Technology solutions are transforming every aspect of life, lining up a plethora of services readily available at the swipe of a finger – and banking and finance is a hotbed of such innovation. Do Danh Thanh, technology consulting director at PwC Consulting Vietnam, told VIR’s Hoang Anh how digital banking is an inevitable trend that puts pressure on banks all over the world to transform their traditional operating models. Do Danh Thanh, technology consulting director at PwC Consulting Vietnam What potential do you see in digital banking? I think there is huge potential for digital banking to become the norm because of the core values that it delivers, such as simplicity, connectivity, and effectiveness. Many of us are already familiar with e-banking systems, which allow customers to make payments, transfer money or check their bank balances online. Digital banking is more advanced in that it enables the provision of all such and other products and services … [Read more...] about Digital banking: The way forward
Wsfs online personal banking
500 businesses trained for online tax payment
They were guided to register and use the online tax payment service 24 per seven. The project of paying taxes online through banks belongs to one of major projects of the General Department of Vietnam Customs to facilitate tax payment, reduce customs clearance time and save storage cost for businesses. By THI HONG – Translated by Hai Mien Tags: online tax payment customs clearance … [Read more...] about 500 businesses trained for online tax payment
Banks banned from disclosing client information
Banks banned from disclosing client informationThe Saigon Times Daily Clients wait to make transactions at a bank. The Government has banned banks from disclosing their clients' information - PHOTO: UYEN VIEN HCMC - The Government has issued Decree 117/2018, effective November 1, directing local credit institutions and branches of foreign banks to ensure that information remains confidential about their clients, and only provide information in line with the 2010 Law on Credit Institutions and relevant legal documents, reported news website VnEconomy. Information about bank account passwords, as well as clients’ biometric data and identification information, must not be disclosed unless banks receive approval in writing from customers. Further, state management agencies and other individuals and organizations can only ask credit institutions and branches of foreign banks to provide such information within their jurisdiction, in accordance with the regulation, and must … [Read more...] about Banks banned from disclosing client information
Banks’ M&A plans make little progress
VietNamNet Bridge - Experts earlier this year all predicted that there would be a high number of M&A deals in the banking sector this year. However, this has not occurred. One of the most highly expected M&A deals is the merger of PG Bank with HD Bank. A representative of HD Bank said the merger would be completed in August, while HD Bank after the merger will restructure and prepare for the establishment of a finance leasing company, overseas remittance service company and insurance company. Experts earlier this year predicted there would be a high number of M&A deals this year. Shareholders’ meetings of many banks, including Military Bank, LienViet Post Bank and VP Bank, also discussed M&A plans. Experts earlier this year predicted there would be a high number of M&A deals this year. Shareholders’ meetings of many banks, including Military Bank, LienViet Post Bank and VP Bank, also discussed M&A plans. RELATED NEWS Consumer credit … [Read more...] about Banks’ M&A plans make little progress
Former Malaysian PM’s bank account unfrozen
Former Malaysian Prime Minister Najib Razak. (Photo: Reuters) Kuala Lumpur (VNA) – Former Malaysian Prime Minister Najib Razak’s bank account is no longer frozen, said Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Azam Baki. The decision to unfreeze Najib’s personal account was made after the MACC found it has no relation with its investigation into the 1Malaysia Development Berhad (1MDB) scandal, the Malaysia-based News Strait Times quoted him as saying. The MACC also discovered that the account, which was unfrozen on July 16, has no links to SRC International Sdn Bhd (SRC), 1MDB’s subsidiary, he said, adding that the bank accounts owned by the former PM’s children were also unfrozen. On July 2, the MACC announced it had frozen 408 bank accounts with a total sum of 1.1 billion ringgit (272 million USD) as part of its investigation into 1MDB. This action was carried out from June 26-29, involving 81 people and 55 companies. … [Read more...] about Former Malaysian PM’s bank account unfrozen
Banks warn customers over online scamming
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) have issued official warnings to customers over online phishing scams. An user logs onto BIDV’s e-banking platform. - Photo thebank.vn Both banks have reported information theft through e-banking counterfeiting, with cardholders’ negligence taken advantage of to steal their personal information, card data and passwords by asking them to input these on a fake website programmed to resemble the banks’ authentic online platform. For example, two fake addresses were listed as homebank247.com/Bidv, or homebank247.com/Vietcombank. These fraud sites used forged interfaces mimicking the two banks’ real online banking services domains. Vietcombank and BIDV confirmed that their official registered websites are vietcombank.com.vn and bidv.com.vn, respectively. To protect personal information, Vietcombank … [Read more...] about Banks warn customers over online scamming
Vietnamese banks thrive following foreign partners’ divestment
VietNamNet Bridge - Concerns were once raised when a number of foreign partners decided to divest from Vietnamese banks, but banks’ financial reports show satisfactory business performances. In the 2004-2006 period, foreign investors were warmly welcomed by Vietnamese banks which believed that foreign capital and technology would help them thrive. There were business culture differences between Vietnamese and foreign managers, including disagreement about management methods and treatment of staff and different thoughts about business strategies. “This way of doing business will not be accepted by banks which have advantages in certain fields (for example, forex trading or lending to oil & gas companies and exporters) and some areas (for example, business activities are mostly in HCM City),” he explained. The South Korean investor was chosen because it had similar business practices. The Japanese investor wanted to change the accountancy … [Read more...] about Vietnamese banks thrive following foreign partners’ divestment
Expert warns of personal info vulnerability
Expert warns of personal info vulnerabilityHong Phuc By Hong Phuc – The Saigon Times Daily HCMC - Nguyen Dang Hung, deputy general director of Smartlink Card Services Joint Stock Co., has urged people to exercise greater caution in online transactions though the Heartbleed bug has yet to hit the security systems of commercial banks as confirmed by the central bank. Smartlink acts as an intermediary to connect a majority of banks and e-commerce firms to its electronic payment system. No matter how safe the banking system is, customers should be cautious and keep their personal data confidential in transactions over the Internet, Hung said. He recommended people transact with known e-commerce websites because the operators of those sites have a strong sense of responsibility for protecting their customers’ data. The sites having SSL certification by such international organizations as GlobalSign and Verigsign can be trusted, so can Trustvn sites. Trustvn certification is … [Read more...] about Expert warns of personal info vulnerability
Shinhan Bank CEO forecasts rise of retail banking
In April 2017, Shinhan Bank announced the acquisition of ANZ’s retail banking arm in Vietnam. Could you share further details on the acquisition process?During the eight-month process, we placed our greatest efforts in the preparation of personnel, network and operation procedures, while awaiting the approval of the State Bank of Vietnam. On December 18, Shinhan Bank officially took over the human resources of ANZ’s retail banking services, eight branches and transaction offices, as well as over 125,000 individual customers, many of whom are high-income individuals with premium shopping habits. What potential impacts might the acquisition have on existing ANZ customers?Certainly, customers might be worried, however, with our strong capital funds, advanced banking technology, and Korean-standard services, we made a commitment to both individual customers from ANZ and current Shinhan customers to maximize their financial benefits.In order to strengthen the safety and … [Read more...] about Shinhan Bank CEO forecasts rise of retail banking
Shinhan Bank CEO forecasts rise of online retail
In April 2017, Shinhan Bank announced the acquisition of ANZ’s retail banking arm in Vietnam. Could you share further details on the acquisition process?During the eight-month process, we placed our greatest efforts in the preparation of personnel, network and operation procedures, while awaiting the approval of the State Bank of Vietnam. On December 18, Shinhan Bank officially took over the human resources of ANZ’s retail banking services, eight branches and transaction offices, as well as over 125,000 individual customers, many of whom are high-income individuals with premium shopping habits. What potential impacts might the acquisition have on existing ANZ customers?Certainly, customers might be worried, however, with our strong capital funds, advanced banking technology, and Korean-standard services, we made a commitment to both individual customers from ANZ and current Shinhan customers to maximize their financial benefits.In order to strengthen the safety and … [Read more...] about Shinhan Bank CEO forecasts rise of online retail