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Timo officially moves to new banking partner

After five years of establishment and development, Timo, the digital banking platform which was awarded Best Digital Bank in Vietnam 2019 by AsiaMoney, has decided to join forces with a new banking partner — Viet Capital Bank — in order to deliver more rapid innovation and a better experience to customers.

The new app is called Timo Plus, which is an improved version of Timo that will continue to be one of the innovative digital banking platforms in Vietnam when it launches in September.

Timo’s mission is to provide a smart financial management platform with a focus on the best user experience.

With the intuitive and user-friendly interface of Timo Plus, users can conveniently send and receive payments, manage savings and investments, borrow money and create financial plans.

To accomplish this mission, Timo has striven to find a suitable, long-term partner who brings not only the core banking systems but also shares our vision of creating the best digital banking platform for the increasingly sophisticated customer base in Vietnam.

Thus, after rigorous study and due diligence, Timo and Viet Capital Bank decided to form this strategic partnership.

With this partnership, the new digital banking application, Timo Plus, will continue to have all the best features of the current Timo app and will continue to innovate on Viet Capital Bank’s core banking platform and technology.

The user experience and benefits of customers are always Timo’s main focus, and it will continue to put customers first in the new Timo Plus app.

Timo’s existing customers will have the option to seamlessly migrate to the Timo Plus application with the new banking partner, Viet Capital Bank, in the coming weeks.

The transition is expected to be completed on September 8, 2020. After this date, Timo customers will no longer have use of the current app.

Those who have not already migrated to the new Timo Plus app will have the option of maintaining their account with VPBank or shut down their account.

Putting customers first has always been Timo’s focus irrespective of banking partner.

During the transition, customers can visit the website www.timo.vn for more information, email [email protected] or call 1800 6788 during working hours. Timo is ready to serve and support customers as usual.

About Timo’s digital banking platform

Established in 2015, after five years of building and developing, together with receiving the support of customers, Timo as a digital banking platform has brought customers outstanding products and services in the Vietnam banking market.

Timo provides its customers with a comprehensive set of tools to support their financial needs with essential banking services.

Timo’s hybrid ‘Hangout’ brick-and-mortar concept, combined with the simple and user-friendly application, brings modern banking services to the public in the most innovative way.

Timo Spend Account enables spending and tracking of money with a fully functional account and debit card for transferring money, paying bills, topping up credit to any mobile phone number, and access to ATM withdrawals nationwide — all for free.

Timo members have the ability to send money to other Timo members using just their email address.

Smart Savings options like Goal Save enable built-in financial planning for short- or long-term goals with the option of recurring contributions towards their goal from their Spend Account.

Term Deposits also encourages digital savings using competitive interest rates and intelligence to help customers break down the Term Deposit into smaller units for maximizing interest earned even in case of early redemption.

Lending products like Fast Cash or overdraft can be applied for and credited to the customer’s accounts in under 30 minutes, while applying for a Credit Card is aimed at minimizing hassle.

Customers can also purchase insurance, flight tickets and invest in mutual funds through partners’s products available right in the Timo app.

 

About Viet Capital Bank

Viet Capital Bank was established in 1992. Over 27 years of development, with the business strategy of becoming a modern and multi-functional bank, Viet Capital Bank has taken great strides in the transformation of the banking sector in Vietnam through a focus on technology and customer care, especially for SMEs and individual clients.

In digital banking, Viet Capital Bank is recognized as agile and quick to adopt digital transformation initiatives such as being the first to implement eKYC with TrueID technology from VNG.

Viet Capital Bank has also been a pioneer in online and mobile banking, and has led the banking sector in partnerships with the leading fintech and digital financial services innovators.

Its business results through the first six months of this year reflect the benefits of this focus on technology and innovation as the number of transactions and transaction value handled by Viet Capital Bank have increased by over three times and over five times, respectively, as compared to last year.

Source: https://tuoitrenews.vn/news/business/20200808/timo-officially-moves-to-new-banking-partner/56023.html

Business

Nissan gets new Vietnam distributor

Nissan gets new Vietnam distributor

The Nissan logo is seen at their booth at the Tokyo Motor Show, in Tokyo, Japan October 23, 2019. Photo by Reuters/Edgar Su.

The Vietnam Automobile Industry Development Company (VAD) has inked a deal with Nissan to become the Japanese carmaker’s exclusive distributor in Vietnam.

The company announced Thursday that IT will take over the vehicle distribution starting October 1 after Nissan and Tan Chong Motor Holdings Bhd officially cut their ties from September 30.

VAD is a recently established company located in the Viet Hung Industrial Park in northern Ha Long Town. It began operations on August 28. It has a charter capital of VND350 billion ($15.1 million) and registered 28 lines of business, with the main line being the wholesale distribution of cars and other motor vehicles.

Currently, Nissan has its Sunny, X-Trail, Terra and Navara models in the Vietnamese market. Of these, only Sunny and X-Trail models are assembled in Vietnam. A total of 1,414 units of these two models were assembled in the first eight months of this year.

Tan Chong, a multinational corporation based in Malaysia, will retain its presence in the local market, becoming the distributor for British automaker MG, which is owned by Shanghai-based Chinese state-owned SAIC Motor Corporation Limited.

Source: https://e.vnexpress.net/news/business/companies/nissan-gets-new-vietnam-distributor-4167107.html

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Business

VN aviation sector rebounds with reopening of air routes

Vietnamese airlines have recently unveiled plans to resume air routes following the containment of the second coronavirus outbreak, showing the fact that the aviation market has begun to pick up again.

Airlines have seen impressive recovery of domestic flights recently

Airlines have seen impressive recovery of domestic flights recently
 

National flag carrier Vietnam Airlines recently deployed a range of promotional activities aimed at stimulating travel demand. It also exerted all-out efforts in a bid to ensure service quality and the implementation of COVID-19 prevention and control measures.

A representative from Vietnam Airlines stated that the firm had transported approximately 40,000 passengers on its domestic routes between the beginning of the year and September 21, representing an annual increase of 12%.

Currently, the firm operates more than 40 routes with nearly 200 flights per day. With the COVID-19 epidemic being gradually brought under control, the airline has added more flights on eight of its domestic routes between Hanoi and localities such as Vinh, Quy Nhon, Da Nang, Tuy Hoa, Nha Trang, Da Lat, and Pleiku, in addition to between Ho Chi Minh City and Da Nang.

From October 1, it will reopen six domestic routes, namely Hai Phong to Da Lat, Nha Trang, and Buon Ma Thuot, Da Nang to Da Lat and Buon Ma Thuot, in addition to Hai Phong to Da Nang.

For the occasion, the airline has offered discounted tickets priced at only VND99,000 for a one-way ticket, equivalent to VND579,000 including taxes and fees, on these routes, with the departure time starting from October 1 to December 31.

Simultaneously, Vietnam Airlines has co-operated with Pacific Airlines to introduce several products for passengers.

Meanwhile, Bamboo Airways announced on September 23 that they will officially resume domestic routes from Hai Phong, Vinh, Da Nang, and Can Tho to other localities nationwide from September 28 to October 12.

At present, local airlines are working to gradually reopen international flights in line with the Government’s instructions and approval from foreign authorities.

Most notably, Vietnam Airlines officially put tickets on sale on September 23 for the first regular international commercial flight from the Republic of Korea following the suspension of international flights due to the impact of the COVID-19 epidemic.

Commercial flights from RoK officially resume

The first commercial flight took off from Seoul in the Republic of Korea (RoK) on the morning of September 25 to Noi Bai International Airport after a period of international routes being suspended due to the novel coronavirus (COVID-19) epidemic. 

Flight VN417 was carried out by national flag carrier Vietnam Airlines and transported more than 100 passengers from Incheon International Airport in the RoK to Hanoi’s Noi Bai International Airport.

Vietnam Airlines in co-ordination with relevant units have made thorough preparations for the journey in recent days as part of efforts for the airline and other carriers to reopen a number of international air routes.

This comes following the COVID-19 epidemic being successfully brought under control in the nation and many other countries globally.

During the duration of the flight, a number of strict epidemic prevention measures were put in place, with passengers being required to present mandatory proof of a negative COVID-19 tests, through PCR diagnostics, that was issued three days prior to the flight.

In addition, travelers had to confirm the location of their quarantine facility upon arrival in Vietnam or download the contact tracing app in line with regulations.

Furthermore, Vietnam Airlines also successfully carried out the first regular international commercial flight from Hanoi to Tokyo in Japan, with approximately 60 passengers on board.

The majority of passengers were made up of international students, Vietnamese guest workers, and some Japanese citizens.

Aside from air routes with Japan and the RoK, the national flag carrier has plans to restore flights between the nation and China, Taiwan (China), Laos, and Cambodia in the near future. VOV

Source: https://vietnamnet.vn/en/business/aviation-sector-rebounds-with-reopening-of-air-routes-676489.html

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Business

Banks struggle to sell cars to collect debts

Hundreds of cars serving as collateral for bank loans have been put on sale by commercial banks to collect debts.

The officer of a joint stock bank in Hanoi said the bank has foreclosed on hundreds of cars this year, but the number of cars sold has been very modest.

Banks struggle to sell cars to collect debts

Some years ago, when the economy was growing well, people rushed to borrow money from banks to buy cars and apartments. In 2016-2019, the loans to fund car purchases grew by 40 percent per annum.

Banks applied measures to lure borrowers, accepting to lend up to 80-90 percent of the cars’ value.

As many borrowers cannot now pay debts, banks have to foreclose on cars, which are collateral for loans, to sell for debt collection.

The officer said it is most difficult to sell passenger cars with 16-45 seats. As travel demand has decreased in Covid-19, many transportation firms have had to suspend their operation. Because of the decreasing travel demand, no one wants to buy these vans.

As cargo transportation demand is on the decrease, people aren’t think of buying trucks now. As for sedans, both used and brand-new cars have seen prices drop sharply, while the supply is plentiful.

As cargo transportation demand is on the decrease, people aren’t think of buying trucks now. As for sedans, both used and brand-new cars have seen prices drop sharply, while the supply is plentiful.

An analyst said that the cars put up for sale by banks are mostly ones voluntarily handed over by clients because they cannot sell themselves for a good price, or are ones foreclosed on by banks.

In many cases, before handing over the cars to banks, the owners of the cars have changed interior equipment or replaced parts with low-quality components. Banks are not able to recognize the changes.

In general, banks sell cars at first-price sealed-bid auctions. Information about the cars is limited. Banks only give information on the brand, year of manufacturing, color, vehicle registration number, mileage and starting prices. Buyers also cannot access the cars before attending the auctions.

Le Quoc Huy, the owner of a business in Thanh Tri district in Hanoi, said he wanted to buy a Chevrolet Van 2017 series which had the starting price of VND185 million from a bank, but he later gave up the plan.

“I intended to buy this van to transport cargo within the city. But I was not sure about the status of the van, whether its components were original,” he explained. “If I have to spend more money to repair the van, it would become too expensive. So, I finally decided not to buy the car.”

The man admitted that many cars cannot find buyers though they have been put up for auctions four or five times, with the starting price decreasing by 5 percent each time.

A car dealer said he doesn’t intend to buy these cars. “The used car supply is still high. It is not easy to sell used cars now,” he explained.

VIB, Sinhan Bank, Techcombank, VP Bank and TP Bank are the biggest lenders funding car purchases.

Analysts said, as the economy is in difficulty because of Covid-19, credit has been growing very slowly as businesses don’t have high demand for loans at this time to expand production.

As a result, banks are trying to promote consumer credit. Tens of trillions of dong worth of capital have been reserved to fund house and car purchases.

Car buyers can borrow money at interest rates of 6.5-9.5 percent per annum for 6-12 month loans. 

Luong Bang

Source: https://vietnamnet.vn/en/business/banks-struggle-to-sell-cars-to-collect-debts-675663.html

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