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The model aims to provide in-depth analysis of profit under different perspectives The model was developed with all aspects of the banking business taken into consideration, including the allocation of costs from supporting departments to front offices that directly generate revenue. The main objective of this model is to provide in-depth analysis of profits under different perspectives, such as products, customer segments, and business units impacting performance, helping banking leaders make accurate and effective business decisions. KPMG is one of the world’s four largest professional audit, tax, and advisory service firms. With over 25 years of experience in Vietnam, KPMG is the leading brand, having a team of experts who are knowledgeable about banking and finance from both domestic and international perspectives. KPMG consultants have been successfully implementing human resources solutions, as well as financial management and technology solutions for various banks … [Read more...] about Viet Capital Bank and KPMG develop new profitability analysis model

The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency. (Photo: FORTUNE/VNA) Hanoi (VNA) – The State Bank of Vietnam (SBV) has ordered financial institutions and other organisations providing payment brokerage services not to conduct cross-border transactions in cryptocurrency for fear of money laundering, terrorism sponsoring, tax evasion and fraud. Under the SBV’s directive, financial institutions and intermediary payment service organisations must intensify inspections, promptly report suspicious transactions with close connections to digital currencies and address violations. They were ordered to set up plans to prevent illegal transactions and report to the SBV’s Payment Department before June 30. Meanwhile, the SBV’s units must work with ministries and branches to carry out legal framework and solutions to handle illegal … [Read more...] about Central bank enhances inspections on cryptocurrency transactions

According to Pham Dang Khoa, deputy director of Vietinbank’s Card Centre, the biggest problem for banks when it comes to replacing magnetic strip cards is the cost. Banks have to pay for the new cards and invest in devices that accept them, such as ATMs and POS machines. Meanwhile, most customers are not willing to pay to switch. With more than eight million existing customers using magnetic strip cards, Khoa estimated his bank will have to spend a large sum as the cost of producing a chip card is roughly eight to ten times higher than magnetic strip cards. To encourage customers to use chip cards, Khoa said VietinBank would help customers replace their old cards due to the advantages of the new ones. According to Khoa, the information contained in the chips was encrypted and only the issuing bank could read the data on it. Thus, they reduce the risk of information being stolen and counterfeits. There have been no issues regarding security with the new cards, which shows how … [Read more...] about Banks issues more chip cards for security

Late last year, the central bank said that the number of credit institutions would be cut from the current 34 to roughly 17 to 19. Therefore, it is possible that more M&As will be announced. According to Dau Tu (Vietnam Investment Review) newspaper, the most likely targets are banks with overlapping ownerships, small or financially weak financial institutions, and those that have seen their bad debt ratio rising over the past few years. Some banks have been asked by the State Bank of Vietnam (SBV) to raise their registered capital. However, in case they cannot raise it by issuing more shares, they will have to explore M&As. Saigonbank, for example, was allowed to raise its capital from VND3.08 trillion (US$136 million) to VND4.08 trillion, but it has failed to carry out the increase. There are currently at least four other commercial banks that have the charter capital roughly around the level of Saigonbank’s VND3 trillion. Those are Kienlongbank, Viet … [Read more...] about M&A information to be released

The National Payment Corporation of Vietnam (NAPAS) recently completed the building of a standard set for domestic cards (Photo: TPBank) Hanoi (VNA) - The National Payment Corporation of Vietnam (NAPAS) recently completed the building of a standard set for domestic cards, according to State Bank of Vietnam (SBV). The new set is compatible with EMV standards as well as standards of international card organisations such as Visa, MasterCard, JCB and UnionPay. NAPAS has handed over technical manuals to banks, point of sale (POS) terminal suppliers and card-issuing institutions so that they can adjust their systems in line with the new standards. With the new set, SBV expects 70 million bank cards in Vietnam, which are magnetic stripe ATM cards and can be easily hacked due to weak security features, to be replaced by chip cards with EMV standards by 2020 as planned. Earlier, international card-issuing organisations had recommended Vietnamese banks to use chip cards meeting EMV … [Read more...] about NAPAS completes standard set for domestic cards