Visa has partnered with Vietnamese business management platform Base to bring opportunities for small and medium-sized enterprises (SMEs) at Base SaaS Day 2023.

The card giant presented in-depth insights into Vietnam’s business environment at the event, particularly those pertaining to SMEs.

Many SMEs use personal credit cards to track their expenditure and ensure perceived accounting efficiency, while cash is the second-most used payment method after bank transfers for making and receiving payments.

“We are thrilled to be partnering with Base and contributing to this key technology and management event in Vietnam,” said Ms. Dung Dang, Visa Country Manager for Vietnam and Laos. “SMEs have a strong need for digital payment solutions and an affinity for relationship-based banking. It is important to remember that travel, entertainment, and indirect B2B spending typically forms only 40 per cent of overall SME expenses, leaving a huge untapped opportunity to capture the other 60 per cent of overall company expenditure on cards. With Visa business cards and payment solutions, small businesses can now pay non-card accepting suppliers and improve cash flows.”

Mr. Nguyen Thuong Tuong Minh, CEO of Base, said the cooperation with Visa embraces opportunities to exchange ideas and experience with the best minds in technology and business in Vietnam, further helping SMEs develop breakthroughs.

“Base has provided solutions to multiple critical business problems, including work management, info management, human resources management, and finance management,” he added. “Needless to say, payment plays a pivotal role in finance, while Visa is one of the global leaders in digital payments. We truly hope that our partnership will bring world-class products and services to all Base customers.”

Visa will also tap its deep data-driven understanding of SMEs in Vietnam to address some of the leading challenges they face, including increased competition, managing cash flows, complex compliance and regulations, inefficient operations, and difficulties monitoring performance and planning for the future. To thrive, SMEs seek quick access to working capital, easy and seamless ways to make and receive payments, support in managing their finances, and rewards for loyalty and spending.

Visa’s business card programs empower SMEs to separate business and personal expenses, provide access to short-term working capital to manage cash flows, track business spending with full visibility at all times, make cost reconciliation easier and quicker, and issue virtual cards to employees with payment control for better cost control, while enjoying rewards, cashbacks, and other benefits from Visa.