As Delta has said that IHO (In his opinion) rate change would happen at the end of A week Thursday thru to the end of the week.

Notice I stressed the word A week meaning in general….

And this coming Monday Walkingstick has stated his 6 banks would be getting the lower denoms per the CBI

We don’t know the rate or the date, but STRAP on your Seat Belts because we are starting COUNTDOWN to IGNITION to TAKE OFF !

2Cents: Agree!!!!!  However, I think 10/10 to 10/20 will be exciting………WS clearly said that there MUST be “education” announcements prior to the changes about to reportedly take place…….I think once the holiday is announced officially will give us more indication.  The COM intends to meet on the 15th and vote on the candidates for the Federal Service Council……Just don’t want to see anyone quit their “day job” just yet……..

GodsGirl:   From what I saw on Frank’s UB2B yesterday and how he was kind enough to detail the possible timelines –  he did not seem to think it would go much past the 15th – in his opinion.


Samson:  In figures: losses of the Iraqi economy caused Internet service blocking

October, 2019

Iraq has suffered since the first day of the demonstrations that flared in various provinces, which negatively affected the Internet service where it was cut off about 75% of the country in a measure considered by human rights organizations deliberately to prevent coverage of protests.

NetBlocks assessed the economic impact of Internet disruption, blackout of mobile data or restricted applications using indicators from the World Bank, ITU and Eurostat.

The impact on the Iraqi economy amounted to approximately 1,086,618,793 US dollars equivalent to one trillion Iraqi dinars, and the impact of these figures is approximate on the economy across the country due to the blocking of the Internet service on all social networking sites and search engines and other sites, as is known that the private sector in Iraq relies almost entirely on the Internet service in several areas including: communications, e-governance, e-commerce, and other fields.

Recently, the Iraqi government announced the launch of Internet services from 7 am to 4 pm, as a temporary measure that may continue until the end of the 40th visit.  LINK

Samson:  Việt Nam, Indonesia lead ASEAN in internet economy growth

5th October, 2019
The Southeast Asian internet economy has expanded by 39 per cent this year to hit US$100 billion for the first time, according to a report released by Google, Temasek and new partner Bain & Company on Thursday.

Indonesia and Việt Nam lead with growth rates of more than 40 per cent, while Singapore, Malaysia, Thailand, and the Philippines registered 20-30 per cent growth.

The e-Conomy Southeast Asia report for 2019 highlights the most significant industry trends observed in 2019 and analyses the current and future potential of the Southeast Asian internet economy across its six largest markets (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Việt Nam). This surge across the region is attributed to an influx of around 100 million new online citizens in the last four years.  This growing market of customers has incentivised businesses in the region, from established ‘unicorns’ like Gojek to smaller enterprises, to adopt and leverage digital tools to expand rapidly.

Việt Nam’s digital economy has topped $12 billion this year and is expected to surge to $43 billion by 2025, with e-commerce, online tourism, online communications and media, and ride-hailing being among the driving forces. Việt Nam has 61 million Internet users, and a Vietnamese spends an average of three hours and 12 minutes daily on the internet on mobile devices such as smartphones.

As a region, Southeast Asian users spend most of their time on social networks and OTT apps (52 per cent), video apps (20 per cent), games (11 per cent), and other working utilities apps. Việt Nam has become the third largest destination in the region for digital investment, with $600 million flowing in in 2018 and the first half of 2019, thanks to Hà Nội and HCM City, which are among the seven major internet economy developing cities in the region.

International investments in local tech firms including MoMo, Sendo and Topica have contributed to making Việt Nam a destination for investors. As the world’s most engaged internet users, Southeast Asia is shaping technology trends. When it comes to services like ride hailing and food delivery, the region is growing as fast as anywhere in the world, and that momentum is only going to continue as a new generation comes of age and people outside big cities come online.

By 2025 the regional Internet economy will have tripled to $300 billion, closing the gap with more developed markets in terms of GDP contribution. Stephanie Davis, managing director, Google SEAsaid, “Southeast Asia has an incredibly exciting digital economy as consumers are turning to digital to complete millions of tasks daily, resulting in unprecedented growth. “However, there’s more to be done to realize digital’s incredible potential.

Whether it’s providing support for small businesses to grow, teaching Southeast Asians digital skills, expanding Internet access to more people or advocating for smart policy and regulation.”   LINK

Samson:  Vietnam : Electronic know your customer/client holds key to digital banking
7th October, 2019
The banking sector is waiting for the State Bank of Việt Nam to allow the use of electronic know your customer/client (e-KYC). TPBank was chosen to trial it in January last year

The banking sector is waiting for the State Bank of Việt Nam 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 electronic KYC is to reduce the use of physical paperwork, storage space for such records and the cost and time taken for the same. eKYC permits filing to happen in real-time. This has made the process streamlined and less prone to corruption in industries such as banking, finance, telecom, etc. whereby several customers can be catered to simultaneously with the use of the world wide web, the web says.

In reality, financial service providers that want to develop digital services are facing an obstacle: they are obliged to physically verify the identity of customers to comply with regulatory requirements. But they need to deliver a customer-friendly experience to keep existing customers and get new ones.  If online verification is made possible, people, especially those who are unbanked, can open new accounts, apply for loans online, take out life insurance policies, and invest in mutual funds, in an era when consumers prefer to interact through online channels. Because of its advantages, e-KYC is expected to create a digital banking boom in Việt Nam, experts say.

Many banks have asked the central bank repeatedly to allow them to adopt e-KYC, but it has yet to do so. A senior bank executive in HCM City, who asked to be unnamed, said to grow digital banking banks should make it easy for prospective customers to open accounts online. Now, people have to bring all personal papers to the bank to confirm their identity when they want to open an account. “This causes difficulties for banks to expand their customer network or provide financial services since people do not want to waste their time over complicated procedures to open a bank account or get other banking services,” the executive said.

Ngô Văn Đức, deputy head of the payment systems oversight division at the SBV’s payment department, said 63 per cent of Vietnamese adults had bank accounts, but the ability to access banking services is still limited, especially in rural areas. Banking services have been undergoing a rapid process of digital transformation and digitisation, which has fundamentally changed the business models used by banks.

The first foremost aspect is that digital banking lowers transaction costs for banks. For financial institutions, digital banking can help reduce transaction costs by 30-80 per cent. There are estimates that when banks adopt a new advanced technology, despite its costs profits increase disproportionately not to speak of the spike in competitiveness. It also enables banks to integrate a wide variety of services like healthcare, insurance and tourism.

A 2017 survey by IDG Vietnam found that 81 per cent of Vietnamese customers wanted to use e-banking services.

According to figures released last year by the central bank’s payment department, 94 per cent of domestic banks have plans to go digital, with 35 per cent developing their own strategies for digital services. Several banks have launched new banking services after going digital.   Many analysts are convinced the central bank will soon allow e-KYC.

One question that crops up is why has it not done so yet.? The answer may be an insufficient legal framework and high risks. Analysts admitted legal regulations for electronic verification of customers’ identities are not adequate since citizens’ data has yet to be standardised and made consistent. These limitations mean people could easily fake data or carry out cyber attacks.

Some customers said they would not be among the early users of digital authentication technology for financial services since they were afraid of possible security and personal privacy breaches.   But analysts said e-KYC is imperative considering the digital renovation taking place worldwide including in Việt Nam. They even said the Government should allow banks to access the Ministry of Public Security’s national population database to ensure they could safely adopt e-KYC.   LINK


Samson:   Card payments in Vietnam to reach 522.5 million in 2023: GlobalData

7th October, 2019

Not carrying cash is not a problem in Việt Nam these days as more and more people are flashing the plastic.

Card payments are set to grow at a compound annual growth rate of 17.8 per cent to reach 522.5 million in 2023.

According to data and analytics firm GlobalData’s latest report on Việt Nam, the current 271 million card transaction in 2019 will grow to nearly double over the next three years.

The report named ‘Vietnam Cards & Payments: Opportunities and Risks to 2023,’ reveals the number of card payments increased more than five folds in the last five years, rising from 56 million in 2015 to 271 million in 2019 at a robust compound annual growth rate of 48.3 per cent.

Kartik Challa, Payments Analyst at GlobalData, said: “While Vietnam remains a cash-based society, the government’s financial inclusion initiatives, the emergence of digital-only banks, improved payment infrastructure and the adoption of new payment card technologies have led to the growth of card-based payments.” The expansion of banking infrastructure and the licensing of non-bank companies to offer payment services in rural areas were also instrumental in driving the consumer shift towards electronic payments.

In order to reduce the reliance on cash, the government approved a scheme for the promotion of non-cash payments. As part of this, the government is aiming to bring 70 per cent of the adult population under the formal banking system by 2020. Other objectives include the expansion of point-of-sale infrastructure and increased payments of utility bills through electronic methods.

To further boost non-cash transactions, the State Bank of Việt Nam has granted licenses to 30 non-bank companies as of July 2019 to provide payment services in the country, with most offering services through online and mobile channels. Banks are also expanding their services to both rural and urban locations in the form of new branches, mobile van branches and digital self-service branches. Agribank now runs a fleet of more than 60 mobile banking vans across the country to serve customers primarily in remote areas.

Meanwhile, digital-only banks have also made inroads into Việt Nam during the review period, tapping into the tech-savvy millennial customer base.

Digital-only bank Timo was launched in Việt Nam in 2016 while VPBank’s YOLO followed in September 2018, offering a digital account and a Mastercard debit card. Challa added: “The government’s increasing focus on achieving a ‘less-cash’ economy, the emergence of new payment card technologies such as EMV and contactless, the advent of digital-only banks, and a strong e-commerce market will support the growth of electronic payments during the forecast period.”   LINK