On June 14 in Hanoi, the Tien Phong Commercial Joint Stock Bank (TPBank) signed a cooperative agreement with the National Technology Innovation Foundation (NATIF) on offering interest rate benefits and new capital sources to support businesses in technology application and transfer.

Under the cooperative agreement, NATIF will provide funding to TPBank for businesses to borrow capital for technology transfer, innovation, and technology enhancement projects. TPBank will have complete autonomy in assessing businesses and providing loans. The capital used for lending will be the transferred from NATIF to TPBank under specific loan agreements signed between the parties.

“We hope that with TPBank’s strong technological platform and its internationally-standardized risk management capabilities, combined with the technological expertise of NATIF, this will provide the best access to capital for businesses wishing to innovate in production and business,” Deputy Minister of Science and Technology and Chairman of NATIF Tran Van Tung said at the signing. “Investing in the right direction with the right targets will yield the best and most effective results, realizing the government’s desire with the motto ‘Science and technology are the driving force and solution for business development’.”

Mr. Nguyen Hung, CEO of TPBank, emphasized the bank’s social responsibility and role in cooperating with NATIF without solely focusing on profit. “We are a prime example of technology investment, which has completely transformed TPBank,” he said. “After ten years, from a bank in need of restructuring, TPBank has become one of the leading reputable commercial banks in the country, serving millions of customers through digital channels.”

“Through this cooperation, TPBank aims to provide businesses with opportunities to access low-cost capital with numerous benefits, while developing applications and innovating technology within enterprises, providing and producing products with better cost efficiency to serve society, the economy, and the people,” he added. “With a nationwide network and a good credit activity control capability, TPBank is fully confident in partnering with NATIF to search for and support corporate customers with suitable loan requirements aligned with the NATIF criteria.”

With charter capital of $84.3 million, NATIF is a State financial fund outside of the budget under the Ministry of Science and Technology. It operates on a not-for-profit basis and provides financial support for research, application, technology transfer, innovation, and technology enhancement projects.