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Slated for official roll-out right this month, BizPay, with its multiple advantages and automation attributes, promises to entail breakthroughs in liabilities management as well as tackling businesses’ short-term capital demands.
On April 8, US-headquartered ride-hailing juggernaut Uber will officially transfer its operations in Vietnam and seven other ASEAN countries, including Thailand, Indonesia, and Singapore to its long-time rival, Grab.
Shinhan Bank, Woori Bank, KEB Hanam, and Lotte Card are among the Korean investors currently present in the Vietnamese credit market, aiming to grasp the top spots in the credit card segment which previously was rated as "highly potential."
Mobile payments – and QR code payments in particular – are beginning to take hold in Vietnam, but a lack of common payment standards poses many challenges for mobile payment providers.
State-owned commercial banks are growing concerned over the critically low capital adequacy ratio (CAR) of around 9 per cent, which also hit the minimum required CAR for the Vietnamese banking system.
Local banks are deploying the use of quick response codes for contactless payments, a move set in anticipation of the involvement of some of the world’s largest players.
Banks have generated hefty profits in the year’s first three quarters, buoyed by healthy credit growth.
Since the beginning of the year, myriad financial investors from South Korea have been actively searching for opportunities to enter the Vietnamese banking sector, especially the consumer finance segment. A typical example is Lotte Card, who is negotiating to acquire Techcom Finance.
If approved, the new regulation will force weak credit institutions to be acquired by stronger competitors assigned by the State Bank of Vietnam (SBV), and letting those who fail to recover to face bankruptcy.
Along with the development of digital technology, online lending is getting more popular by inducing numerous benefits for both borrowers and lenders. However, it also contains some possible risks that all should be wary of.