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The development of internet banking, mobile banking, payment solutions using QR codes, near-field communication technology (NFC), and advances in biometric technology using fingerprints and iris scanning has enabled banks to offer new and convenient products and services to customers, helping them achieve sustainable growth thanks to an increase in revenues from services and gradually reduction in dependence on lending. … [Read more...] about Local banks are racing to catch digitisation trend: expert

HCM City (VNS/VNA) - Vietnam has seen a digital wave in the finance-banking industry, with many lenders investing significantly in digitisation, experts have said. The COVID-19 pandemic might have had a severe effect on the economy, but it has helped accelerate banks’ digitisation, they told. With many people looking for new options to deal with their financial affairs, digitisation of services and e-payments are becoming crucial, and banks, seizing the trend, have been embarking on the use of technology 4.0 and modernising their business models. Digital technologies come with lower costs but offer wider coverage than traditional models. The development of internet banking, mobile banking, payment solutions using QR codes, near-field communication technology (NFC), and advances in biometric technology using fingerprints and iris scanning has enabled banks to offer new and convenient products and services to customers, helping them achieve sustainable growth thanks to an … [Read more...] about Banks racing to catch digitisation

According to a survey last year by auditing firm PwC Việt Nam, Việt Nam was among the countries with the fastest rate of growth in mobile payments. The number of users had seen a sharp increase to 61 per cent from just 37 per cent the year before. … [Read more...] about Banks are racing to catch digitisation trend: expert

As one of the most active banks in the SME business segment, the number of SME customers at VPBank accounts for about 10 per cent of the country’s total number nationwide. The bank quickly launched customer support policies right from the beginning of the COVID-19 outbreak in Việt Nam. … [Read more...] about IFC provides US$100 million credit loan to support VPBank’s customers amid COVID-19

Also according to the World Bank’s report, although the Vietnamese economy suffered from COVID-19 in the first half of 2020, prospects remain positive for both the short and medium term. If the world situation gradually improves, economic activity should rebound in the second semester of 2020 such that the economy will grow by around 2.8 percent for the entire year, and by 6.8 percent in 2021. With less favourable external conditions, the economy will expand by only 1.5% in 2020 and 4.5% in 2021. … [Read more...] about VIETNAM’S BUSINESS NEWS HEADLINES AUGUST 4