Delegates at the ceremony to mark the 10th founding anniversary of BIDC (Photo: VNA) Phnom Penh (VNA) – Cambodian Deputy Minister Men Sam An has lauded contributions of the Bank for Investment and Development of Cambodia (BIDC), a subsidiary the Bank for Investment and Development of Vietnam (BIDV), in boosting Cambodia’s economic growth. The BIDC has played a leading role among Vietnamese businesses operating in Cambodia, with strong performance in connecting economic-trade-investment activities of the two countries, she said at a ceremony to mark the 10th founding anniversary of the BIDC in Phnom Penh on September 19. Formerly known as the Prosperity and Investment Bank, the BIDC became operational in September 2009. Over the past 10 years, the bank has become one of the biggest commercial banks in Cambodia with total assets exceeding 750 million USD and outstanding balance of more than 600 million USD. Governor of the National Bank of Cambodia Chea Chanto said the … [Read more...] about Vietnamese-invested bank’s contributions to Cambodia’s economic growth hailed
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All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?
As of September 24, credit growth had expanded 8.64 per cent compared to the end of 2018, the lowest increase in recent years. — VNA/VNS Photo Viet Nam's credit growth is slowing and can fall behind the central bank’s target of 14 per cent for 2019, causing concerns that it could make it difficult for businesses to access bank loans during the remaining months of the year. According to the State Bank of Viet Nam (SBV), as of September 24, credit growth had expanded 8.64 per cent compared to the end of 2018. The rate was the lowest increase in recent years, even lower than the 9.52 per cent rise during the same period in 2018. In the SBV’s September survey on business trends at credit institutions, many credit institutions also forecast that 2019 credit growth would increase by 13.61 per cent this year, lower than the central bank’s 14 per cent target. Growth has been slow in recent months. At the end of June, credit had increased by 7.33 per cent. The figure … [Read more...] about Credit slowdown causes concern about access to bank loans
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
national mourningThe Communist Party of Vietnam Central Committee, the National Assembly, the President, the Government and the Central Committee of the Vietnam Fatherland Front have issued a special communiqué, announcing that former General Secretary of the Communist Party of Vietnam Central Committee Do Muoi passed away at 23:12 on October 1, 2018, and his funeral will be held as a national mourning. Former General Secretary of the Communist Party of Vietnam Central Committee Do Muoi (Photo: VNA) The special communiqué reads: The Central Committee of the Communist Party of Vietnam, the National Assembly of the Socialist Republic of Vietnam, the President of the Socialist Republic of Vietnam, the Government of the Socialist Republic of Vietnam, and the Central Committee of the Vietnam Fatherland Front inform with deep grief: Comrade Do Muoi was born on February 2, 1917, in Dong My commune, Thanh Tri district, Hanoi; residing at No.11, Pham Dinh Ho street, Pham … [Read more...] about National mourning for former Party General Secretary Do Muoi