Woori Bank said on Tuesday it has completed a project led by the Vietnamese central bank to jointly set up an electronic network for financial transactions aimed at promoting cashless payments in the Southeast Asian nation.

Woori Bank Vietnam was the only foreign lender among nine commercial banks selected to build the Automated Clearing House, a computer-based electronic network for processing transactions designed by the State Bank of Vietnam.

The network is a part of the Vietnamese government’s push towards creating a cashless society by encouraging retailers to accept and use electronic payment means and promote electronic payments for online shopping.

Woori will continue to launch new services as its participation in the system helps attract new customers, it said.

Under the new system, customers can pay utility bills and credit card payments with any bank accounts among the nine lenders participating in the network.

“By participating in a project led by a local central bank could significantly improve the brand image of Woori Bank,” a bank official said.

Woori Bank entered the Vietnamese retail banking market in 2017 by setting up a wholly foreign-owned entity in the country. It now operates 14 branches as well as mobile banking platform Woori WON Banking Vietnam.

Vietnam is the bank’s fifth-largest overseas market for Woori in terms of earnings posted at the end of last year, following Indonesia, China, the US and Cambodia, according to the firm.

By Park Han-na (hnpark@heraldcorp.com)