MSB, FXChange plan automated foreign exchange kiosks in Việt Nam

MSB, FXChange plan automated foreign exchange kiosks in Việt Nam

MSB and FXChange will prepare a proposal for submission to the State Bank of Vietnam (SBV) to seek approval for a self-service foreign exchange agency model, which would operate without staff permanently stationed at the kiosks.

The signing ceremony between MSB and FXChange. — Photo baochinhphu.vn

Vietnam Maritime Commercial Joint Stock Bank (MSB) has signed a memorandum of understanding with Singapore-based FXChange to study the deployment of automated cash-to-cash foreign exchange kiosks in Việt Nam.

Under the agreement, MSB and FXChange will prepare a proposal for submission to the State Bank of Vietnam (SBV) to seek approval for a self-service foreign exchange agency model, which would operate without staff permanently stationed at the kiosks.

The companies initially plan to install about 100 FXChange kiosks at four- and five-star hotels and retail locations in Hà Nội and HCM City, before considering an expansion.

The kiosks are designed primarily to serve international visitors and will allow customers to exchange about 17 commonly used foreign currencies into Vietnamese đồng with transactions available around the clock.

Users would complete the process themselves by verifying their identity with a passport or citizen identity card, depositing foreign currency banknotes and receiving Vietnamese đồng. Exchange rates would be updated continuously through a direct connection with MSB's systems.

The machines would also feature counterfeit banknote detection and camera surveillance, while complying with regulations governing the collection of identification data, the companies said.

MSB said the proposed system is intended to improve foreign exchange services for international tourists, diversify its foreign exchange resources and support Việt Nam’s tourism infrastructure.

FXChange, which operates foreign-exchange services in several regional markets, is expected to provide the kiosks and operational expertise under the cooperation agreement. 

Bizhub