Vietnam's Kienlongbank adds JCB credit card

In Vietnam, where 80% to 90% of transactions are still conducted in cash, Kienlongbank is the latest to announce a credit card for Vietnamese consumers who shop and travel internationally.

The Kienlongbank-JCB credit card offers access to more than 73 airport lounges across Asia, with the annual fee waived for consumers who reach a minimum annual spending threshold, according to a Monday press release.

Kienlongbank, founded in 1995 in Ho Chi Minh City, expects to reach 28 provinces and cities in Vietnam by the end of the year, according to the release.

The move underscores a goal set last year by Vietnam’s state bank of expanding consumer bank access from about a third of the country’s population to 90% by 2020.

Nam A Commercial Bank, also based in Ho Chi Minh City, in January launched a JCB-branded credit card.

Discover Financial Services late last year formed a strategic alliance with National Payments Corp. of Vietnam, the nation’s domestic payment network, for reciprocal card acceptance.