Hanoi (VNS/VNA) - The banking sector is waiting for the State Bank of Vietnam to allow the use of electronic know your customer/client (e-KYC). TPBank was chosen to trial it in January last year. According to LegalDesk Website, KYC or Know Your Customer is a process an institution employs for customer identification. The Securities Exchange Control board of India (SEBI) laid down that any institute that deals with financial transactions or functions as financial intermediaries needs to verify their customer’s identity under the Prevention of Money Laundering Act, 2002. With banks and mutual funds instituting the KYC process for all its customers, it did help with preventing money fraud and identifying suspicious transaction activity of an account holder. KYC is a one-time process that is mandatory for all people of Indian nationality. eKYC is the process of an institution getting acquainted with their customer, though electronically. The main objective of … [Read more...] about Client ID holds key to making digital banking safe
Malaysian can open bank account in singapore
Hanoi (VNA) – Malaysian Finance Minister Lim Guan Eng has affirmed that former Prime Minister Najib Razak’s government led by the National Front showed the lack of transparency in property transactions worth over 4 billion USD during the 2010 – 2017 period. Lim said much of the government land sale during this period was undertaken via direct negotiations and not on the basis of open tenders, adding that 14 plots of land owned by the Federal Lands Commissioner in Kuala Lumpur, and two in Selangor, were sold from 2010 to September 2019 in a dubious manner. Meanwhile, the business of divestments and disposal of non-core and non-critical assets of the country was under the purview of the Prime Minister’s Department, aimed at rebalancing government portfolio and realigning the role of the public sector. Razak is now focus of a scandal involving the 1MDB fund founded by himself in 2009 for socio-economic development. Malaysian and US investigators said the … [Read more...] about Malaysian minister: Former government lacks transparency in dealings
Dang Hoang Hai, Head of the Ministry of Industry and Trade’s Department of E-commerce and Digital Economy; Pham Trung Kien, Director General of Viettel Digital, Phung Anh Tuan, Vice President and General Secretary of the Viet Nam Association of Financial Investors According to the Central Institute for Economic Management, the use of cash for payments is a deep-rooted habit in Viet Nam with cash transactions accounting for 90%. Up to 99% of population use cash for payments of less than VND100,000 and nearly 85% use ATMs for cash withdrawal, reported the Institute. Dang Hoang Hai, Head of the Ministry of Industry and Trade’s Department of E-commerce and Digital Economy. Photo: VGP Recent developments of non-cash payments Dang Hoang Hai: Data shows that there have been fast-changing trends, including non-cash payment in our society. Accroding to the State Bank of Viet Nam, non-cash transactions grew by 30% in terms value of non-cash payments increased by 18% in … [Read more...] about Should telecom accounts give strong boost to cashless payment development?
Central banks attempt to address sluggish growth (illustration photo) An interest rate cut by 25 basis points since 2017 by the State Bank of Vietnam (SBV) was recently accompanied by a message that sets a higher bar for further easing later this year. The annual refinancing rate and rediscount rate will be lowered from 6.25 to 6 per cent, and from 4.25 to 4 per cent, respectively. The annual overnight electronic interbank rate and rate of loans to offset capital shortage in clearance between the central bank and domestic banks will be also cut to 7 per cent. The interest rate of bids of valuable papers through open market operations will be reduced from 4.75 per cent to 4.5 per cent annually. The cut is made in the context of a stable domestic macro-economy, the SBV wrote in a statement, emphasising that “Inflation in Vietnam remains under control, while monetary and foreign exchange markets are also stable.” At a press conference held last week, SBV Deputy Governor Dao … [Read more...] about Central banks attempt to address sluggish growth
After reducing several key interest rates by 0.25 percentage points on September 16, the SBV’s agencies this week continued to announce the reduction of some service fees, which will help commercialbanks reduce operation costs and thus cut interest rates. Under Decision No 203/QĐ-TTTD, the SBV’s National Credit Information Centre (CIC) decided to reduce the prices of its credit information products and services given to credit institutions and foreign banks’ branches in Vietnam by 15 percent, starting from October 1 this year. According to the CIC, the reduction aims to help commercial banks cut operating costs, enabling them to lower interest rates. The cut will also help banks promote the use of CIC’s credit information to enhance their credit business segment and credit risk governance, which will contribute to reducing risks for the banking system. According to Nguyen Hoang Minh, deputy director of the SBV’s HCM City branch, the … [Read more...] about Banks get more support to cut interest rates