Commercial banks have not always made it easy for blind and visually impaired customers to open accounts, often requiring them to have a guardian sign off on each transaction. — Photo ictnews.vn Commercial banks have been told to study the process of opening payment accounts and ATM cards for visually impaired people. The State Bank of Viet Nam (SBV) has asked institutions providing payment services to review the accessibility of all processes, procedures and applications to open a bank account for people with disabilities. They were asked to develop suitable instructions for visually impaired people to use bank accounts while following laws and regulations. The SBV also asked commercial banks to disseminate information to their employees and managers to help visually disabled people in opening and using bank accounts. In particular, banks should note some difficulties that people may encounter in providing necessary information and identifying documents required by law to open … [Read more...] about Visually impaired people need better access to bank cards
Suntrust online banking login personal banking
Local banking appeal broadens
Public Bank Vietnam (PBVN), a wholly-owned subsidiary of Malaysia’s Public Bank Bhd, secured approval from the State Bank of Vietnam (SBV) in early July to open three additional branches and two more transaction offices this year in Hanoi, Ho Chi Minh City, and Da Nang, bringing its branch numbers in the country to 19. The move is in line with its aim of expanding its network and customer reach in Vietnam, and a growing number of other foreign players are also looking to capture the wealth of opportunities in the country’s banking sector, with South Korean banks leading the charge. South Korean lenders have been eagerly expanding their foothold in the country. Woori Bank received licenses from the SBV in June to open five more branches in northern and southern cities together with a transaction office in Ho Chi Minh City’s District 7. Shinhan Bank, meanwhile, opened four branches and transaction offices in Ho Chi Minh City and Hanoi in May, beefing up its … [Read more...] about Local banking appeal broadens
‘Judgement day’ looms for Australia’s scandal hit banks
Australia's scandal-plagued banks are braced for "judgement day", as a public inquiry into industry misconduct prepares to publish its initial findings after months of damning customer testimony. The financial sector faces a public backlash and the prospect of tighter regulations when an interim Royal Commission report is published. (Photo: AFP/William West) The financial sector - including Australia's all-powerful "big four" banks - faces a public backlash and the prospect of tighter regulations when an interim Royal Commission report is published before a Sunday deadline. Firms like Commonwealth Bank, NAB, ANZ and Westpac are among the world's most profitable financial institutions and largely avoided the shackles placed on US and European banks in the wake of the global financial crisis. But a raft of reports of them issuing dodgy financial advice, life insurance and fraudulent mortgages forced a reluctant business-friendly government to call for a Royal Commission late … [Read more...] about ‘Judgement day’ looms for Australia’s scandal hit banks
Vu Nhom yet to return money in DongA Bank case despite own request
Vu Nhom yet to return money in DongA Bank case despite own request The Saigon Times Daily Vu Nhom (L), former chairman of Bac Nam 79 Construction JSC, and Tran Phuong Binh, former general director and vice chairman of DongA Bank – PHOTO: THANH NIEN NEWSPAPER HCMC – Former Danang-based business tycoon Phan Van Anh Vu, alias Vu Nhom, has four times requested returning VND200 billion (US$8.6 million) to seek leniency in a high-profile graft case involving DongA Commercial Bank, but he and his family have yet to do so. Investigative police at the Ministry of Public Security have wrapped up their additional investigation into the DongA Bank case and submitted their conclusion to the Supreme People’s Procuracy on Wednesday, reported Thanh Nien newspaper. The police suggested prosecuting 26 people on alleged charges of causing a hefty loss of more than VND3.6 trillion (US$155 million) for the bank. They include Vu Nhom, 43, former chairman of Bac Nam 79 … [Read more...] about Vu Nhom yet to return money in DongA Bank case despite own request
LienVietPostBank and JPMorgan Chase Bank signed US$50 million loan
LienVietPostBank and JPMorgan Chase Bank’s Singapore branch on Tuesday in Hà Nội signed a credit contract worth US$50 million for three-year term. — VNS PhotoViet Nam News HÀ NỘI — LienVietPostBank and JPMorgan Chase Bank’s Singapore branch on Tuesday in Hà Nội signed a three-year credit contract worth US$50 million. The loan aims to improve LienVietPostBank’s position in the financial market both inside and outside the country while helping the bank add mid-and-long-term foreign currency. It should improve the bank’s capital mobilisation structure. Speaking at the signing ceremony, Phạm Doãn Sơn, LienVietPostBank’s general director, lauded co-operation of JPMorgan Chase in signing the contract. “The loan would help LienVietPostBank deeply integrate into international financial market,” Sơn added. By June 30, 2018, LienVietPostBank’s total assets reached VNĐ175.8 … [Read more...] about LienVietPostBank and JPMorgan Chase Bank signed US$50 million loan
Poor people lack access to mobile banking
A large number of poor people and women in Viet Nam have not accessed mobile banking. Statistics from the World Bank showed that only 8 per cent of adults in Viet Nam use mobile phones to access their bank accounts compared to 40 per cent in China, 33 per cent in Malaysia and 17 per cent in Thailand. In addition, many poor people in Viet Nam have not accessed mobile banking services. Speaking at the workshop on mobile banking for the poor and women held in Ha Noi last week, Pham Xuan Hoe, Deputy Director of the Banking Strategy Institute under the State Bank of Viet Nam, said poor people faced two big difficulties in accessing and using financial products and services. “Firstly, the financial channels for people in remote and mountainous areas have been limited. In addition, products and services of financial institutions including banks have not been simple and suitable for them,” Hoe said. Kieu Ky Hamlet in Ha Noi’s Gia Lam District has 39 households borrowing loans … [Read more...] about Poor people lack access to mobile banking
Banks to increase ATM fee in mid-July
Banks to increase ATM fee in mid-JulyThe Saigon Times Daily Many people are in line to withdraw cash from automated teller machines in HCMC – PHOTO: THANH HOA HCMC – Major commercial banks are set to raise charges on cash withdrawals from automated teller machines (ATMs), starting July 15, reported the local media. Bank for Foreign Trade of Vietnam (Vietcombank) said in a statement that the bank would increase its ATM cash withdrawal fee by half to VND1,650 from the current VND1,100 for each transaction in its system from the middle of this month. The interbank transfer fee at ATMs will still be capped at VND3,300 per transaction. Meanwhile, the cash withdrawal fee for Vietcombank card holders at other banks’ ATMs is kept unchanged at VND3,300 per transaction, while the money transfer fee beyond its system is at VND5,500. Vietnam Bank for Agriculture and Rural Development, Vietnam Bank for Industry and Trade and Bank for Investment and Development of Vietnam … [Read more...] about Banks to increase ATM fee in mid-July
Viettel launches banking app ViettelPay
Viettel launches banking app ViettelPayBy Van Ly Staff at a Viettel office introduces new services on ViettelPay app – PHOTO: VAN LY HANOI – Military-run telecom provider Viettel introduced the ViettelPay app on June 29 that allows customers to transfer money, make payments, deposit money, and even offer loans. The new app assists mobile phone users to make financial transactions without being physically present at their banks. According to Viettel, its customers can access banking services anytime, anywhere, and on any phone models. Viettel Pay is expected to make digital payments and e-commerce services increasingly popular. Pham Trung Kien, deputy chief executive officer at Viettel Telecom, said the launch of ViettelPay is part of the group’s plan to develop the digital payment and e-commerce ecosystem and smart logistics via cell phones. He added that ViettelPay is a simple financial service which contributes to the growth of the country’s digital … [Read more...] about Viettel launches banking app ViettelPay
Proposal to personal tax savings accounts faces strong opposition
Several economic experts have strongly criticised a proposal made by Chairman of HCM City Real Estate Association (HoRea), Le Hoang Chau, to impose a tax on personal savings accounts of over VND500 million (USD24,038). Chairman of HCM City Real Estate Association (HoRea), Le Hoang Chau The proposal was sent to the State Bank of Vietnam, the Ministry of Finance, the Ministry of Construction and the General Department of Taxation. According to the chairman of HoRea, to date no taxes have been levied on deposit accounts in Vietnam, however, depositors and those who buy securities generally earn high incomes, making it necessary to tax them in order to increase the state budget and encourage investment. He said that, "Currently, if VND100 billion (USD4.76 million) is invested in business and production activities, it might generate a profit of around VND10 billion annually, and also helps to create hundreds of jobs. If this money stays in a deposit account, it may earn the … [Read more...] about Proposal to personal tax savings accounts faces strong opposition
No Room For Small Banks
No Room For Small BanksBy Tran ThangWhile some domestic banks have failed to increase their charter capital to VND3 trillion in line with Decree 141, many foreign banks in Vietnam have expanded their financial capabilities to four, five or even eight times as much as their legal capital. Several experts contend that competition will intensify from 2011.Dr. Le Xuan Nghia, vice head of the National Commission for Financial Supervision, finds it inadequate to consider the competition as that between domestic and foreign banks only. “Domestic banks do compete with each other, as do foreign banks,” Nghia says. However, he acknowledges that foreign banks’ strength lies in loans to foreign-invested enterprises and, in the near future, retail banking, which is conducted via credit cards.Pham Quyet Thang, general director of GP Bank, shares this view, saying that domestic banks may lose their market share. “Foreign banks are targeting small customers,” he says. … [Read more...] about No Room For Small Banks