East Asia Bank licensed to supply forex services

The Governor of the State Bank of Vietnam (SBV), on December 10, issued Document No. 10779/NHNN-CNH, asserting that the Dong A Joint-Stock Commercial Bank (East Asia Bank) has met proper conditions to provide foreign exchange services to its customers.

Under the Document, the Bank is allowed to conduct such forex services as spots, forwards, futures, options, and other transactions; mobilizing and lending in foreign currencies in various forms set by SBV; providing domestic and international remittance and settlements; acceptance and payment of foreign currencies and conducting money exchange.

The same day, the Governor also issued Document No. 10780/NHNN-CNH to confirm the East Asia Bank’s registration of forex services. Accordingly, the Bank could provide forex settlement services and conduct forex transactions in overseas markets.

SBV also requires the East Asia Bank to strictly comply with the Vietnamese law on forex services and other relevant legal documents.

The confirmation of commercial banks to meet proper conditions to provide forex services and complete their registration of forex services is done in accordance with Circular No.03/2008/TT-NHNN of the SBV Governor dated August 11, 2008 on guidelines of forex services of credit institutions.

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