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The banking industry needs to continue investing in shared payment and credit information infrastructures. Prime Minister Pham Minh Chinh requested that the banking industry focus on completing the legal framework to facilitate its digital transformation activities. Prime Minister Pham Minh Chinh addresses the event. Photos: SBV On the Digital Transformation Day of the banking industry on August 4, the Prime Minister called on the State Bank of Vietnam (SBV) to soon submit to the government a draft decree on the pilot mechanism to control fintech operation. The SBV should also continue to invest in shared payment and credit information infrastructures to bring benefits to individuals and businesses, Chinh stressed. Nguyen Thi Hong, the SBV’s Governor, said in implementing the national digital transformation, businesses and people are regarded as the center and beneficiaries of the process. “The goal of the banking digital transformation is to improve the … [Read more...] about Banking industry urged to complete digital transformation legal framework

Prime Minister Pham Minh Chinh (third, left) and delegates visit a bank's booth featuring its digital products. The PM who is Chairman of the National Committee of Digital Transformation attended the Conference on Digital Transformation in the Banking Sector held by the State Bank of Viet Nam on Thursday. — Photo baochinhphu.vn Prime Minister Pham Minh Chinh said the banking sector had all the factors to be pioneering and, in fact, was at the forefront of the digital transformation process. Digital transformation was an inevitable trend, and an urgent requirement, noted the Prime Minister. The Prime Minister, who is also Chairman of the National Committee on Digital Transformation, attended and delivered a keynote speech at the Conference on Digital Transformation in the Banking Sector organised by the State Bank of Vietnam (SBV) in Ha Noi on Thursday. Speaking at the conference, SBV Governor Nguyen Thi Hong said that in the Prime Minister's Decision No 749/QD-TTg approving … [Read more...] about Banking sector can be pioneer in digital transformation: PM

Mr. Jerome Powell, Chairman of FED Many readers are now wondering how and why the US Federal Reserve Bank (FED) miscalculated on forecasting the current global inflation. In a talk with Saigon Investment, Prof. Dr. Tran Ngoc Tho discussed this issue further. JOURNALIST: - Sir, you are one person who has studied very carefully the inflation in many countries in general and the United States in particular. Please can you give Saigon Investment readers a basic sketch as to how this situation is prevailing and to its effect on other economies. Dr. Tran Ngoc Tho: - There are many factors explaining the current rising global inflation such as broken global supply chains, warming of the jobs market, loose monetary and fiscal stimulus packages, and the recent Russia-Ukraine conflict. It is not just the FED but almost all investors and financial institutions, not only in the US but also in most economies are wrong in believing that high inflation is a thing of the past. However, if … [Read more...] about US Federal Bank caught off guard by global inflation

Bangladesh is seeking $2 billion from the World Bank and the Asian Development Bank (ADB) amid efforts to bolster its foreign exchange reserves, Bloomberg News reported on Wednesday. Bangladesh's $416 billion economy has been one of the fastest-growing in the world for years, but rising energy and food prices because of the Russia-Ukraine war have inflated its import bill and the current account deficit. The government wrote letters to the two lenders seeking $1 billion each, the report said, citing people familiar with the matter. This comes days after Bangladesh's Daily Star newspaper reported that the country wanted $4.5 billion from the International Monetary Fund (IMF), including for budgetary and balance-of-payment support. Last week, IMF said it would discuss with Bangladesh its loan request. The country's finance ministry, World Bank and ADB did not immediately respond to Reuters requests for comment. Bangladesh's July to May current account deficit was $17.2 … [Read more...] about Bangladesh seeking $2 Billion from World Bank, ADB: Bloomberg News

The ABF Retail Banking Awards are among Asia’s most prestigious banking awards honouring outstanding retail banks that offer innovative products and services and have a positive impact on customers and the banking industry. Techcombank was selected by an esteemed panel of judges based on its achievements during the year and the unique and innovative initiatives the bank introduced. The award for Domestic Bank of the Year Vietnam recognised Techcombank for its new cutting-edge retail banking app that was launched in later 2021 that enables customers to conduct everyday banking on the go. The mobile app also offers a wide range of other outstanding capabilities including instant credit card approvals, automated bill payments, and features that enable customers to track their daily spending habits. Techcombank’s Spark Card is an all-in-one card that can adapt to meet the changing needs of customers all year round and at any stage in life. The award for Credit … [Read more...] about Techcombank shining at ABF Retail Banking Awards 2022

The ceremony jointly held by the Vietnam Report JSC and the VietNamNet newspaper (Photo: https://diendandoanhnghiep.vn) Hanoi (VNA) – Winners of the Top 10 Banking Reputation Awards were honoured at a ceremony jointly held by the Vietnam Report JSC and the VietNamNet newspaper in Hanoi on August 3. The awards were presented to Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Vietnam Prosperity Joint Stock Commercial Bank (VPBank), and Military Commercial Joint Stock Bank (MB). On the list were also Asia Commercial Joint Stock Bank (ACB), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Tien Phong Commercial Joint Stock Bank (TPBank), Vietnam International Commercial Joint Stock Bank (VIB), and Vietnam Bank for Agriculture and Rural Development (Agribank). (Photo: … [Read more...] about Top 10 reputable banks of Vietnam honoured