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Harambe: Vietnam News: First Vietnamese bank allows transactions in South Korea for local card holders

(10/5/20)

HÀ NỘI — TPBank has become the first bank in Việt Nam to allow all domestic cardholders to make payment and withdrawal transactions in South Korea in addition to international debit cards or credit cards.

TPBank, the National Payment Corporation of Việt Nam (NAPAS) and BC Card – the largest credit card network in South Korea with more than a quarter market share – successfully implemented the project to connect trans-international payment services.

Accordingly, all TPBank’s ATM cardholders can immediately implement payment and withdrawal transactions at some three million locations accepting card payments and nearly 40,000 ATMs in South Korea.

With the service, TPBank has helped customers completely eliminate worries of having to buy foreign currency in time to open an international debit card or credit card for travelling, business trips or transferring money to their children to study in South Korea. Moreover, keeping a local card in their wallet for direct payments via POS machines or withdrawing an amount of spending money at an ATM when needed will be much safer than carrying a large amount of foreign currency.

Nguyễn Hưng, TPBank’s general director, said: “Through this project, TPBank hopes to bring the best services and experiences to Vietnamese customers who have been living, working, studying and travelling in Korea as well as contribute to promoting the Viet Nam – Korea strategic co-operation partnership.”

Hưng added that with the dynamism, enthusiasm and the forefront in applying new technologies, TPBank is expected to join State agencies to expand this feature in other countries such as Thailand, China and Japan to give customers the best experience when using their bank’s services.

In recent years, South Korea has become one of the most popular destinations for Vietnamese to travel, work and study. The Korea Tourism Board said that in 2019 there were more than half a million Vietnamese travelling in South Korea, representing a 22 per cent year-on-year increase. The number of Vietnamese students studying in the country has reached 37,426 people, an increase of more than 10,000 compared to 2018.

In 2020, tourism activities from Việt Nam to South Korea were interrupted due to COVID-19. However, when the pandemic is controlled, the number of Vietnamese tourists travelling to the country will increase again. Korea has also implemented many policies to support Vietnamese students.

According to statistics from the Payment Department under the State Bank of Việt Nam, by the end of the second quarter of 2020, the total number of cards in circulation in Việt Nam reached more than 106 million, of which the number of domestic cards accounted for more than 90 million, nearly six times the number of credit cards. At TPBank, the growth rate of cards is always very high, at 50 per cent a year compared to the market. — VNS

http://vietnamnews.vn/economy/793093/first-vietnamese-bank-allows-transactions-in-south-korea-for-local-card-holders.html

Tishwash:  The Central Bank begins implementing steps to reform the banking sector (CBI site)

Today, Monday, the Central Bank of Iraq began implementing its first reform steps for the banking sector, as it finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank.

This step comes within the framework of enhancing confidence in the banking sector, improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector.

This bank confirms that it had previously asked the lagging banks more than once to work on correcting their situation and paying their customers’ dues. Therefore, this classification will be an opportunity for these banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders.

Finally, we announce that the next stage will include the process of “reforming government banks as well,” noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. (56) of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued pursuant to them

The Central Bank of Iraq   Information Office,5th of October 2020   Baghdad   link

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Cutebwoy:  Governor of the Central Bank: We intend to implement the reform plan to upgrade the banking sector

Banks  October 4, 2020

Economy News – Baghdad

The Governor of the Central Bank of Iraq, Mustafa Ghaleb, confirmed that the Central Bank is determined to implement the reform plan that contributes to the promotion of the banking sector.

A press release issued by the Central Bank said, “Al-Iqtisad News” received a copy of it. The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mkhaif, met the President of the Republic, Dr. Barham Salih, today, Sunday.

According to the statement, the President of the Republic congratulated the Governor of the Central Bank who took the position, wishing him success in performing his duties.

The governor of the bank stressed during the meeting that this bank is determined to implement the reform plan that would help in the promotion of the Iraqi banking sector in light of the current challenges to serve the country’s economy.

For his part, the President of the Republic stressed the need for the independence of the Central Bank, the strengthening of the country’s financial position by diversifying the state’s resources and following a balanced monetary policy, and taking all measures to combat administrative and financial corruption, especially in the current circumstances in which the country is facing the Corona pandemic, and the decline in oil imports

RVALready:  Very Good.   If I remember correctly, the first item on the reform list is the RV.  Hopefully, they can get started right away!