Banknetvn, KFTC to boost cross-border transactions

Vietnam National Financial Switching Joint Stock Company (Banknetvn) and Korea Financial Telecommunications & Clearings Institute (KFTC) have signed a contract to boost cross-border ATM transactions in Hanoi.

Witnessing the signing ceremony was Bui Quang Tien, Head of the Payment Department under the State Bank of Vietnam (SBV) together with other leaders and strategic members of Banknetvn.

The contract will enable card holders of Banknetvn's members to make transactions at ATM machines of KFTC's member banks in Korea and vice versa with a hope to bring more utilities for cardholders and increase the added value for member banks.

After the signing ceremony, the two signatories will carry out ATM connection projects, which will be inaugurated in early July this year.

The total number of ATM cards saw a rapidly growth during past time. So far, Vietnam has about 30 million cards, 49 ATM card issuers and more than 200 brands of cards issued in Vietnam.

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