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  Banking Finance

BankNet links Vietnamese Banks’ ATMs

Many of Vietnamese bank card holders will be able to withdraw their money at any automated teller machine (ATM) nationwide as "BankNet", a joint-stock company aiming to link teller machines across the country, started operations on Monday.

"BankNet" has a total investment of VND95.4 billion (US$6 million), contributed by eight members including three major state-owned commercial banks, four joint stock banks and the Viet Nam Data Communication Company (VDC).

Le Dao Nguyen, chairman of BankNet's management board, said "BankNet" will minimize the overload and transaction mistakes at banks by linking them into one network.

An official from the State Bank of Viet Nam (SBV) said the linkage of ATMs nationwide is a proper step and that the SBV will create favourable conditions to help BankNet operate efficiently.

Statistics from SBV showed that more than 500,000 domestic bank cards were issued in the first seven months of this year. SBV holds the largest percentage of the bank card market share, followed by Agribank, ACB and Incombank.

Vietnam Net - (10/08/2004)

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