.

The product is positioned as a multi-functional business card, integrating two sources of funds (debit and credit) simultaneously. It supports expense management, enabling businesses to manage spending for business travel, software purchases, and other operational needs. Businesses benefit from free issuance and a waiver of the annual fee for the first year.

The MB Visa Hi Biz card. Photo: MB

Notably, the new version offers cashback of up to 30 million VND annually, focusing on four common spending categories for Vietnamese businesses: advertising (2,5% cashback on online advertising expenses via Facebook, Google, and similar platforms), business travel (hotels, airport lounges, airfare), client entertainment and transportation (restaurants, taxis), and management software (MISA, Google Workspace). Additionally, businesses benefit from a foreign currency conversion fee of only 1,2%.

All transactions are synchronized with the BIZ MBBank ecosystem, supporting real-time cash flow monitoring, departmental spending authorization, and reducing the risk of loss during reconciliation.

According to Nguyen Xuan Cuong, Deputy Director of MB's Digital Banking Division, the business card was developed to meet the growing demand for operational digitalization and financial transparency among Vietnamese businesses. MB aims to create a "one-touch" financial tool that helps businesses manage cash flow more intelligently. Cuong also believes that business cards will become a common management tool in the next few years.

Nguyen Xuan Cuong, Deputy Director of MB's Digital Banking Division. Photo: MB

A key feature of the new version is its capability for cross-border commercial payments through the Global Trade Payment Platform (GTPP), developed by Visa and KOTRA. This solution allows Vietnamese businesses to conduct B2B transactions with Korean partners on the same day, significantly reducing the time compared to traditional international wire transfers, which typically take 3-5 days.

Through GTPP, businesses can connect directly with a network of over 140,000 Korean SMEs, execute secure and transparent digital payments, and optimize cash flow by using the business card as a payment method. This facilitates faster import processes and reduces risks in Vietnam-Korea transactions.

"Vietnam is currently Korea's third-largest export market. MB's implementation of B2B payments via business cards through GTPP will shorten transaction times and significantly benefit SMEs in both countries," a KOTRA representative shared.

A representative from Visa Vietnam noted that B2B payments using business cards are a global trend due to their transparency and spending control capabilities. MB's participation is expected to promote the standardization of international transactions for Vietnamese businesses.

Dang Tuyet Dung, Country Manager of Visa Vietnam and Laos, speaking at the event. Photo: MB

Dang Tuyet Dung, Country Manager of Visa Vietnam and Laos, anticipates that the MB Visa Hi BIZ card will become a practical tool for businesses to optimize spending, enhance management capabilities, and mitigate risks in cross-border trade.

"Visa is committed to continuing its partnership with MB to create more value for businesses, especially SMEs, which are a vital driving force of Vietnam's economy," Dung emphasized.

Recently, MB was honored by Visa with two awards: "Pioneering Bank for Business Card Innovation" and "Pioneering B2B Payment Solutions for SMEs". These recognitions serve as an important foundation for MB to expand its ecosystem of financial products for businesses.

Leaders of Military Commercial Joint Stock Bank (MB) and Visa International card organization posing with Kols. Photo: MB

Nguyen Xuan Cuong stated that the launch of the MB Visa Hi BIZ business card marks a significant milestone in MB's strategy to build a comprehensive digital financial solutions ecosystem for Vietnamese businesses.

In the last three months, the MB Visa Hi BIZ card has seen over 15,000 businesses register for use. Card spending has increased tenfold. Customers report that the card helps businesses reduce processing time for advances, payments, and reconciliation by 80%. Average spending per business has also increased tenfold due to flexible limit management features.

Minh Ngoc