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Hanoi (VNA) - Deputy ministers of finance and deputy governors of central banks in ASEAN and the US gathered together at an online meeting on October 1, held as part of the ASEAN Finance Ministers and Central Bank Governors’ Meeting hosted by Vietnam. The dialogue between finance-banking sectors in ASEAN and the US Department of the Treasury is an annual event considered important for sharing information and views on finance-banking and helping relevant parties effectively coordinate macro-economic policies. Participants discussed several issues of regional and global concern, including economic policies in response to COVID-19, the transparency of public debt and financial management, and finance for infrastructure development. They shared the view that as the global economy is facing an array of difficulties and challenges, close bilateral and regional cooperation among countries’ finance-banking agencies has a crucial role to play. Deputy Minister of Finance Tran … [Read more...] about ASEAN, US finance, central bank deputies’ meeting held

Hanoi (VNA) - Solutions to promoting sustainable finance in ASEAN, digital transformation in the financial service sector amid the fourth Industrial Revolution, comprehensive financial solutions, and regional digital commerce links were on the agenda of the 6th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM), held online on October 2. In his opening remarks, Minister of Finance of Vietnam Dinh Tien Dung emphasised that the annual dialogue between ASEAN Finance Ministers and Central Bank Governors and representatives of member groups of the ASEAN Business Advisory Council, the EU-ASEAN Business Council, and the US-ASEAN Business Council has created a forum for managers and policy makers to openly exchange views on issues of concern in the region and the world. He highlighted the necessity of implementing solutions to mobilise and use public finance effectively and mobilising private resources and donor development assistance for sustainable … [Read more...] about ASEAN 2020: Meeting held promoting regional sustainable finance

“I intended to buy this van to transport cargo within the city. But I was not sure about the status of the van, whether its components were original,” he explained. “If I have to spend more money to repair the van, it would become too expensive. So, I finally decided not to buy the car." … [Read more...] about Banks struggle to sell cars to collect debts

Jakarta (VNA) – Indonesia’s foreign debts rose to about 409.7 billion USD in July from 408.6 billion USD in June, according to the country’s central bank (BI). Debts of the public sector and private sector were 201.8 billion USD and 207.9 billion USD respectively. However, BI spokesperson Onny Widjanarko said that the growth of foreign debts in July 2020 at 4.1 percent year-on-year was still slower than the 5.1 percent in the previous month due to the declining growth of private foreign debt amid the relatively stable growth of the government's foreign debt. He said that the government debts rose 2.3 percent in July to 199 billion USD. This condition was due to the withdrawal of commitments from several multilateral institutions and the issuance of Samurai bonds to meet the financing needs including those for the COVID-19 pandemic mitigation and the national economic recovery programme. However, the structure of Indonesia's foreign debts remained healthy as they … [Read more...] about Indonesia’s foreign debts reach nearly 410 billion USD

"We are delighted to expand our services to businesses in Hong Kong, many of whom grappled both with cash flow problems and challenges digitising payables and receivables whilst finance teams work digitally in the new post-pandemic world. We saw an opportunity to help them with a more flexible digital business payment facility to enable their business continuity," said Nicki Ramsay, CEO of CardUp. "By launching our platform in Hong Kong, we enable businesses here to tap onto existing credit card lines more easily to help them tide their cash flow during this uncertain time. Our collaboration with Visa allows us to double-down on this flexibility as our BPSP facility is competitively-priced, more convenient than using conventional credit lines and quicker as there is no need for applications or waiting times." … [Read more...] about CardUp Launches Operations In Hong Kong And Announces Visa Partnership To Offer Businesses Instant Access To Business Credit At Competitive Rates