TienPhongBank licensed for forex services
Source: 26-JUL-2008 Intellasia | State Bank of Vietnam
Jul 26, 2008 - 7:00:00 AM Newly established bank TienPhongBank recently was reported to meet all terms to provide foreign currency services, according to State Bank of Vietnam's Document No 6703/NHNN-CNH dated July 23, 2008.

The bank was established under the Business License No 123/GP-NHNN dated May 5, 2008 with the founding shareholders of the Corp for Financing and Promoting Technology (FPT), Vietnam National Reinsurance Corp (Vinare) and VMS mobile information firm.

TienPhongBank will officially come into operation by the middle of this year with the chartered capital of one trillion dong that is expected to be raised to at least three trillion dong after one-year of operation. In 2008, the bank's network will be expanded to Hanoi, HCM City, Da Nang, Can Tho and Hai Phong.