UOB enters Vietnam joint venture with VIG to develop loyalty-program services

Vietnam 200,000 dong noteVietnamese currency

UOB said Friday it entered a joint venture with VI (Vietnam Investments) Fund III, or VIG, to set up a subsidiary in Vietnam to develop digital loyalty program services for companies.

The joint venture, which will have paid-up capital of S$1 million, will be 30 percent owned by UOB, with VIG holding the remainder, UOB said in a filing to SGX.

VIG is a US$252 million fund registered in the Cayman Islands and managed by Vietnam Investments Group, or VI Group, a private equity group focused on high-growth businesses in Vietnam, the filing said.

VI Group provides early-stage and expansion capital and it assists its companies with strategy development, operations and IT platforms, the filing said.

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