Counterfeit transactions have fallen sharply with chip cards. — Photo vneconomy.vn Despite high costs, domestic banks are issuing more chip cards that meet EMV standards to replace magnetic strip cards in order to improve security and meet the central bank’s regulations. According to Pham Dang Khoa, deputy director of Vietinbank’s Card Centre, the biggest problem for banks when it came to replacing magnetic strip cards was the cost. Banks have to pay for the new cards and invest in devices that accept them, such as ATMs and POS machines. Meanwhile, most customers are not willing to pay to switch. With more than eight million existing customers using magnetic strip cards, Khoa estimated his bank would have to spend a large sum as the cost of producing a chip card is roughly eight to ten times higher than magnetic strip cards. To encourage customers to use chip cards, Khoa said VietinBank would help customers replace their old cards due to the advantages of the new … [Read more...] about Banks issues more chip cards for security
Kenya central bank exchange rate
Shares end the week on negative note
A workers helps move steel products at Hoa Phat Steel Pipe company in Da Nang. Hoa Phat Group (HPG) lost 1.65 per cent on Friday. — Photo the courtesy of Hoa Phat Group The VN-Index failed to maintain its rally on Friday as selling pressure hit many large-caps during the last trading session of the week. The VN-Index on the Ho Chi Minh Stock Exchange (HOSE) lost 0.21 per cent to end Friday at 966.18 points. Nearly 219.2 million shares worth almost VND4.2 trillion (US$181.3 million) were traded on the southern market. The benchmark index had risen 0.66 per cent to end Thursday at 968.17 points. Market breadth was negative with 174 shares dropping and 146 rising. The large-cap VN30-Index lost by 0.48 per cent to stand at 880.55 points. In the morning, VN-Index gained positively thanks to the support from banking stocks such as Bank for Investment and Development of Viet Nam (BID), Vietcombank (VCB) and Vietinbank (CTG). However, the index could not maintain the upward trend at the … [Read more...] about Shares end the week on negative note
Vietjet CEO among world’s 100 most powerful women
The only Vietnamese woman on the list, Thao was place 52nd, down eight places from last year. This is the third year in a row she has been included in Forbes magazine’s list of 100 most powerful women in the world. The list was compiled based on assets, impact, spheres of influence and media presence, the magazine said. It estimated that the budget carrier CEO and the richest woman in Vietnam to have a net worth of around $2.7 billion as of December 13. Thao, 49, has done business in Vietnam and abroad in many fields, including finance, banking, aviation, real estate, and retail. She launched Vietjet in 2011. The airline now leads the domestic market with a 45 percent share. It operates 385 flights daily within Vietnam and to Japan, Hong Kong, South Korea, Taiwan, Singapore, mainland China, Thailand, Myanmar, and Malaysia. The carrier launched its IPO on the Ho Chi Minh City Stock Exchange in February 2017, becoming the first airline in Vietnam to list publicly. … [Read more...] about Vietjet CEO among world’s 100 most powerful women
Fintech firms concerned about foreign ownership cap
Virgina Foote, a representative of AmCham Vietnam (Photo: danviet) Hanoi (VNS/VNA) - A draft regulation put forward by the State Bank of Vietnam (SBV) that would limit the foreign ownership rate in the payment intermediary service sector to 49 percent was discussed at a workshop in Hanoi on December 12. Legal experts, fintech and e-payment firms attended the workshop held by the Vietnam Chambers of Commerce and Industry (VCCI). The draft decree includes new policies on the legal synchronisation of cryptocurrencies, managing cross-border payment activities, providing non-account payment services, payment management, perfecting regulations for payment intermediary services, and foreign investment in payment intermediaries. Article 29 sets out the maximum percentage foreign investors can hold, including direct and indirect ownership, at 49 percent of charter capital of an intermediary payment service provider licensed by the State Bank of Vietnam. This article drew the most comments … [Read more...] about Fintech firms concerned about foreign ownership cap
Bangkok in world’s 50 most expensive locations for first time
Bangkok, long seen as a cheap destination for holidaymakers and expatriates alike, has seen a huge jump in its ranking, moving the most out of all Asian cities surveyed, according to Lee Quane, regional director for Asia with ECA International. Bangkok has moved up 75 places in the last two years, and now ranks 47th in the annual ECA Cost of Living survey. This is a result of the strong baht, he said. Ashgabat, the capital of Turkmenistan, remains the most expensive city in Asia and the world for expats for a second year running thanks to a combination of high inflation and a black market currency rate far weaker than the official exchange rate. Meanwhile, the cost of living in Japan’s Tokyo ranks second in Asia, followed by China’s Hong Kong, and Japan’s Yokohama, Nagoya and Osaka cities. Singapore is the seventh most expensive location in Asia for expat workers to live, and the 13th most expensive in the world. Middle Eastern countries have generally continued to … [Read more...] about Bangkok in world’s 50 most expensive locations for first time
