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Category: Finance

Retail News Asia is committed to providing both local and global retailers with the latest Finance news throughout the Asian market. This on a daily base.

  • Dollar weakens against dong

    Dollar weakens against dong

    The U.S. dollar fell slightly against the Vietnamese dong Thursday morning. Vietcombank sold the greenback at VND25,400, down 0.08% from Wednesday.

    The State Bank of Vietnam set its reference rate 0.04% lower at VND24,245. Unofficial exchange points sold the greenback at VND25,730, up 0.04%.

    Globally the U.S. dollar was soft on Thursday after the Federal Reserve opened the door for an interest rate cut in September, helping keep the yen pinned near its highest since March in the wake of a hawkish pivot from the Bank of Japan.

    The dollar index, which measures the U.S. currency against six peers, was little changed at 104.02, having dropped 0.38% on Wednesday. The index fell 1.7% in July, its weakest monthly performance this year.

    The euro last fetched $1.0825 after rising 1% in July, while sterling was at $1.2852 ahead of the policy decision from the Bank of England, where the central bank could cut rates but markets and economists remain far from certain.

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  • Gold prices rise as global rates hit 2-week high

    Gold prices rise as global rates hit 2-week high

    Saigon Jewelry Company gold price rose 1.01% to VND79.8 million ($3,166.35) per tael Thursday morning.

    Gold ring price went up 0.45% to VND77.65 million.

    Globally gold prices climbed to a two-week high on Thursday as U.S. Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September.

    Spot gold was steady at $2,448.38 per ounce, after hitting its highest level since July 18 earlier in the session. Prices were just about $35 shy of the record high of $2483.60 scaled on July 17.

    U.S. gold futures firmed 0.8% to $2,492.50.

    “Gold bulls couldn’t resist the urge to buy more gold after the Fed effectively signalled the beginning of its rate-cut cycle. But gold bugs may want to warrant some caution above $2,500, given gold’s reluctance to hold on to gains around these levels,” City Index senior analyst Matt Simpson said.

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  • Techcombank named Vietnam’s Best Bank again

    Techcombank named Vietnam’s Best Bank again

    Techcombank has been named Vietnam’s Best Bank as well as Best Bank for Corporates at this year’s Euromoney Awards for Excellence.

    Techcombank has been named Best Bank in Vietnam 2024 by three international finance publications: Euromoney, Finance Asia, and Global Finance, becoming the only Vietnamese bank to ever win all three prestigious awards in the same year.

    In June, the bank was also named Number 1 Bank in Vietnam in the World’s Best Banks 2024 rankings by Forbes Magazine, based on an extensive survey of customer opinion.

    Jens Lottner, CEO of Techcombank, said that this is an unprecedented achievement.

    “These awards are testament to the success of the bank’s customer-centric strategy, the quality of its advanced data capabilities and digital infrastructure, and the unwavering commitment to excellence throughout the organization,” Lottner said. “Together, these pillars have firmly established Techcombank as one of the strongest banking platforms in Asia.”

    The Euromoney Awards for Excellence are widely considered to be one of the most prestigious accreditations in the banking industry and a strong and independent endorsement of excellence and achievement.

    Banks from over 100 countries entered the Awards for Excellence in 2024, and the best banks in each market were carefully selected by Euromoney’s independent team of editors and analysts.

    Techcombank has now won the Euromoney award for Vietnam’s Best Bank for an unprecedented fifth time, more than any other lender in Vietnam.

    This year’s award recognized Techcombank for its strong financial performance and profitability in 2023, achieved despite economic headwinds and proving the resilience of Techcombank’s business model.

    “Techcombank further solidified its leadership in Vietnam’s banking sector in 2023,” acknowledged Lousie Bowman, Euromoney Editor.

    Techcombank’s sustained profitability, robust asset quality, and balance sheet strength have enabled it to pay a cash dividend of VND1,500 per share to its shareholders in Q2 2024, one of the highest cash dividends in the industry.

    The award also acknowledged the bank’s focus on customer-centricity and its role as an industry pioneer through the launch of innovative digital and data-led solutions for individual, business, and corporate customers.

    For example, its new auto-earning solution enables individual customers to generate profit from their idle cash; Techcombank Merchant is a holistic solution designed to empower Vietnam’s many merchants to run and grow their businesses; and the new C-Cash solution helps Vietnam’s largest corporations uplift their treasury management to a world-class level.

    The quality of Techcombank’s suite of payments and collections, cash and treasury management, and FX solutions for SME and corporate customers was given special recognition with the Best Bank for Corporates honor in 2024.

    Techcombank has broadly applied data analysis and AI across the bank, and most major systems have been transitioned to the cloud.

    This was acknowledged by the Euromoney Best Bank in Vietnam award to put Techcombank years ahead of its competitors in Vietnam and to enable the bank to leverage its best-in-market digital platforms and data and AI capabilities to create more meaningful and more personalized experiences for customers than ever.

    “The bank’s key differentiator is its digital capability. Techcombank’s apps have received the market’s highest customer rating,” said Bowman of Euromoney.

    This rating is due to the smooth and personalized experiences that customers can enjoy when using the Techcombank Mobile app.

    For example, the bank is helping customers improve their financial awareness by providing personalized financial management advice and insights via the app, which enable them to enjoy their money and save for the future.

    Techcombank has already delivered over 52 million personalized pieces of financial advice to more than 4 million customers since the experience was launched.

    Another example is Techcombank’s new loyalty ecosystem, available through the app, and offering rewards and experiences tailored to individual customer preferences and lifestyles.

    It is already one of the largest and most diverse loyalty programs in the Vietnamese banking industry, encompassing over 19,000 points of sale with over 300 brands, where customers can earn reward points.

    The bank’s commitment to ESG excellence and to making a positive social and environmental contribution to Vietnam was also noted by Euromoney.

    In 2023, it provided more green credit to sustainability projects in Vietnam than ever before, while also supporting social initiatives with donations reaching VND148 billion (US$5.84 million) and promoting healthy living and physical fitness through support for the Hanoi and HCMC Techcombank marathons.

    “We are proud and humble to have been named Best Bank in Vietnam by Euromoney for a record fifth time,” Lottner said.

    “But this achievement is just the beginning of a new period of growth. We are now ready to accelerate and to leverage our digital platforms and data and AI capabilities to create more meaningful experiences for our customers and grow our business faster and more profitably than any other bank in Vietnam.”

  • Google Wallet now supports even more banks and credit unions in the U.S.

    Google Wallet now supports even more banks and credit unions in the U.S.

    Google Wallet has recently expanded its reach in the financial sector by adding support for 26 new banks and credit unions across the United States. This brings the total number of supported institutions to over 4,700, making Google Wallet a more accessible and versatile payment option for many users.

    The newly added institutions span a wide range of states, including California, Colorado, Illinois, Indiana, Kansas, Michigan, Mississippi, New York, Ohio, Pennsylvania, Texas, Washington, and Wisconsin. Several other banks without a specific home state have also been included in this expansion.

    Some notable additions include:

    • Achieva Health Savings
    • Blackhawk Engagement Solutions
    • Casey State Bank (IL)
    • Citizens State Bank (Lena, IL)
    • Commercial Bank and Trust of PA (PA)
    • Conway Bank (KS)
    • Direct Express
    • Elektra Go
    • Equals Money
    • Farmers State Bank of Calhan (CO)
    • First Family Federal Credit Union
    • HealthPlus Federal Credit Union (MS)
    • Hendricks County Bank and Trust Company (IN)
    • International Bank of Amherst (WI)
    • Ixonia Bank (WI)
    • Kaw Valley State Bank & Trust Company (KS)
    • LoadPay
    • Northwest Plus Credit Union (WA)
    • Paymentus
    • Pine River State Bank (MN)
    • Savannah Bank, NA (NY)
    • Settlers Federal Credit Union (MI)
    • Spentra/AAA
    • The Farmers and Merchants Bank (OH)
    • The First State Bank (TX)
    • The Southern Bank Company (CA)
    This latest expansion marks another milestone in Google Wallet’s journey towards becoming a ubiquitous payment platform. By partnering with over 4,700 banks and credit unions, Google Wallet is not only making digital payments more accessible but also contributing to the broader trend of financial inclusion.
    Furthermore, Google Wallet integrates with other Google services, such as Gmail and Google Maps, making it easier for users to track their spending, manage their finances, and discover new places to shop and dine.
    As Google Wallet continues to expand its network of supported institutions, it is poised to become an even more integral part of the digital payment landscape. With its user-friendly interface, robust security features, and growing list of partners, Google Wallet is a viable alternative to traditional payment methods for many consumers.
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  • Dollar rises against dong

    Dollar rises against dong

    The U.S. dollar strengthened against the Vietnamese dong Monday morning.

    Vietcombank sold the dollar at VND25,474, up 0.06% from the weekend. The greenback is sold at VND25,740 on the black market, down 0.04%.

    The State Bank of Vietnam (SBV)’s reference rate rose 0.06% to VND24,261.

    The dollar has increased against the dong by 4.32% since the beginning of the year.

    Globally, the dollar eased on Monday in the initial reaction to U.S. President Joe Biden’s decision to end his reelection campaign, clearing the way for another Democrat to challenge Donald Trump.

    The U.S. currency slipped 0.08% to 157.38 yen early in the Asian day, while the euro gained 0.11% to $1.0895.

    Biden announced he was exiting the race on Sunday, and endorsed Vice President Kamala Harris to replace him as the Democratic candidate in the November election.

    Commonwealth Bank of Australia strategist Joseph Capurso warned it was too early to read too much in the dollar’s reaction.

    “The bottom line is what the polls show this week,” Capurso said, explaining that a decline in odds for a Trump win should see the dollar weaken, and vice versa.

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  • Dollar gains on black market

    Dollar gains on black market

    The U.S. dollar rose against the Vietnamese dong on the black market Friday afternoon.

    Unofficial exchange points sold the greenback at VND25,750, up 0.53% from Thursday.

    The State Bank of Vietnam kept its rate unchanged at VND24,246.

    The dollar has risen 5.36% to VND25,750 against the dong this year.

    Globally the dollar was poised to snap a two-week losing streak on Friday, as traders pondered the U.S. rates outlook, while the yen was steady after inflation in Japan accelerated for a second month, keeping the prospect of a rate hike there on the table.

    The U.S. dollar was on the front foot in Asian hours after a stormy week that saw the yen, euro and sterling make significant gains against the greenback as investors fully price in a rate cut from the Federal Reserve as soon as September.

    The yen was at 157.72 per dollar after touching a six-week high of 155.375 on Thursday, according to Bank of Japan data. This was in the wake of Tokyo’s suspected interventions last week that could total nearly 6 trillion yen ($38.14 billion).

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  • Dollar weakens on black market

    Dollar weakens on black market

    The U.S. dollar fell against the Vietnamese dong on the black market Tuesday morning. Unofficial exchange points sold the greenback at VND25,690, down 0.35% from Wednesday.

    Vietcombank kept its rate unchanged at VND25,457. The State Bank of Vietnam’s reference rate was stable at VND24,245.

    The dollar has risen over the dong by 4.16% since the beginning of the year.

    Globally, the dollar hung around five-week lows on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a rate cut in September, while cryptocurrencies gained on rising odds of former President Donald Trump getting reelected.

    Powell said on Monday that the three U.S. inflation readings over the second quarter of this year “add somewhat to confidence” that the pace of price increases is returning to the Fed’s target sustainably.

    The euro was a shade lower at $1.0893, while sterling last fetched $1.2967. The dollar index, which measures the U.S. unit versus six peers, was at 104.3, not far from the one month low of 104 it touched on Monday.

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  • Google Wallet’s upcoming option to scan and store “Everything else” is getting close to a rollout

    Google Wallet’s upcoming option to scan and store “Everything else” is getting close to a rollout

    Google Wallet is adding a new feature that lets you scan and store digital copies of various documents and passes, including loyalty cards, passports, IDs, and more. The feature, called “Everything else,” was first shown off at Google I/O earlier this year and is expected to roll out to users soon.

    Before you can use the feature, Google Wallet will ask for your permission to process your data, but it assures users that all processing happens on your device and no data is sent to Google’s servers. This information was accessed through an APK breakdown by enabling hidden flags in the code.

    Once you give permission, you can scan and save two types of documents: normal and private. Normal documents, like your student ID or business card, don’t need any special security to add or access them. Private documents, like your driver’s license or tax ID, will require biometric authentication, such as your fingerprint or face scan, for added security.

    Google Wallet will try to automatically identify, scan, and categorize the documents you add. It can recognize various document types, like loyalty cards, passports, IDs, insurance cards, event tickets, and more. If it can’t figure out what type of document it is, it will put it in an “Other” category, and you can manually enter the information yourself.

    You can also change the category of a document if you think it’s been labeled incorrectly. You can add more information to scanned documents, with each document category supporting up to five additional fields.

    Sometimes, changing a document’s category might remove the scanned information, requiring you to re-enter the details. However, if you switch back to the original category, the information should reappear. This is designed to make sure that the feature doesn’t accidentally mislabel information in your scanned documents.

    This new feature isn’t yet available in the current version of Google Wallet, but Google has already announced that it will be included in a future update.

  • Gold ring price inches up

    Gold ring price inches up

    Saigon Jewelry Company gold ring price rose 0.07% to VND75.95 million (US$2,987.21) per tael Wednesday morning.

    Gold bar price was stable at VND76.98 million per tael. A tael equals 37.5 grams or 1.2 ounces

    Gold price was at $2,367.43 per ounce at the time of publishing.

    The growing speculation that the US Federal Reserve (Fed) is likely to start cutting rates as early as September continues to support the non-yielding metal. Furthermore, political uncertainties within Europe and globally might boost Gold price, a traditional safe-haven asset.

    On the other hand, the pause of China’s central bank Gold purchases for a second consecutive month might prompt traders to reduce bullish bets in the yellow metal as China is the world’s largest gold consumer.

  • Gold ring price edges higher

    Gold ring price edges higher

    Saigon Jewelry Company gold ring price rose by 0.07% to VND75.65 million (US$2,972.21) per tael Wednesday morning.

    Gold bar price was stable at VND76.98 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally, gold prices were flat on Wednesday as investors awaited minutes of the Federal Reserve’s last policy meeting for fresh cues on when the U.S. central bank will start cutting interest rates, overshadowing a strong domestic jobs report.

    Spot gold was little changed at $2,331.97 per ounce. U.S. gold futures gained 0.3% to $2,340.20.

    The gold market has been steady and holding in a narrow range for a few weeks now, said Marex analyst Edward Meir, adding that bullion prices might move higher later this year with all the elections up in the air.

    Ahead of the release of the Fed minutes, Chair Jerome Powell said on Tuesday the United States was back on a “disinflationary path,” but policymakers needed more data before cutting rates to verify that recent weaker inflation readings provided an accurate picture of the economy.

    Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

    “There’s a clear path for gold to outperform from here, likely fueled by Western flows. Conversely, in the event that central bank demand drops drastically, rates remain high for longer and Asian investor sentiment flips, we could see a pullback in the second half,” the World Gold Council said in its mid-year outlook report.

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  • Dollar slips on black market

    Dollar slips on black market

    The U.S. dollar declined slightly against the Vietnamese dong on the black market Saturday morning.

    Unofficial exchange points sold the greenback at VND25,980, down 0.15% from Friday.

    Vietcombank maintained its rate at VND25,473.

    The State Bank of Vietnam’s reference rate was stable at VND24,245.

    The dollar has gained over the dong by 4.31% since the beginning of the year.

    Globally the U.S. dollar slipped on Friday after data showed inflation in the world’s largest economy subsided last month, cementing expectations the Federal Reserve will start cutting interest rates this year, Reuters reported.

    The dollar initially fell against the yen, the currency pair most sensitive to U.S. economic data because of a high, positive correlation to Treasury yields. The greenback, however, edged higher to trade flat on the day, with investors still focused on the wide interest rate differential between the United States and Japan.

    The dollar was last up slightly against the Japanese unit at 160.815 yen, after earlier hitting a 38-year high of 161.27 yen. Traders remained on high alert for intervention from Japanese authorities to boost its currency.

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  • Bitcoin Disciples on the Road to Freedom

    Bitcoin Disciples on the Road to Freedom

    Julian Assange is a free man after 12 years of embassy asylum and prison. To some, he is a hero and martyr fighting for democracy and press freedom; to others, he is a dangerous traitor. His story, and that of the Wikileaks platform, is closely intertwined with Bitcoin.

    Wikileaks founder Julian Assange has pleaded guilty to one charge in a U.S. court on the island of Saipan in the Northern Mariana Islands, a U.S. overseas territory. Now he is a free man and has since arrived in his homeland of Australia.

    The story of Assange and Wikileaks is closely linked to the cryptocurrency Bitcoin. In 2010, Assange released a flood of military documents through the platform, which had been provided to him by analyst Bradley Edward Manning (now Chelsea Manning). These documents revealed numerous human rights violations by the U.S. Army in Iraq and Afghanistan, sparking a storm of sanctions, including financial ones.

    By 2013, all of Assange’s accounts and credit cards were frozen. The rescue came in the form of Bitcoin. Only through the cryptocurrency was the whistleblower platform able to continue operating.

    Along with the media storm that ensued, Bitcoin was reported on for the first time outside of geek media. Just months later, the figure of Satoshi Nakamoto, who is considered the inventor of the cryptocurrency, disappeared without a trace.

    To this day, it is not definitively clear who or how many people are behind the name. «It would have been nice to get this attention in another context,» reads one of Nakamoto’s last posts. WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.

    Assange was also an early fan of Bitcoin. He saw a connection between the artificial currency and his ideology that civil society must organize itself outside and apart from existing structures. Bitcoin is a revolution, he wrote in 2011. Cryptocurrency is the «true Occupy Wall Street» and one of the most interesting developments on the internet.

    From then on, Wikileaks preferred to collect donations in Bitcoin. These played a significant role in the years-long tug-of-war over Assange’s fate. According to a report , Wikileaks benefited from the strong increase in Bitcoin value in recent years.

    For his chartered flight journey, which will take him from London via a stopover in Bangkok and Saipan to his homeland of Australia, Assange will owe the Australian government 520,000 dollars, his wife Stella Assange said on social media. A crowdfunding platform has been set up for that goal.

  • Vietnam Stock Exchange posts first profit decline

    Vietnam Stock Exchange posts first profit decline

    Vietnam Stock Exchange, which operates the country’s two main bourses, saw profit dropping 8% to VND1.92 trillion ($75 million) last year, its first decline since establishment.

    The operator of Ho Chi Minh Stock Exchange and Hanoi Stock Exchange saw revenue falling 10.5% to VND3.06 trillion.

    92% of its revenue came from stock transaction services.

    Around 60% of its revenue and profit were recorded in the second half of the year when VN-Index recovered rose 20% between May and August.

    The Vietnam benchmark closed the year 12% higher.

    Vietnam Stock Exchange was stablished in 2020-end and began operation in mid-2021. It is entirely owned by the Ministry of Finance.

  • China asks Visa, Mastercard to cut transaction fees

    China asks Visa, Mastercard to cut transaction fees

    China is pushing for Visa and Mastercard to lower their bank card transaction fees in the country, as part of an effort to facilitate payments for foreign visitors, Bloomberg News reported, citing a person familiar with the matter.

    According to a report published on Friday, the Payment & Clearing Association of China is negotiating with global card issuers, including Visa and Mastercard, to lower fees charged on foreign card transactions.

    The association proposed trimming the fee to 1.5 percent from 2-3 percent, the report added.

    Mastercard told Bloomberg that it had received the proposal from the industry association and said it would work with partners to lower costs for local merchants accepting foreign bank cards.

    Visa and Mastercard did not immediately reply to Reuters’ requests for comment.

    According to a statement posted on its website on Tuesday, the industry group issued a proposal earlier this week to global card issuers on the fee cut without disclosing details of the price cut.

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  • Citizens’ deposits at banks reach new record high

    Citizens’ deposits at banks reach new record high

    Citizens’ deposits reached a new historic peak of VND6.676 quadrillion (US$262.2 billion) as of the end of March, according to the State Bank of Vietnam.

    This marked a 2.2% growth from the end of 2023.

    Meanwhile, corporate deposits fell 3.1% to VND6.6 quadrillion in the same period .

    After a period of declining interest rates that began last March, many banks have started to raise deposit interest rates since May.

    Analysts expect a rise in deposit interest rates by 0.5 to 1 percentage point, reaching around 7% per year in the year’s second half.

    However, the rates are unlikely to return to the high levels seen at the end of 2022, following a bank-run incident that resulted in a private lender being placed under central bank control.

    Credit growth has only reached 2.4% this year, failing to meet the targets of 5% for the first half and 15% for the entire year, which analysts attribute to a sluggish real estate market.

    The local real estate sector has experienced a significant downturn, leading to major developers facing challenges in repaying debt, including bond interest and principal, due to liquidity constraints and decreasing property values.

    The situation escalated at the end of 2022, following the arrest of Truong My Lan, Chairwoman of Van Thinh Phat group, who is on death row for multiple financial frauds.

    The arrest was part of Vietnam’s anti-corruption campaign, which intensified in late 2021.

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