New cyber service to provide online gold trading

TienPhong Bank on Wednesday launched its new eGold service that enables customers to trade gold through internet and mobile banking channels.

It is the first bank to provide online gold trading in Viet Nam.

The chairman of TienPhong, Do Minh Phu, said the service would help to reduce costs for the bank and its customers and more importantly, limit the level of risk during gold transactions.

The service will accept transactions from the Sai Gon Jewelry Company (SJC) gold and several types of gold rings from the DOJI Gold and Gemstone Group.

Phu said that after transactions have been completed, customers can collect their gold from the bank's transaction points or can have them held by the bank. The trading prices will follow the listed prices.

The Deputy Governor of the State Bank of Viet Nam, Dao Minh Tu, said the service was very competitive in the domestic market, but emphasised the importance of cyber security measures for protecting the bank and its customers from hackers.

The service was developed with support from DOJI, one of the banks' major shareholders.

eGold can be transacted by mobile devices using iOs and Android operating systems.

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