The State Bank of Việt Nam has sent a document to provincial and municipal people’s committees encouraging efforts to prevent the trading of students’ payment accounts.
There is plenty of room for further development of the digital finance industry, but experts worry that this the huge number of people without bank accounts and the slow policy-making process will stall progress.
United Overseas Bank Vietnam Ltd has come out with a new mobile application that enables people to open personal bank accounts online and cut the time taken to open them from 45 minutes to 10 minutes.
The State Bank of Viet Nam (SBV) is drafting the National Financial Inclusion Strategies (NFIS) to increase the ratio of people and firms with access to formal financial services.
Individuals aged between 15 and 18, who own separate assets, will be
allowed to independently open and operate bank accounts without seeking
approval from their parents or guardians.