Under the decision, holders of magnetic stripe cards will continue to be able to make transactions with their cards such as withdrawing cash from ATM machines or making payments at points-of-sale.

Vietnam is requiring banks to switch their magnetic stripe cards to chip-mounted cards.

Commercial banks in Vietnam began to stop issuing magnetic bank cards starting from March 2021 and are required to replace them with the more secure chip-mounted ones by the end of 2021.

But the switchover has been delayed due to the Covid-19 pandemic.

The State Bank clarified that December 31 is the deadline for changing to chip-mounted cards under the original plan, not the date that magnetic stripe cards will become invalidated.

However, Vietnam’s central bank also asked card issuers to encourage and support their customers to switch to chip-mounted cards to enhance security and to warn them of the risks if magnetic cards continue to be used.

Vietnam’s digital banking adoption catches up with developed markets

The adoption of digital banking in Asia-Pacific (APAC) emerging markets, especially Vietnam, has caught up with that in developed markets.

Vietnam’s central bank extends debt restructuring scope

The State Bank of Vietnam has extended the debt restructuring period for commercial banks in order to support their customers affected by the Covid-19 pandemic.

Military Bank donates 1 million N95 medical masks to Ministry of Health

The Ministry of Health on September 6 received 1 million N95 medical masks worth approximately VND40 billion (US$1.75 million) donated by the Military Commercial Joint Stock Bank to help protect frontline medical workers in the fight against Covid-19.

Banks continually cut lending rates to aid pandemic-affected customers

Commercial banks have continuously announced lending interest rate reductions to support and accompany customers to overcome the adverse impacts of the Covid-19 pandemic.

World Bank to support 600 Vietnamese SMEs in digital transformation

The World Bank has launched a programme to support 600 Vietnamese small and medium-sized enterprises (SMEs) to apply technological solutions to enhance their productivity and competitiveness.

Source: NDO