News
Vietnam's digital economy estimated to reach $36 billion in 2024
Vietnam's digital economy is continuing to show solid double-digit growth, and is forecast to reach $36 billion in gross merchandise value (GMV) in 2024, propelled by e-commerce and travel.
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VNBA invites members to attend online seminars on "Digital Banking" and "Fraud Management in Digital Payments"
Vietnam Banks Association (VNBA) continues to coordinate with BPC Banking Technologies - SmartVista Company to organize two in-depth online seminars on "Digital Banking" and "Fraud Management in Digital Payments".
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Pay services can be smart city backbone
Hanoi’s smart city progress, led by advanced payment integration, shows promise but still faces key regulatory and security challenges that need resolution for full success.
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Mastercard and NAPAS jointly announce the first co-badged card in Việt Nam
Mastercard, a global technology company in the payments industry, along with the National Payment Corporation of Việt Nam (NAPAS) and nine banks, has announced a Memorandum of Understanding (MoU) to introduce the first NAPAS – Mastercard co-badged card in Việt Nam.
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Vikki Digital Bank claims innovation title at Better Choice Awards
At the Vietnam Innovation Challenge 2024 on October 2, Vikki Digital Bank made its Hanoi debut and proudly received an award for its innovation in the finance and banking sector as part of the Better Choice Awards.
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Fed rate cut expands Vietnamese monetary policy flexibility
The decision to cut interest rates by 50 basis-point in last week's Fed meeting is expected to have several positive impacts on the Vietnamese economy, specifically by alleviating exchange rate pressures and allowing the State Bank of Vietnam to implement a more accommodative monetary policy.
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VAMC to auction bad debts starting at nearly $10 mln
VAMC has purchased the bad debts of Sacombank related to Phúc An Khang International Hospital and Bình Dương Construction Stone.
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Workshop "Winning the digital payment race in the Banking and Finance industry"
On September 10, in Hanoi, the Vietnam Banks Association (VNBA) coordinated with BPC Vietnam Company to organize the workshop "Winning the digital payment race in the Banking and Finance sector" with the aim of contributing to promoting digital transformation in the Banking and Finance industry as well as encouraging cooperation, creating a tight, effective and sustainable digital banking and digital payment ecosystem in Vietnam.
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BAOVIET Bank ends Visa credit cards services, shifts to domestic cards
BAOVIET Bank has announced that it will cease offering its international Visa credit cards from September 15.
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Warning about 24 types of fraud in cyberspace
The Ministry of Information and Communications has officially launched the campaign "Month of action propaganda on identification and prevention of online fraud" under the leadership and coordination of the Department of Information Security (Ministry of Information and Communications).
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Warning about some forms of fraud through card transactions and domestic payments
According to the representative of the Risk Management Subcommittee, Bank Card Association (Vietnam Banks Association), faking applications to take control of devices is one of the common forms of fraud for card transactions and domestic payments recently.
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Promote cross-border bilateral payments via QR Code
On August 21, 2024, the Vietnam Banks Association (VNBA) coordinated with the Payment Department (State Bank of Vietnam) to organize a meeting to promote bilateral retail payments via QR codes between Vietnam and countries in the region, along with a number of issues of concern in the Circular No. 40/2024/TT-NHNN dated July 17, 2024 regulating the provision of intermediary payment services.
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Vietnam accelerating towards a cashless society
For the first time, the Vietnamese legal framework formally defines electronic money. Under Decree No.52/2024/ND-CP, electronic money is “the value of Vietnamese currency co-stored on electronic means provided on a reciprocal basis with the amount prepaid by customers to banks, foreign bank branches, and intermediary payment service providers providing e-wallet services.” This definition establishes electronic money as a digital form of Vietnam’s legal currency.
