TPBank has been the first bank in Viet Nam issuing ATM card through its LiveBank. — Photo cafef.vn Tien Phong Joint Stock Commercial Bank (TPBank) has updated a new function of issuing ATM cards to customers through LiveBank - the first auto banking system in Viet Nam. Nguyen Hung, TPBank’s general director, said customers needed to click on the machine to connect with bank staff and provide their ID card or passport to scan on the machine as well as complete information registration. LiveBank will then automatically issue an ATM card to the customer after a review from the bank’s staff. The entire process is estimated to take a maximum of six minutes instead of several days or even a week when applying for an ATM card through a bank’s branch. Hung said customers can also register for debit card at LiveBank and receive the same at its branches. “The update is a roadmap to develop LiveBank and show TPBank’s commitment in increasing digital content … [Read more...] about First Vietnamese bank issues ATM card through LiveBank
Closing joint bank account
Business Banter (14-09-2007) Can banks handle direct deposit of wages? by Ha Phuong A Government mandate that State employees receive their wages by direct deposit to their bank accounts is a positive step in the ongoing effort to prevent corruption and improve the efficiency of State offices and State-owned enterprises. The move has raised concerns, however, over the capacity of the domestic banking system to meet the increased demand for ATM withdrawals by State workers seeking access to their wages Prime Minister’s Directive No 20/2007/CT-TTg, issued on August 24, ordered State and State-owned entities, beginning in 2008, to pay wages via direct deposit to employee bank accounts for their employees working in Ha Noi, HCM City, and some other major cities, provinces, industrial zones, and import and export processing zones. By early 2009, all other public employees would have to receive their pay in this manner. The benefits of direct deposit of wages is crystal clear, State … [Read more...] about Can banks handle direct deposit of wages?
Foreign bank's branches are servicing most of the customers, who are foreign direct investors in Viet Nam, the Dau tu (Vietnam Investment Review) online, reported. FDI enterprises make up for 60 per cent of Viet Nam's foreign trade revenue. — Photo cafef.vn HA NOI (Biz Hub) — Foreign banks' branches are servicing most of the customers, who are foreign direct investors (FDIs) in Viet Nam, the Dau tu (Vietnam Investment Review) online, reported. Tharabodee Serng-Adichaiwit, vice president and general director of the Bangkok Bank in Viet Nam, said lending had grown 10 per cent at the bank during the first nine months of last year. The growth rate was 2.5 times the general level recorded in the domestic banking system over the same period. "Loans for foreign direct investors account for more than 90 per cent of our total lending in Viet Nam," he said. Other foreign banks in Viet Nam also reportedly mainly serve foreign direct investment (FDI) enterprises, which make … [Read more...] about FDIs in VN mostly served by foreign banks
A private banker at Grupo BTG Pactual SA’s Singapore unit had his bank accounts frozen and was questioned in a probe related to a debt-ridden Malaysian government investment fund, according to people familiar with the case. Yak Yew Chee, employed by BSI Bank in Singapore, has filed a request to the Singapore High Court to access his funds, according to two people, who asked not to be identified because the information isn’t public. The senior private banker was a relationship manager for 1MDB Global Investments Ltd., a unit of 1Malaysia Development Bhd, as well as Aabar Investments, SRC International Sdn. and financier Low Taek Jho, according to one of the people. In September, several of Yak’s accounts containing S$10 million ($7 million) were frozen as part of investigations surrounding 1MDB Global. He is applying for the release of funds for personal income taxes, legal fees and basic expenses, the person said. A court hearing is scheduled for Friday. ‘Large … [Read more...] about Banker’s accounts said to be frozen in Singapore 1MDB probe
The National Credit Information Centre of Viet Nam (CIC) under the State Bank of Viet Nam (SBV) on Thursday launched a data management system - CG1 contract. The contract was jointly carried out by Vietnamese FPT IS and Singaporean DP Credit Bureau Pte Ltd. It is part of the Financial Sector Modernisation and Information Management System (FSMIMS) project sponsored by World Bank. The project aims to enhance the operational capability for CIC on information technology platforms and professional processes. With the successful implementation of the CG1 and the FSMIMS projects, CIC has acquired a modern information system to become an important pillar for the country’s financial infrastructure system. The new system allows CIC to manage closely and decentralise to different groups of users, including SBV departments and agencies, SBV branches in provinces and cities, more than 1,200 financial organisations, 4,000 credit branches and 40,000 user accounts, said Nguyen Kim Anh, SBV … [Read more...] about State Bank launches data management system