Commercial banks now are pouring money into digitalization in order to satisfy clients’ requirements amid financial technology breakthroughs.
Commercial banks in Vietnam will initially replace some 21 million magnetic ATM cards with chip cards beginning May 28, as the State Bank of Vietnam (SBV) has ordered issuing banks to convert their 75 million ATM cards to new chip cards.
The National Payment Corporation of Vietnam (NAPAS) has announced a fee reduction for its local switching system services with an aim to encourage banks replacing their current magnetic strip ATM cards with chip cards ahead of schedule.
With several local lenders raising fees for cash withdrawals at ATMs, the State Bank of Vietnam is stepping in to slow the ‘fee hike’ race.
The Mong Cai International Border Gate in northern Quang Ninh province announced on February 22 that three Chinese nationals had been arrested for using fake ATM cards to steal money from banks.
Timo, the first digital bank service in Vietnam, was officially launched late last week in Ho Chi Minh City.
The State Bank of Vietnam has instructed banks to quickly carry out a plan to convert all magnetic cards into chip cards to prevent fraud.
Vietnamese police have detained two Chinese for using fake cards to withdraw cash from ATMs.
According to the Vietnam E-Commerce and Information Technology Agency, though the country's e-commerce market has seen significant growth, the habit of using cash remains overwhelmingly popular, accounting for 65% of online transactions.
The police arrested five persons for being involved in an online fraud operation on May 16.
Police in Ho Chi Minh City have arrested three Bulgarian men suspected of using fake ATM cards to withdraw money from local banks, after security guards caught one of them in the act.
(VOV) -Police in the central province of Khanh Hoa has arrested three foreigners for using counterfeit ATM cards to withdraw money from banks’ ATMs.
(VOV) -The Ho Chi Minh City Youth Workers Support Centre will hold a mass wedding for 100 pairs of workers at Grand Palace Wedding and Conventions on Vietnam’s Independence Day (September 2).