(Vietnam News 09-06-2009)

HA NOI — The International Finance Corporation signed an investment agreement in Ha Noi yesterday to provide Vina Paynet Network Joint Stock Company with VND21 billion (US$1.2 million) to help expand its electronic payment services.

Under the agreement, the investment by the corporation, a World Bank Group member, will be used primarily to strengthen back-office infrastructure of Paynet, one of the leading retail payment processors in Viet Nam. This will be achieved by improving back-up systems.

The investment will also be used to expand the retail payment networks to millions of households and individuals in Viet Nam.

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