Bad dreams and nightmares

During his three years as CEO, Dinh Quang Huy has lead SHB Finance to reach several notable achievements Saigon-Hanoi Commercial Joint Stock Bank (SHB), the owner of SHB Finance, will appoint a new Board member and CEO in due time. Talking with VIR about the move, Dinh Quang Huy was quite satisfied with what SHB Finance has achieved in his three years at the helm, with the support of the management team and nearly 4,000 employees. The move after almost six years of growing the consumer finance business is part of his professional drive. Before joining SHB Finance, Huy had more than two years as CEO of MB Shinsei Finance Company (Mcredit), from the set-up phase to full scale operation. With a broad range of consumer finance loans for low- to medium-income customers, SHB Finance is regarded as a trusted service provider of basic financial needs for Vietnamese customers. During his three-year in the office, SHB Finance has been progressing with notable achievements such as becoming the first finance company rated by Moody's at a B3 Stable outlook right in its first year of operation; mobilising a considerable amount of unsecured funds from institutional investors, including the prestigious ResponsAbility Investment Fund from Switzerland with strict standards; as well as signing a partnership agreement with Mastercard to issue international credit cards. By the end of 2020, the network of SHB Finance has covered 40 key provinces and cities, serving nearly 700,000 customers. Pre-tax profit was VND70 billion ($3.04 million), with balance at the end of the period being VND3.689 trillion ($160.3 million), with bad debts under tight control and stable business results. SHB Finance provides quick and convenient consumer loans for people with low and middle income Throughout a challenging 2020, SHB Finance has proven its capacity and position when recognised by reputable rating agencies and institutional investors. With a broad …

Armed with little more than a smartphone and a dream, inexperienced cryptocurrency investors in Vietnam are hoping to hit it big with Pi – a cryptocurrency that can be mined from a phone. As the crypto-craze in Vietnam continues being fueled by skyrocketing bitcoin prices and overnight millionaires, investors in the country are looking for low-barrier avenues to make their own fortunes on digital currency. Enter Pi, a relatively new digital token that can be mined through the Pi Network app, advertised as “breakthrough tech [that] allows you to mine [Pi] on your phone without draining your battery.” Unlike conventional cryptocurrency mining, which involves the use of significant computer power to verify the legitimacy of transactions in order to earn tokens as a reward, obtaining Pi only requires 'miners' to log into the application and tap a button every few hours. With such a low barrier to entry, Pi mining has pulled in scores of Vietnamese crypto-newbies in recent weeks. "We’ve missed the boat on bitcoin, so many of us have switched to mining Pi," said Duc Danh, a Facebook user in Ho Chi Minh City. "There’s nothing to lose. "After a few years, if the project succeeds, each Pi could be worth dozens of U.S. dollars." Also in on the Pi hype is Vinh from Phu Nhuan District, a Pi miner who has recruited 70 other 'miners' and aggregated over 1,000 Pi coins for doing so as part of a Pi Network program akin to a multi-level marketing scheme. “Pi mining costs nothing but bits of phone storage," Vinh argued. "What if the price shoots up to a few hundred U.S. dollars in the future? "No one expected bitcoin to soar to $50,000.” New members on the Pi Network receive one free Pi coin and start with a mining speed of 0.1 Pi per hour. This velocity will increase with more accepted referrals, thus incentivizing users to gather as many new recruits under their umbrella as possible. On Facebook, Pi Network groups have amassed hundreds of thousands of …

SHB Finance announces changes in management team

Nothing to lose: Vietnamese crypto investors rest hopes on unlisted coin