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
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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?
E-wallets have become popular in Việt Nam. The central bank allows a monthly transaction limit of VNĐ100 million. — Photo vietnamplus HÀ NỘI — The State Bank of Việt Nam (SBV) will abolish the daily transaction limit of VNĐ20 million (US$854) for personal e-wallets but keep the monthly limit of VNĐ100 million per month, according to Director of SBV’s Payment Department Phạm Tiến Dũng. The transaction limits are part of the central bank’s draft circular about intermediary payment services, which was recently made public to gather ideas from relevant agencies, businesses and people. Speaking at a recent conference held in HCM City on Tuesday, Dũng said the central bank had received ideas from the Vietnam Chamber of Commerce and Industry for its draft circular saying that the transaction limit of VNĐ20 million a day for personal e-wallets is not practical because many electronic products … [Read more...] about SBV abolishes daily transaction limit for e-wallet
A press briefing on VOV’s K-Pop Contest was held in Hanoi on September 30. Tran Nhat Duong, Deputy Head of VOV3 (Music information and entertainment channel) made the statement at a press briefing about the contest held in Hanoi on September 30. Mr Duong, who is also acting as deputy head of VOV’s K-Pop Contest 2019, noted that the event aims to discover fresh talent and help audiences understand more about the music and culture of both Vietnam and the RoK, in addition to providing a platform for talented young people. Tran Nhat Duong, VOV3 channel’s deputy head, speaks during the press conference. Kim Hyo-jae, CEO Sublime Entertainment Concert Company, noted that the contest is expected to serve as a bridge connecting the people of both countries. The RoK is renowned for being home to plenty of talented producers and choreographies with plenty of experience, it is therefore hoped that they can help to develop talents capable of debuting in both … [Read more...] about VOV gears up to host K-Pop Contest 2019
A subscriber uses digital banking services on her smart phone As of December 2018, the inter-bank e-payment system has processed approximately 137,600 transanctions, worth a total of 73 quadrillion VND (3.14 trillion USD), equivalent to 13 times the country’s GDP, the State Bank of Vietnam said. … [Read more...] about Huge challenges awaiting digital banking