Home Finance

Standard Chartered launches mobile wallet

Aug 27th at 10:32
27-08-2015 10:32:15+07:00

Standard Chartered launches mobile wallet

Standard Chartered Bank has partnered with M_Service JSC, which operates the MoMo mobile wallet service, to launched its Straight2Bank Wallet payment service in Viet Nam, which enables businesses and organisations to transact with both banked and unbanked individuals.

Using the service, the bank's corporate clients can make payments directly into their beneficiaries' mobile wallets.

MoMo is compatible with all local telecom networks, and so individuals with a smart phone registered with MoMo will be able to receive the money electronically.

They can withdraw cash through a network of more than 3,000 outlets in 38 provinces and cities across the country. It has now a clientele of around 500,000 individuals.

"The Vietnamese Government is seeking to boost non-cash payments as the country is shifting away from a predominantly cash-based economy…," Standard Chartered Bank Vietnam CEO Nirukt Sapru said.

bizhub

MOST READ

NEWS SAME CATEGORY

Gov’t takes precautionary measures to control public debt
FINANCE Aug 26th at 13:40

Gov’t takes precautionary measures to control public debt

Though they believe that Vietnam’s public debt is not as dangerous as some international institutions say, government officials are applying measures to control the...

SBV vows to restructure financial leasing companies
FINANCE Aug 26th at 13:36

SBV vows to restructure financial leasing companies

Despite the high demand and the fertile market, only 50 percent of Vietnamese owned finance leasing companies have been profitable.

Bank M&A deals cool down near year-end
FINANCE Aug 26th at 13:33

Bank M&A deals cool down near year-end

Analysts believe Merger & Acquisition (M&A) deals will be quiet for the rest of the year, while deals under negotiation will complete necessary procedures.

DongA Bank names temporary director
FINANCE Aug 26th at 11:04

DongA Bank names temporary director

The DongA Bank management board has nominated deputy general director Nguyen An to run the bank until a permanent replacement is identified for sacked general...

DongA Bank allowed to name new boss as central bank changes mind on outsider
FINANCE Aug 26th at 08:29

DongA Bank allowed to name new boss as central bank changes mind on outsider

The DongA Bank management board has nominated deputy general director Nguyen An to run the bank until a permanent replacement is identified for sacked general...

BIDV signs MoU with Kyoto Bank to service Japanese businesses
FINANCE Aug 26th at 08:28

BIDV signs MoU with Kyoto Bank to service Japanese businesses

Japan's Kyoto Bank and the Viet Nam Bank for Investment and Development (BIDV) have inked a memorandum of understanding for offering banking services to Japanese...

Vietnam & EU to cut tariff lines
FINANCE Aug 25th at 13:32

Vietnam & EU to cut tariff lines

Once the EU-Vietnam Free Trade Agreement (EVFTA) takes effect Vietnam has committed to eliminating about 48.5 per cent of tariff lines, equal to 64.5 per cent of...

Does bank restructuring mean fewer banks?
FINANCE Aug 25th at 13:30

Does bank restructuring mean fewer banks?

Economists believe that Vietnam’s emerging economy needs a sufficient number of commercial banks to satisfy people’s demand, and that more than 30 banks is ‘more...

SBV to hold exchange rate steady
FINANCE Aug 25th at 13:25

SBV to hold exchange rate steady

The State Bank of Viet Nam has said it would hold the exchange rate steady till the end of the year and also in the early months of 2016.

Credit firms struggle to retrieve collateral
FINANCE Aug 25th at 10:50

Credit firms struggle to retrieve collateral

While handling pledged assets was considered an effective tool for credit institutions to retrieve debts and reduce non-performing loans, gaps in regulation have...

Read More

Bank stocks

Insurance stocks

MOST READ

Back To Top