Citi has reported over 1 million new mobile banking clients across its Asia-Pacific consumer banking network in the last 12 months, adding to some 4.3 million mobile users on record as of June, 30. Being one of the 12 markets in the Asia-Pacific that Citi is current present in, Citi Vietnam has witnessed a surge of 127 per cent in mobile use over the course of 12 months, making it the bank’s fastest growing digital channel. In the Asia-Pacific, mobile is now the most popular digital channel among Citi’s clients, with more than one in three digitally active clients choosing mobile. The bank is targeting further significant mobile growth over the next 12 months as it continues to enhance the range and quality of its mobile capabilities. Driving this growth has been the rollout of a new, cutting-edge mobile banking platform designed and built in Singapore. The Citi Mobile app offers clients faster, simpler, and more personalised experience, featuring enhanced security that … [Read more...] about Citi welcomes 1 million new mobile banking users across Asia Pacific
Credit card 1 year no interest
High fees, countless inactive cards Data from the State Bank of Vietnam shows that the total number of cards issued as of the end of June was 106 million, which means some of the 90 million Vietnamese people possess more than one card. Such a high figure is the result of a race between banks to boost their card issuance in recent years. In 2010 the number of cards stood at 31 million, but it has more than tripled in five years. Along with an increase in card numbers, payments made through cards have also seen continuous growth. Data from the Vietnam Bank Card Association shows that in 2011 payments made by card reached VND895 trillion (over US$39 billion) and jumped 88% in four years to nearly VND1,700 trillion (US$74.8 billion). The number of cash machines and payment terminals also respectively increased by 23% and 181% compared with 2011 to 16,573 and 217,470 devices as of early 2016. But according to official estimates, just above 20 million out of Vietnam’s population of 90 … [Read more...] about Bank cards: When will quality match quantity?
While Vietnamese are encouraged to use their cards more often for payment, banks are apparently staying away from the risks the cardholders face in doing so. Tuoi Tre (Youth) newspaper their recent stories. A cardholder named N.M. in Ho Chi Minh City told Tuoi Tre that upon receiving a notification that her credit card, which was still in her purse, was charged VND20 million (US$920) last month, she immediately phoned the call center of her card issuer, An Binh Commercial Joint Stock Bank (ABBank). Since opening the card account three years ago, M.'s plastic had not incurred any transactions until May. On May 5, she used the card to pay a deposit for a hotel room, but it failed. She then called the ABBank card center and received instructions from it on how to carry out online transactions, but she still could not make the deal. But 13 days later, M. received messages from ABBank saying that she had used her card to pay for goods worth VND30 million ($1,380) in total via … [Read more...] about In Vietnam, customers face more risks in card payment, but banks remain unhelpful
The United States and Cuba agreed on Wednesday to restore diplomatic ties that Washington severed more than 50 years ago, and President Barack Obama called for an end to the long economic embargo against its old Cold War enemy. After 18 months of secret talks, Obama and Cuban President Raul Castro agreed in a phone call on Tuesday on a breakthrough prisoner exchange, the opening of embassies in each other's countries, and an easing of some restrictions on commerce. The two leaders made the announcement in simultaneous televised speeches. The Vatican and Canada facilitated the deal. Obama's call for an end to the economic embargo drew resistance from Republicans who will control both houses of Congress from January and who oppose normal relations with the Communist-run island. Obama said he was ending what he called a rigid and outdated policy of isolating Cuba that had failed to achieve change on the island. His administration's policy shift includes an opening to more commerce in … [Read more...] about U.S., Cuba restore ties after 50 years
IFC calls for private credit bureau (12-01-2006) HA NOI — The International Finance Corporation (IFC) assured domestic bankers yesterday that the establishment of a private credit bureau in Viet Nam would provide a vital push for growth among fledging Vietnamese private enterprises. "A private credit bureau could significantly benefit banks, borrowers and ultimately Viet Nam's economy as a whole," said Adam Sack, general manager of IFC-MPDF (Mekong Private-Sector Development Facility). He explained banks would benefit because the bureau could alert them of borrowers who are already heavily in debt and/or have poor credit histories. Sack made the comments yesterday at a half-day consultation with the State Bank of Viet Nam, the MPDF and VISA International, organised to get feedback from the banking sector on the plan to establish a private credit bureau. More than 100 bankers attended the seminar. "This could appreciably mitigate risks for banks in lending and reduce losses from … [Read more...] about IFC calls for private credit bureau