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Brokerage teams up with DongA
The joint-stock company DongA Bank has officially started managing the cash accounts of Empower Securities Company’s customers, a process the Ministry of Finance is requiring of brokerage houses as of March 1.
With bank-managed cash accounts, investors can deposit or withdraw money from the bank’s outlet network, which is much wider than a securities company’s, and be assured that the money is managed by a professional institution.
With this arrangement, a bank will likely be able to attract new customers, offering them additional services.
On the other hand, a securities company can provide proof of its transparency in managing customers’ assets and focus on its core businesses.
State oversight bodies will be able to better monitor the flow of money as well.
EPS’s Acting General Director Tran Hoai Phuong said last Friday that his company’s IT infrastructure has the capacity to connect it with other banks to better serve customers.
Phuong said most of his customers have their accounts at DongA Bank and that trial runs in the past months went smoothly.
A DongA Bank representative said it was close to signing contracts with nine other securities firms for management of their customers’ accounts.
VNS
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