EY’s Global Banking Outlook 2018 shows that 85 per cent of banks name the implementation of a digital transformation programme as a business priority for 2018. Duong Nguyen, EY Vietnam partner and leader of Financial Service Organisations and IT Advisory Services Digital transformation, according to EY’s Global Banking Outlook, will see banks pouring resources into investment in technology to drive efficiency, manage evolving risks, and benefit from growth opportunities. Banks see this as critical for sustainable success. Meanwhile, addressing cybersecurity is the top priority for global banks (89 per cent) in 2018, replacing last year’s managing reputational, conduct, and culture risks, which fell to the sixth place this year. Recruiting, developing, and retaining key talent (83 per cent) also garners significant attention as banks strive to integrate cyber experts into their organisations amidst a skillset shortage. The report also reveals that banks are seeking … [Read more...] about Digital storm sweeping through banking industry
Cyber security advisory services
More than a few tourists in Vietnam have been shocked to find that their credit cards can’t be used everywhere. Sixty-three year old New Zealander Jordan Lloyd wasn’t aware of the situation during his first trip in 2010. “In my four trips to Vietnam I have only used my credit card once,” he told VET, adding that the only time he needed to use it the fee made him think twice. Faults in the card market Vietnamese customers are still to adopt the habit of paying for goods and services by debit or credit card. Card payments are generally only used for expensive items, such as consumer electronics and appliances, air tickets and hotels. Even though a policy encouraging non-cash payments for goods and services has been introduced by the government, the practice has not taken hold as yet. The growth in Vietnam’s consumer class has been spurred on by a shift to the cities, with the number of urban dwellers expanding from 20 per cent of the population just … [Read more...] about Better way to pay
“JOINT COMMUNIQUÉ OF THE 49th ASEAN FOREIGN MINISTERS’ MEETING VIENTIANE, 24 JULY 2016 ‘TURNING VISION INTO REALITY FOR A DYNAMIC ASEAN COMMUNITY’ We, the Foreign Ministers of the Association of Southeast Asian Nations (ASEAN), met on 24 July 2016 at the 49th ASEAN Foreign Ministers’ Meeting (AMM) in Vientiane, Lao PDR, under the theme “Turning Vision into Reality for a Dynamic ASEAN Community”. His Excellency Saleumxay Kommasith, Minister of Foreign Affairs of Lao PDR, chaired the Meeting. ASEAN COMMUNITY BUILDING ASEAN Community Vision 2025 1. With the formal establishment of the ASEAN Community on 31 December 2015, we resolved to continue deepening and advancing ASEAN community building as well as regional integration. We reaffirmed our commitment to the full and effective implementation of the ASEAN Community Vision 2025 and the three new Blueprints which set out the future direction for a politically cohesive, economically … [Read more...] about ASEAN Foreign Ministers issue Joint Communiqué
Foreign ministers at the ASEAN-Japan Ministerial Meeting as part of the 49th ASEAN Foreign Ministers' Meeting and related meetings (Photo: VNA) Vientiane (VNA) – The 49th ASEAN Foreign Ministers’ Meeting issued a Joint communiqué in Vientiane on July 24. The following is the full text of the joint communiqué. “JOINT COMMUNIQUÉ OF THE 49th ASEAN FOREIGN MINISTERS’ MEETING VIENTIANE, 24 JULY 2016 ‘TURNING VISION INTO REALITY FOR A DYNAMIC ASEAN COMMUNITY’ We, the Foreign Ministers of the Association of Southeast Asian Nations (ASEAN), met on 24 July 2016 at the 49th ASEAN Foreign Ministers’ Meeting (AMM) in Vientiane, Lao PDR, under the theme “Turning Vision into Reality for a Dynamic ASEAN Community”. His Excellency Saleumxay Kommasith, Minister of Foreign Affairs of Lao PDR, chaired the Meeting. ASEAN COMMUNITY BUILDING ASEAN Community Vision 2025 1. With the formal establishment of the ASEAN Community … [Read more...] about Joint Communiqué of the 49th ASEAN Foreign Ministers’ Meeting
NEW YORK - Because the sums were large and such attacks are relatively new, the two Middle East banks hit in a $45 million ATM heist face an uncertain path in trying to recover their losses, financial, insurance and legal experts say. Oman-based Bank of Muscat lost $40 million and United Arab Emirates-based National Bank of Ras Al Khaimah PSC (RAKBANK) lost $5 million in the global heist, U.S. prosecutors said on Thursday. Hackers gained access through third-party companies that processed transactions for prepaid debit cards issued by the banks, the prosecutors said. While details of what happened are still sketchy, experts said the banks could bring claims against the processing companies in court, or they could file claims with their own and the processing companies' insurers. "There's no hard and fast rule," said Dan Karson, the Americas chairman of Kroll Advisory Solutions. "We're in very much a new cybersphere of finance, and allocating liability is still very much … [Read more...] about For banks in cyber heist, how to get their money back?