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China Merchants Bank, Bank of Communications and Shanghai Pudong Development Bank dismiss US’s North Korea sanctions breach charges

Mainland Chinese commercial banks China Merchants Bank, Bank of Communications (Bocom) and Shanghai Pudong Development Bank (SPDB) on Tuesday dismissed allegations they were in possible breach of US sanctions against North Korea.In statements issued after their stocks were hammered by a Washington Post report alleging misconduct, the lenders said they have been complying with international and Chinese laws, and were not involved in any investigations related to a possible breach of the… Source link

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Building trust critical for digital banking development – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Attendees at the “Digital banking and the specific ecosystem” conference. Photo Bizlive HÀ NỘI – Digital banking is inevitable for Vietnamese banks and building trust is critical in the development of the new business model, experts said at a conference on Friday. At a conference titled ‘Digital banking and the specific ecosystem’ held by news portal Bizlive, Nguyễn Chiến Thắng, VPBank Director of Digital Sales & Partners, said that digital banking is an inevitable development path for banks. According to Thắng, there are many challenges facing banks in the development…

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Ministry issues ICT reference framework for smart city development – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

The ICT reference framework for the development of smart cities (version 1.0) has been issued by the Ministry of Information and Communications. — Photo cafef.vn HÀ NỘI — The ICT (information and communication technology) reference framework for the development of smart cities (version 1.0) has been issued by the Ministry of Information and Communications as a basis for localities and businesses to develop smart city projects.  The ICT reference framework is a set of functions to link smart regions, applications, and urban services to ensure consistency and synchronisation in smart city development,…

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Vân Đồn Economic Zone lays out $357.2 million development plan – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    A view of Cái Rồng Port in Vân Đồn Economic Zone. The province’s plan would allocate VNĐ2.4 trillion from the provincial budget during the 2019-25 period to develop the EZ’s infrastructure.  Photo enternews.vn HÀ NỘI — The People’s Committee of northeastern Quảng Ninh Province has released a plan to implement Prime Minister Nguyễn Xuân Phúc’s conclusions on the development of Vân Đồn Economic Zone (EZ) that would require more than VNĐ8.35 trillion (US$357.2 million) to expand its infrastructure by 2030. The plan aims to make Vân Đồn an…

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Digital transformation offers development opportunities – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Digital transformation is considered an opportunity for Vietnamese enterprises to avoid falling behind their competitors, but many firms, especially small- and medium-sized enterprises, remain unaware of the Fourth Industrial Revolution. — Photo nhandan.com.vn HÀ NỘI — Digital transformation is considered an opportunity for Vietnamese enterprises to avoid falling behind their competitors, but many firms, especially small- and medium-sized enterprises, remain unaware of the Fourth Industrial Revolution, experts have said. At a workshop in Hà Nội on Friday, participants said the digital transformation had occurred around the world as governments and large businesses use new technologies to promote…

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Private-sector ‘green finance’ needed for sustainable development – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Speakers at the Sustainable Finance Forum held yesterday in HCM City. VNS Photo Bồ Xuân Hiệp HCM CITY — Given Việt Nam’s investment deficit in sustainable development projects, there is a growing need for innovative solutions that open up opportunities for private investment in sustainable development projects, banking experts said yesterday at the Sustainable Finance Forum in HCM City. A growing need existed for private investment in economically and environmentally sustainable development projects, which would deliver jobs and inclusive growth, they said. Nguyễn Toàn Thắng, general secretary of Việt Nam Banks…

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China’s beleaguered peer-to-peer lending market will get a boost from Greater Bay Area development, says DBS Bank

China’s peer-to-peer (P2P) lending industry, which has shrunk dramatically under a government crackdown, should get a welcome boost from the development of the Greater Bay Area, according to DBS Bank.By 2030, P2P lending will enjoy an annual growth rate of 17 per cent in the new economic and innovation hub, making it the fourth-fastest growing sector there, the Singaporean bank estimated.In P2P lending, internet-based platforms match private investors with individuals or small companies that… Source link

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HSBC to add 1,000 jobs at tech development centres in Guangzhou, Shanghai and Xian as it looks to grow in China

HSBC Holdings plans to add more than 1,000 jobs this year at its technology development centres in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy.Europe’s biggest bank by assets will boost headcount at its technology centres in Guangzhou, Shanghai and Xian by 14 per cent from a current 7,000-strong workforce, said HSBC chief information officer Darryl West.In recent years the London-based bank has spent US$3 billion annually on its group… Source link

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Fund for development of SMEs to established – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Workers check products. A fund for development of SMEs will be opened this year. — Photo theleader.vn HÀ NỘI — The Fund for Development of Small and Medium-sized Enterprises (SMEs) will be established and start operation in July, according to a recently-issued decree. The fund has minimum charter capital of VNĐ2 trillion from the State budget set aside for development investment. Tasks of the fund include lending and funding for SMEs as well as support for promotion of ability in SMEs. Interest rate of the fund’s loan is equal to 80 per…

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Sharing mechanism needed for fintech development – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Israeli and Vietnamese firms discussing opportunities for co-operation at Thursday’s seminar. — VNS Photo HÀ NỘI — A “regulatory sandbox” and a sharing mechanism are needed for the development of Việt Nam’s fintech industry, experts said at a seminar on Thursday. According to Nguyễn Thanh Bình, acting discipline lead at the economics and finance department of RMIT University, the existing legal framework is unclear and does not cover the development and penetration of new technological products in Việt Nam. The Government needed to develop a regulatory sandbox – a…

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