Banking finance

Hanoi (VNS/VNA) - The banking sector is waiting for the State Bank of Vietnam to allow the use of electronic know your customer/client (e-KYC). TPBank was chosen to trial it in January last year. According to LegalDesk Website, KYC or Know Your Customer is a process an institution employs for customer identification. The Securities Exchange Control board of India (SEBI) laid down that any institute that deals with financial transactions or functions as financial intermediaries needs to verify their customer’s identity under the Prevention of Money Laundering Act, 2002. With banks and mutual funds instituting the KYC process for all its customers, it did help with preventing money fraud and identifying suspicious transaction activity of an account holder. KYC is a one-time process that is mandatory for all people of Indian nationality. eKYC is the process of an institution getting acquainted with their customer, though electronically. The main objective of … [Read more...] about Client ID holds key to making digital banking safe

The Ministry of Finance (MOF) has developed a draft plan on e-commerce management for imports and exports in the context of an average growth rate of 25-30 percent per annum of the e-commerce sector. Vietnam’s e-commerce is predicted to rank third in Southeast Asia by 2025. It is easy not only for businesses, but for individuals to make trade transactions across borders. One just needs to have bank account and international payment card to buy any product on Amazon or Alibaba at reasonable cost and get delivery in 5-15 days. MOF, while believing that cross-border e-commerce development is inevitable, said the State needs to set regulations to manage the activities. In fact, many regulations related to the issue are in the E-commerce Transaction Law, the Decree No 52 on e-commerce, Decree 72 on internet and information management, Cyber Security Law and Tax Management Law. However, analysts say the laws are not enough. When cross-border e-commerce develops strongly, state … [Read more...] about Finance Ministry to tighten control of cross-border retail activities

An employee monitors pipeline of Karaha Unit I geothermal power plant owned by PT Pertamina Geothermal Energy in West Java (Photo: Antara) Jakarta (VNA) – The World Bank (WB) has approved a 150 million USD loan for Indonesia to scale up investments in geothermal energy by reducing the risks of early-stage exploration.  climate-friendly development. Geothermal energy is expected to play a significant role in reducing Indonesia’s greenhouse gas emissions. As a clean and renewable energy source that provides power continuously, geothermal can reduce the country’s dependence on coal-fired power and other fossil fuels. If geothermal resources can be accessed easily, costs are competitive with coal and natural gas. Indonesian Minister of Finance Sri Mulyani said the country’s geothermal sector has vast potential and its current installed geothermal power capacity is already the second largest in the world. Geothermal is environmentally sustainable and … [Read more...] about World Bank supports Indonesia’s geothermal energy development

DHD’s general director Le Van Quang and Christopher Thieme from ADB after the signing agreement. (Photo courtesy of ADB) Hanoi (VNA) — The Asian Development Bank (ADB) on October 2 signed a 37 million USD loan agreement with Da Nhim – Ham Thuan – Da Mi Hydro Power Joint Stock Company (DHD) to finance the installation of a 47.5 MWp floating photovoltaic (PV) solar power facility on the man-made reservoir of DHD’s existing 175 MW Da Mi hydropower plant. “This project will help to boost the share of renewable energy in Vietnam’s overall energy mix and decrease the dependence on imported fossil fuels such as coal,” said ADB Private Sector Operations Department Deputy Director General Christopher Thieme. VNA … [Read more...] about ADB inks deal to finance first large-scale floating solar power plant

Korean commercial banks are showing a steady growth in Vietnam (Photo: vietnambiz.vn) Hanoi (VNS/VNA) – The Republic of Korea’s banks are focusing more on Vietnam as the market emerges as a major source of earnings for them amid their slowdown from China. RoK banks are seeing their earnings in China decrease due to the prolonged trade between China and the US and the slowdown in economic growth rates. However, they are showing higher profits in the Southeast Asian region, including Vietnam, thanks to the RoK government’s New Southern Policy, the Business Korea newspaper reported. Korean commercial banks are showing a steady growth in Vietnam. Their net profits in Vietnam came to 131.80 million USD in 2018, showing a 116 percent rise (70.80 million USD) from 61 million USD in 2017, according to the data from the Financial Supervisory Service (FSS). Woori Bank Vietnam also saw its net profits surge 130 percent year-on-year to 8.17 billion won (6.83 … [Read more...] about RoK banks focus more on Vietnam for impressive growth