The Vietnam Technological and Commercial Bank (Techcombank) last week officially announced that it has well prepared for participating into managing money of stock investors under Decision 27/20074/QD-BTC of the Ministry of Finance.
The first four securities companies that have clinched cooperation deals to use Techcombank’s services include Bao Viet Securities Co, Bien Viet Securities Co, Ha Thanh Securities Co and Hai Phong Securities Co.
According to an official of Techcombank, the bank scheduled to continue cooperating and networking with another 10 securities companies by the end of this year.
“Regarding this service, we meet some certain technical difficulties because infrastructure of some securities companies are different. The two sides have to work together to settle those difficulties. However, basically we have taken initiatives in ensuring good networking,” said a representative from Techcombank.
Currently, Techcombank has completed a set of products specially designed for this kind of operation.
Techcombank is one of the first banks to supply services of managing accounts of investors via the bank’s modern internet banking service.
F@st S-Bank is designed to assist securities companies to manage account balance of online investors and real time in order to minimise risks and expenses of cash management.
Techcombank said F@st S-Bank can also meet requirements on transaction settlement speed, ensure safety, convenience, and always have stand-by measures for any possible risk.
With this product, investors will be provided a personal customer product package including Home Banking, internet Banking, Mobile Banking in order to control transaction information. In addition, account balance of investors will be entitled to demand deposit interest rates.
Nguyen Duc Vinh, Techcombank’s general director, said the bank’s securities-backed loans now stay at only 1.7% of total outstanding loans. The bank planned to continue offering securities loans within the allowed 3% level set by the central bank.
Vinh said that the bank will target at individual clients being investors, who have accounts at securities companies which are cooperating with and will cooperate with Techcombank in this account management service.