As the new spring season ushers in renewed confidence and aspirations for growth, Co-operative Bank of Vietnam (Co-opBank) proudly reflects on more than 30 years of establishment and development. Throughout this journey, guided by its mission as “the bank of the People’s Credit Funds (PCFs),” Co-opBank has remained steadfast in its commitment to becoming a modern financial pillar for rural communities and the PCF system – most notably in the area of payment systems, widely regarded as the “lifeblood” of banking operations. Against the backdrop of sweeping digital transformation across the banking sector, the CF-eBank electronic banking system has increasingly cemented its role as a foundational pillar and “backbone” connecting and driving the sustainable development of the PCFs network.
A Diverse and Practical Service Ecosystem
In alignment with the banking sector’s digital transformation mandate set forth under Decision No. 810/QD-NHNN dated May 11, 2021, issued by the Governor of the State Bank of Vietnam, the PCFs network has been identified as a key driver in advancing financial inclusion across rural areas. However, in its early stages, constraints in technological infrastructure and geographical remoteness posed significant barriers for many PCFs in accessing modern payment services.
The launch of the CF-eBank electronic banking system more than 15 years ago marked a strategic milestone in addressing this challenge. From an initial pilot group of 38 participating PCFs, the network has since expanded to connect 1,006 PCFs, representing approximately 86% of all PCFs nationwide. CF-eBank is more than a technological platform – it serves as a vital bridge that has transformed PCFs from independently operating entities into a unified payment network, narrowing the gap between rural and urban areas and meaningfully advancing financial inclusion.
Building on the CF-eBank platform, Co-opBank has continuously broadened its product portfolio, delivering tangible benefits to PCFs and their members. Comprehensive services – including interbank transfers, 24/7 instant transfers via NAPAS at counters, transfers via identification documents, card-based transfers, and batch transfers – is processed swiftly and securely, meeting the increasingly diverse needs of customers.
Ms. Nguyen Thi Thu Cuc – Co-opBank Deputy General Director presented awards to outstanding PCFs in Dong Nai Province
In addition, the integration of essential public services such as payments for electricity, water, tuition fees, hospital fees, insurance and mobile top-ups has helped PCFs become familiar “convenience financial supermarkets” in local communities, strengthening the connection between members and their PCFs.
In particular, in the context where public administrative procedures are being comprehensively digitalized, in 2025 Co-opBank invested in developing and successfully launched the electronic tax payment service on the CF-eBank electronic banking system. This product not only enhances the competitiveness of PCFs but also enables people in rural areas to conveniently access and use modern payment services.
At the same time, smart capital management features such as account inquiry, balance change tracking, loan management, deposit contract management, electronic credit/debit notifications and others help PCF leaders gain timely and comprehensive insights into liquidity, thereby improving capital utilization efficiency and minimizing operational risks.
Figures that speak for themselves
The effectiveness of placing the payment system at the core of Co-opBank’s strategy is clearly reflected in its growth metrics. As of November 2025, the total value of outgoing transactions processed by PCFs through the CF-eBank platform had grown by 41%, while incoming transaction values rose by 51% compared to the same period the previous year.
Even more striking is the remarkable surge in incoming transaction volumes over the past five years. While the system recorded 58,171 incoming transactions in 2021, this figure had climbed to 2,091,512 transactions by 2025 — a more than 35-fold increase. This trajectory demonstrates that capital flows within the PCFs network are increasingly being consolidated and efficiently channeled through Co-opBank.
The electronic capital regulation contract product has equally recorded strong growth. In a single month of 2025, 731 out of 1,006 PCFs conducted transactions, with 28,488 new contracts opened and a total capital regulation value of 41.630 trillion vnd — a clear testament to the PCFs network’s rapid and effective adaptation to digital transformation.
Among the most enduring contributions of the CF-eBank system is the standardization of payment operation procedures across the entire PCF network. Operating under nationally standardized payment procedures not only elevates staff professionalism but also lays the groundwork for the continued adoption of advanced technologies in the future.
The CF-eBank electronic banking system has been affirming its role as a pillar and the “backbone” connecting and promoting the sustainable development of the PCFs network (Illustrative photo)
Alongside growth comes the imperative to ensure security and resilience. The CF-eBank system has been built with multi-layered security features, rigorous digital signature management, and strict access controls — collectively safeguarding assets, mitigating ethical risks and cybersecurity threats, and reinforcing the confidence of members and customers alike.
The year 2026 presents both promising opportunities and significant challenges. Building on the solid foundation of accomplishments already achieved, comprehensive digital transformation will continue to serve as a core driver of Co-opBank’s commitment to supporting the PCFs network. It is firmly believed that the integration of modern technology with the fundamental values of the cooperative model will generate a powerful combined strength — enabling the PCFs network to develop safely, efficiently, and sustainably, while empowering individual PCFs to advance further along their digital transformation journey. “New Spring — New Confidence — New Aspirations” — Guided by a spirit of innovation and determination, Co-opBank will continue to achieve new and remarkable milestones, cementing its position as the trusted bank of PCFs in the digital economy.
On the CF-eBank electronic banking platform, Co-opBank has continuously expanded its product portfolio, delivering practical benefits to PCFs and their members
The CF-eBank electronic banking system contributes to promoting financial inclusion
A sustainable value brought by the CF-eBank electronic banking system is the standardization of payment operational procedures across the entire PCFs network (Illustrative photo)
Co-opBank Payment Center
