Win-win partnership to safeguard customers
On 23 June 2022, WorldLine Technology (WorldLine), a Vietnam-based marketing technologies (MarTech) company, embarked on a partnership with Cyberplus, a global risk and security solutions provider, to strengthen the company’s range of solutions available for the local market. Founded in 2016, WorldLine is a newly established subsidiary of WorldLine Group, a global leader in secure payments and trusted transactions.
With a motto like “disrupt or be disrupted”, WorldLine is one company that’s singularly focused on helping organisations in Vietnam transform digitally. The company’s mission is to provide innovative and disruptive marketing technologies in digital and retail marketing that enhance the customer experience, and has collaborated with names such as Toshiba, Samsung, Prudential, and Honda.
The latest partnership will pivot on Cyberplus’ consumer and enterprise solutions, which will be made available and customised to suit the needs of WorldLine’s business partners. This includes Cyberplus’ Mastercard ID Theft Protection™ and Mastercard® Gamer Xchange solutions, which caters to consumers, as well as RiskRecon™, which caters to corporations and businesses.
High demand for nascent solutions in a niche market
In Vietnam, a country that’s seen significant growth in its digital economy over the past decade, frontier digital solutions are still nascent, although demand for such products is rising. According to WorldLine, this presents a business opportunity to their company, which is constantly looking to breakthrough with the latest digitally-driven developments.
“At present, there is no successful company in Vietnam that secures users’ IDs across numerous channels. Products by Cyberplus are still very novel to Vietnamese consumers, since there are no local retailers offering similar solutions yet. It was an easy decision to bring Cyberplus onboard as a partner because there is virtually no competition to these products locally, yet at the same time, there is a niche market that is hungry to be served. It is easy for us to position ourselves as trendsetters in this way,” said Minh Duc, General Director of WorldLine Technology.
According to researchers at the Growth Lab at Harvard University, who presented new growth projections in The Atlas of Economic Complexity, Vietnam is forecasted to be among the fastest-growing economies towards 2030.
Credit card usage in the country is also rising. Although credit card adoption remained low at 9.0 cards per 100 individuals, the number of card payments in Vietnam rose more than fivefold between 2015-2019. The Government of Vietnam has also set out a number of initiatives to push for a ‘less-cash’ economy, advocating the adoption of new payment card technologies and digital banks in the past few years.
“Vietnam is a thriving market that presents an opportunity for us to fill the gap in terms of security solutions for consumers and businesses. As the channel partner of Mastercard’s Cybersecurity and Intelligence solutions, we see it as both a business imperative and responsibility to assist the Vietnamese market mature and transform successfully, given the endemic threats to data security known to pervade this region,” said Andrew Tan, Managing Director of Cyberplus.
Untapped solutions for gaming market
Another sector that the partnership aims to bolster is the rapidly growing Vietnamese gaming industry, which has seen both the number of players and amount of money spent on games skyrocket. In 2020, the industry hit revenues of almost $530 million, double those of 2015; more recently, Vietnamese game maker Sky Mavis, developed a blockchain-based game Axie Infinity, which raised a whopping $152 million in Series B funding.
Despite the industry’s success, there isn’t yet a platform that connects all the games together from a gaming currency and rewards conversion point of view. To this end, Cyberplus’ Mastercard® Gamer Xchange (MGX) provides a timely solution. MGX is a conversion engine that converts unspent loyalty points into gaming currency, and is the first-ever conversion engine that is scalable and is able to work in businesses’ different loyalty app environments.
From sourcing gaming currency to fulfillment, MGX is a turnkey solution that delivers through an API that can be fit into the loyalty platform’s environment. With Cyberplus’ tailored MGX solution, WorldLine will give its partners’ loyalty programs an added advantage in a fast-growing and lucrative category, while helping them elevate brand relevance amongst gamers. Through the partnership, Vietnam’s untapped market will gain access to greater safety, security, flexibility, and overall business robustness.