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
Tata banking and financial services fund
At the event (Photo: Sai Gon Giai Phong Finance and Investment newspaper) The occasion is held in response to World Investor Week 2019 which is being ran by the International Organization of the Securities Commissions (IOSCO) and the World Federation of Exchanges from September 30 to October 4. In addition to being held in Ho Chi Minh City, the "Ring the Bell for Financial Literacy” event is taking place in 33 stock exchanges worldwide with the aim of raising awareness about financial literacy among the public and investors, connecting market operators, intermediaries, and training organizations. According to the IOSCO, improving financial literacy is regarded as a vital step towards the continuous development of financial market in an age of increasingly complex investment products and diversified financial services. Registered trading accounts in Vietnam’s stock market have already passed the 2 million mark with the majority of accounts belonging to individual … [Read more...] about ‘Ring the Bell for Financial Literacy’ kicks off in HCM City
All banks in the country have to adopt the standard version of Basel II and then switch to the advanced version by 2025. — Photo baokiemtoannhanuoc.vn In 2016 the State Bank set a deadline of January 1, 2020, for 17 banks to meet Basel II norms under a national banking sector development strategy. Also, by 2025 all banks in the country have to adopt the standard version of Basel II and then switch to the advanced version. Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. It comprises minimum capital requirements, supervisory review and market discipline to enhance competition and transparency in the banking system and make banks more resistant to market changes. Basel II requires banks to have a capital adequacy ratio (CAR) of at least 8 per cent. However, the SBV has allowed 10 banks to adopt Basel II standards earlier than the 2020 deadline. They are Joint Stock … [Read more...] about Basel II deadline rapidly approaching, are banks on course to meet norms?
The Orient Commercial Joint Stock Bank (OCB) is among the banks still traded on the Over-The-Counter (OTC) market, which is a decentralised and less transparent trading platform. (Source: vietnambiz.vn) Hanoi (VNS/VNA) - Lack of disclosed information, listing plans and risks of non-performing loans are dragging OTC-traded bank stocks down. Seven banks are trading shares on the Over-The-Counter (OTC) market, which is decentralised and less transparent as it is subject to fewer regulations and dealers can set the prices for buying and selling a security, currency and other financial products. That already makes shares of those banks riskier and less attractive to investors because they are not bound by any regulations regarding information disclosure. The seven banks include the Orient Commercial Joint Stock Bank (OCB), Maritime Commercial Joint Stock Bank (MSB), Dong A Bank, Bao Viet Commercial Joint Stock Bank (BaoVietBank) and Viet A Bank. Among those, only MSB and … [Read more...] about OTC-traded bank shares too cheap for purchases
After reducing several key interest rates by 0.25 percentage points on September 16, the SBV’s agencies this week continued to announce the reduction of some service fees, which will help commercialbanks reduce operation costs and thus cut interest rates. Under Decision No 203/QĐ-TTTD, the SBV’s National Credit Information Centre (CIC) decided to reduce the prices of its credit information products and services given to credit institutions and foreign banks’ branches in Vietnam by 15 percent, starting from October 1 this year. According to the CIC, the reduction aims to help commercial banks cut operating costs, enabling them to lower interest rates. The cut will also help banks promote the use of CIC’s credit information to enhance their credit business segment and credit risk governance, which will contribute to reducing risks for the banking system. According to Nguyen Hoang Minh, deputy director of the SBV’s HCM City branch, the … [Read more...] about Banks get more support to cut interest rates