Viet Nam News VPBank recently launched a digital bank called YOLO in which users can access not only daily services such as taxis, movies, hotel bookings and food and beverage orders, but also banking services including savings and loans associated with Master Card. Director of YOLO Shameek Bhargava talks with local media about the unique digital banking platform that VPBank is proud to add to the market Can you tell us about the background of the digital bank? The idea of forming YOLO originated from the desire to create a digital platform capable of reaching and serving millions of new customers quickly – a digital banking platform that has the potential to thrive and break through what we see as the traditional banking model. With such big ambitions, we have used a completely new, independent technology platform that is different from current banking platforms which use the traditional core banking system. This platform allows us to grow faster than existing technologies … [Read more...] about YOLO digital bank expected to make a breakthrough in mobile financial service
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Ministry wants to tighten controls on ride-hailing service
Ministry wants to tighten controls on ride-hailing serviceBy Chi Thinh Mai Linh taxicabs are parked along a street in HCMC - PHOTO: HCMC TAXI ASSOCIATION HCMC – The Ministry of Transport said a meeting was held on July 13 to discuss draft amendments to Decree 86, which would tightly control ride-hailing services to ensure fair competition in road transportation. At the meeting, which took place in Hanoi City, the ministry also asked the relevant agencies and departments, taxi associations and ride-hailing service piloting firms to comply with regulations on passenger transportation services. The ministry intends to keep ride-hailing services under stricter control, asking firms participating in the pilot project to create an identity for their brands. Besides this, the ministry proposed taxi operators proactively apply new technology to increase competitiveness in the local market. Tran Bao Ngoc, head of the Transport Department under the ministry, said that after … [Read more...] about Ministry wants to tighten controls on ride-hailing service
Banks to hike service fees this month
After two months postponing the increase in service fees for ATM cash withdrawals as required by the central bank, some commercial banks have now resumed the plan, announcing that a new service fee framework will apply from the middle of this month. Three big banks Vietinbank, Vietcombank and BIDV will officially increase service fees for ATM cash withdrawals from VND1,100 to VND1,650 for each transaction in their system from July 15. Earlier, commercial banks had to cease their plans to hike service fees as required by the State Bank of Viet Nam (SBV). The SBV on May 9 directed commercial banks to stop increasing ATM cash withdrawal fees at that time after the public expressed their disagreement over increased fees on ATM transactions and e-banking services at many banks. According to SBV, it regulates a fee framework for ATM cash withdrawals and commercial banks must follow it to set their own fees. The banks’ recent fee hike doesn’t violate the SBV’s regulation. … [Read more...] about Banks to hike service fees this month
Viettel launches new app for customers
The Fourth Industrial Revolution is changing various economies across the world, including Vietnam while the investment of foreign technology companies in the country brings about both opportunities and challenges to domestic enterprises, forcing them to produce more competitive goods. Viettel, one of the leading telecommunication enterprises in Vietnam, understood its mission of supporting people nationwide to reach the best services, including money transferring, payment, loans, and savings. Representative from the Viettel Telecom of the Military-Run Industry and Telecommunication Group sharing information about ViettelPay The release of ViettelPay allows customers to transfer money, make payments, deposit money, and even offers loans. It also assists mobile phone users to access banking services anytime, anywhere, and on any cell phones. The service is expected to make digital payments and e-commerce services increasingly popular. It is targeted to help people in … [Read more...] about Viettel launches new app for customers
E wallet services in fierce competition for Vietnamese consumers
(VEN) - Electronic wallet (e-wallet) services are becoming more popular in Vietnam, with around 20 e-wallet apps on the market currently, such as Vi Viet, ZaloPay, 123pay, Baokim, Nganluong, Bankplus, VTCPay, Timo, MoMo, Payoo, MobiVi, and Wepay. Flourishing According to the State Bank of Vietnam, the value of e-wallet transactions in 2017 reached more than VND53.1 trillion, an increase of 64 percent compared to the previous year. As of date, the State Bank of Vietnam has licensed more than 20 e-wallet apps. By May 2018, the Vi Viet app had 2.2 million users and over 19,000 points accepting payments nationwide. The ZaloPay e-wallet, developed by VNG Corporation, aims to open about 1,000 new points of sale in 2018. ZaloPay enables electronic payment of bills such as electricity, water, internet and TV as well as money transfer via QR code and connection with bank accounts for cash withdrawals or recharge. E-wallets have provided services that compete with banks’ internet and … [Read more...] about E wallet services in fierce competition for Vietnamese consumers