Vietnam 

Mobile banking project launched for low income people and women – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Việt Nam Bank for Social Policies launch a project for low-income users and women in Việt Nam. — VNS Photo HÀ NỘI — Việt Nam Bank for Social Policies (VBSP) on Friday officially launched the project “Mobile Banking – Financial Inclusion and Economic Empowerment for Low Income People and Women in Việt Nam” – Phase 2 (Mobile Banking 2). The project is funded by the Australian Foreign Affairs and Trade Department (DFAT) under the framework of the Business Partnerships Platform. It aims at enhancing and improving access to financial…

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Hong Kong’s banking system holds up, as financial war chest expands and capital remains even if protest rallies deter tourists

Hong Kong’s financial system is holding up against 12 weeks of unprecedented public unrest in the city, as the government’s war chest grew while capital remained in China’s main offshore banking centre even as tourists and visitors stayed away amid increasing reports of violence.The size of the Exchange Fund grew by 0.02 per cent, or an increment of HK$700 million, to HK$4.138 trillion at the end of July, bolstering the city government’s defences against hedge funds that are eyeing a chance to… Source link

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Vietnam 

Shares up on banking, energy stocks – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Oil transmission pipes at the PV Oil Corporation. The increase of world oil prices has helped local oil and gas stocks advance. — VNA/VNS Photo Huy Hùng  HÀ NỘI — Vietnamese shares advanced on Wednesday with the two main stock indices rising, largely on the strength of a handful of banking and energy blue-chips. The VN-Index on the Hồ Chí Minh Stock Exchange rose 0.99 per cent to end trading at 994.38 points. The southern market index rose 0.37 per cent to end Tuesday at 984.67 points. On the Hà Nội…

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Vietnam 

Blockchain tech is applicable in many banking activities: expert – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Cash notes being counted. Blockchain may help Việt Nam achieve a cashless economy as it provides security, confidentiality, speed and accuracy for transactions. – Photo tinnhanhchungkhoan.vn HÀ NỘI — Blockchain technology can be used in many different fields of modern economics, especially banking activities, banking expert Cấn Văn Lực has said. Blockchain helps save time and costs for businesses and government agencies when they make payments via international banking networks for trade activities, he said at a workshop on Sunday in HCM City. Stakeholders in a trade deal can…

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China 

Bad loans in China’s banking system mount, rise 3.6 per cent in second quarter

Chinese banks have reported an increase in bad debts and a decline in capital adequacy ratio in the second quarter, as the year-long trade war has hit the country’s economy hard.Total non-performing loans in the mainland’s banking system rose to 2.235 trillion yuan (US$316.6 billion) during the three months to June, up 78.1 billion yuan, or 3.6 per cent from the first quarter of this year. The non-performing loan ratio edged up by a marginal 0.01 percentage points to 1.81 per cent during the… Source link

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Jack Ma’s US$290 billion loan machine at MYbank is changing Chinese banking, in a harbinger of the financial industry’s revolution

Jack Ma’s online bank is leading a quiet revolution in the way China lends to small businesses, taking aim at a credit bottleneck that has held back Asia’s largest economy for decades. Using real-time payments data and a risk-management system that analyses more than 3,000 variables, Ma’s four-year-old MYbank has lent 2 trillion yuan (US$290 billion) to nearly 16 million small companies. Borrowers apply with a few taps on a smartphone and receive cash almost instantly if they’re approved. The… Source link

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Vietnam 

HDBank wins Asian Banking and Finance award for VN’s best domestic retail bank – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Executive of HDBank receives the award for ‘Domestic Retail Bank of the Year for Vietnam’ at Asian Banking and Finance Retail Banking Awards in Singapore last week. — Photo courtesy of HDBank HCM CITY — HDBank won the award for ‘Domestic Retail Bank of the Year for Vietnam’ at Asian Banking and Finance Retail Banking Awards in Singapore last week. The awards, given annually by Asian Banking and Finance, a prestigious financial magazine, honour banks that stand out with groundbreaking products and services. The HCM City…

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High on the success of 785pc returns on Kweichow Moutai, fund manager sees ‘historic opportunity’ in banking stocks

After years betting solely on Kweichow Moutai, Dong Baozhen is diversifying.The money manager’s flagship fund has returned 785 per cent since its inception in 2010. He trounced the Shanghai Composite Index’s 14 per cent gain by owning just the one stock, sticking with Moutai as it became the world’s most valuable distiller. But Dong, a partner at Beijing Lingtongshengtai Asset Management, sees any price above 700 yuan (US$102) as excessive. Moutai last closed at 968 yuan.Dong, who recognises… Source link

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Boutique Singapore real-estate fund manager QIP is banking on co-living, student accommodation in UK and US

Despite fears of a no-deal Brexit and global economic slowdown, Peter Young, co-founder and chief executive of Q Investment Partners (QIP), believes there are still bright spots when it comes to property investment opportunities in the United Kingdom and the United States.In particular, the Singapore-based boutique real-estate fund manager is adding co-living to its property portfolio. At the same time, it is also ramping up its student housing portfolio with properties in Bath, Edinburgh,… Source link

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Singapore is ‘actively studying’ virtual banking licences, says country’s prime minister

Singapore is actively studying whether to allow companies with no banking parentage to set up virtual banks, paving the way for start-ups like on-demand services operator Grab to potentially enter the formal financial services industry.“Some other countries have created frameworks to license new players with no banking parentage to set up digital banks, i.e. banks without branches or ATMs,” Singapore Prime Minister Lee Hsien Loong said in a speech at the Smart Nation Summit in the city on… Source link

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