The newly launched online gold trading service of TienPhong Bank, eGold, is said to be a competitive offering in the domestic market, but special importance needs to be attrached to cyber security. — Photo tienphong.vn

HA NOI (Biz Hub) ― TienPhong Bank on Wednesday launched its new eGold service that enables customers to trade gold bars through internet and mobile banking channels.

It is the first bank to provide online gold trading in Viet Nam.

TienPhong chairman, Do Minh Phu, said the service would help reduce costs for the bank and its customers and limit risk in gold transactions.

The service will accept transactions of Saigon Jewelry Co (SJC) gold and several kinds of gold rings from DOJI Gold and Gemstone Group.

Phu said after transactions were completed, buyers could receive gold bars at the bank's transaction points or have them secured at the bank. Trading prices are reported to follow listed prices.

State Bank of Viet Nam Deputy Governor, Dao Minh Tu, said the service was a competitive offering in the domestic market, but emphasised the importance of cyber security measures to protect the bank and its customers from hackers.

The service was developed with support from DOJI, a major shareholder of the bank.

eGold is available for mobile devices using iOs and Android operating systems. ― VNS