FlexiCard – Non-cash payment for petrol and cash withdrawals at Petrolimex-run stations nationwide

04:41 PM @ Monday - 12 July, 2010

Press release

FlexiCard – Non-cash payment for petrol and cash withdrawals at Petrolimex-run stations nationwide

Hanoi (October 13, 2009) – The Vietnam National Petroleum Corporation (Petrolimex) and the Petrolimex Group Commercial Joint Stock Bank (PG Bank) have jointly issued FlexiCard – a versatile and convenient non-cash payment system – with numerous superior features in domestic banking and payment transactions. Flexicard enables users to buy petroleum products and withdraw cash at all Petrolimex-run petrol stations nationwide.

Flexicard is designed to combine Prepaid and Debit features. This is the first time in Vietnam, the traditional magnetic strip card technology and chip card technology have been integrated on the same card, enabling users to get the full convenience the two technologies bring about. Flexicard will reduce the risk or error and fraud in transactions thanks to the high security provided by the chip technology. In addition, Flexicard can be used in a flexible way by activating any feature the user wants.

The Prepaid FlexiCard is a means of non-cash payment for goods and services at restaurants, supermarkets and at more than 1,700 petrol stations run by Petrolimex nationwide. The Prepaid FlexiCard enables purchasers to monitor their spending. There are two kinds of Prepaid FlexiCards: (i) Anonymous Prepaid FlexiCard. These can be bought right at the petrol station or a PG Bank branch without registering personal information, although they do not allow users to load money onto their cards or take part in promotion programmes (ii) The Named Prepaid FlexiCard requires users to register their personal information, but does not require them to open an account at the bank. The Named Prepaid FlexiCard allows users to load money onto their cards as well as to join in promotional programmes.

The Debit FlexiCard is a means of convenient and safe non-cash payment issued by PG Bank for those who open non-term deposit accounts at the bank. The Debit Flexicard enables users to enjoy numerous conveniences such as cash withdrawals at ATMs owned by PG Bank and ATMs belonging to the Banknetvn network, direct receipt of salary or remunerations, payment for goods and services at thousands of restaurants, hotels, supermarkets, cinemas and recreation centres, payment for petrol at more than 1,700 Petrolimex-run petrol stations nationwide, checking of account balance, transfer of money and printing of transaction statements.

“To encourage more customers to use Flexicard for their petrol payments, we will design attractive promotion programmes and offer regular customers bonus points. The card will be an effective tool for Petrolimex to develop the market and bring about much added value to customers, especially as Petrolimex is moving to a market-based business. In addition, the use of card will help implement the government and the State Bank of Vietnam’s guidelines to reduce payments in cash,” said Bui Ngoc Bao, Petrolimex General Director.

Also at the issuance of FlexiCard, Petrolimex and PG Bank have jointly launched a promotion programme entitled “Travel with Flexicard” from October 15, 2009 to January 12, 2010 with a special prize of a Honda Civic 2.0AT worth 39,000 USD and numerous other attractive prizes. More information about the promotion programme can be accessed athttp://www.petrolimex.com.vn andhttp://www.pgbank.com.vn

“PG Bank can be proud of itself, as it is the first and only bank in Vietnam that provides their clients with a method of non-cash payment for petroleum at all Petrolimex-run petrol stations nationwide. Flexicard users can easily control their spending, reduce waiting time for their transactions and avoid the risks of loss or miscalculation in cash payments. Flexicard also enables users to easily load money onto their cards and withdraw cash right at all Petrolimex-run stations and PG Bank branches,” said PG Bank General Director Nguyen Quang Dinh.

Petrolimex’s profile:

Petrolimex is a state-owned enterprise. It has registered to operate in six business areas, in which trading petrol is its core business. The other areas include transporting petrol, producing petrochemical products such as lubricating oil, grease, bitumen and chemicals. It also produces gas for civil and industrial use and is involved in engineering, the design and construction of petroleum projects, and insurance and several other commercial services.

Petrolimex focuses mainly on the domestic market. Together with 10 other petroleum import-export businesses, the corporation supplies many oil based products for the country’s socio-economic development, ensuring national defence and security and a sufficient supply for daily consumption. 41 out of its 67 subsidiaries trade petrol and oil products in 62 out of the 63 cities and provinces nationwide.

As for retail petrol services, out of 10,000 petrol stations nationwide, more than 1,900 belong to Petrolimex. The firm now also reaches more isolated and remote areas.

Since it was set up in 1956, Petrolimex has played a key role in ensuring the petrol and oil supplies and always fulfills its social responsibilities.

Petrolimex is the biggest shareholder of PG Bank with 40% of PG Bank’s charter capital./.

Vietnam National Petroleum Group - Petrolimex (PLX)

Committed to constantly making an effort to go further on the path of development and bring the lives of Vietnamese people and all Petrolimex employees to new heights in the future