State Bank to limit payments in cash (19-11-2005) HA NOI — State-funded organisations will not be allowed to make cash payments of more than VND10 million (US$629) per transaction, under a draft decree on cash payments being considered by the State Bank of Viet Nam. Under this second draft decree, only certain expenditures could be paid in cash, including wages and salaries, allowances, royalties, insurance payments, social welfare payments, site clearance compensation, and payments to individuals for purchase of goods and services. The draft decree would also limit cash payments by other, non-State-funded organisations to VND15 million ($943) per transaction. Cash payments continue to account for a major proportion of transactions in Viet Nam, according to the State Bank. However, an expert from the monetary policy department of the bank said that the continued predominance of cash payments in business transactions is linked to numerous socio-economic problems, providing … [Read more...] about State Bank to limit payments in cash
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VietNamNet Bridge –Vietnamese banks are using the most advanced security technologies available in the world for their systems, according to experts. Representatives of commercial banks and payment portals have affirmed that their websites have not been hurt by the OpenSSL HeartBleed flaw which was discovered some days ago. Online transaction accounts exposed to danger The risk the “bleeding heart” can cause is so serious that experts have recommended that people stay away from the Internet and online transactions until websites confirm they have finished patching the holes and upgrading their systems. However, Vietnamese banks all have insisted that their systems were never at risk, and that it is therefore still safe to use their e-banking services. A senior executive of Maritime Bank said HeartBleed only affects websites using the OpenSSL security protocol, while Maritime is using SSL Cert of Verisign. A representative of VietinBank has also … [Read more...] about Which security technologies are Vietnamese banks using?
The State Bank of Viet Nam has warned all banks about the increasing credit card-related crimes and exhorted them to improve oversight and look out for suspicious transactions. It urged them to carefully check the financial capabilities and set a daily limit for merchants accepting their cards. The central bank has also asked the Credit Cards Association to set up a system to provide information about incidents of card fraud for member banks and merchants. "If banks tighten their supervision system, it is hard for criminals to steal money from credit cards," Tuoi Tre (Youth) newspaper quoted analyst Tran Quang Thoai as saying. "The best measure is for banks to carefully check if shops and companies do business and if their credit transactions are commensurate with their size." Card owners should also be more vigilant and ask merchants to swipe the credit cards in their presence, he added. Banking expert Huynh Trung Minh said, card holders should register with … [Read more...] about Central bank warns of rise in card fraud
Mobile banking transactions surge Hong Phuc By Hong Phuc - The Saigon Times Daily HCMC – The number of banking transactions made via mobile phones has grown strongly in Vietnam and doubled that of Internet banking transactions, according to a recent survey conducted by Smartlink and the news site VnExpress. Based on replies by more than two million respondents about services of 29 banks, the survey found that though revenues from mobile banking transactions are lower via the Internet, the first channel holds huge growth potential. Mobile banking services will become a vital transaction channel in the coming time as 20% of Vietnam’s population is using smart phones, said Nguyen Tu Anh, general director of Smartlink Card Services Joint Stock Company. Anh added that the survey indicated mobile banking service is diverse in technology and features. Mobile banking has grown strongly and the number of active users is higher than that of Internet banking service customers. … [Read more...] about Mobile banking transactions surge
The Vietnamese central bank is looking to ban foreigners from opening savings accounts in VND, after the foreign citizens were prohibited from depositing in foreign currency pursuant to a government decree issued two years ago. The Vietnamese central bank is looking to ban foreigners from opening savings accounts in VND, after the foreign citizens were prohibited from depositing in foreign currency pursuant to a government decree issued two years ago. The State Bank of Vietnam (SBV) has recently published a draft of its new circular that lays out guidelines for deposit transactions in the country, in which “depositors of Vietnamese and foreign currencies” are limited to “resident Vietnamese citizens” only. According to the SBV, the country’s current Ordinance on Foreign Exchange includes no provision on allowing resident foreign individuals or non-residents to have savings accounts in Vietnamese dong. Should this new regulation come into effect, … [Read more...] about Vietnam cbank wants to forbid foreigners from opening savings accounts in local currency