SBV allows SCB to provide foreign exchange services

The State Bank of Vietnam (SBV)’s governor on December 26 issued a document allowing Saigon Commercial Joint Stock Bank (SCB) to provide foreign exchange services.
Accordingly, the bank will be allowed to provide foreign exchange transactions in the forms of spot transactions, forward, swaps, option right, future contract and other foreign exchange transactions in accordance with the international practice.

* Raising capital, lending and guaranteeing in foreign currency in forms in lines with the central bank’s regulations.

* Issuing and being issuing agent of international payment cards.

* Providing money transfer and payment services (domestic and international); receiving and paying foreign currency

* Discounting and rediscounting of valuable papers in foreign currencies;

* Authorising other credit institutions and economic organisations to be agents to conduct some foreign exchange services, including foreign exchange services, receiving and paying services for foreign currency and other services

* Providing mandate services and asset management in foreign exchange

* Providing investment banking services in foreign exchange (mergers and acquisitions (M&A), underwriting and being securities issuance agent in foreign currency)

* Provide consulting services in foreign exchange to customers.

* Performing other foreign exchange operations in accordance with the international practice and Vietnamese law.

On the same day, the Governor also issued a document confirming SCB has registered supplying operation for the foreign exchange services such as providing international payment services and performing transactions of buying and selling foreign currency and gold in foreign markets.

SBV

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial