Vietnam bank allows online gold trading

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TienPhong Bank launches the eGold service on July 31

Hanoi-based TienPhong Bank Wednesday launched the eGold service that allows customers for the first time in Vietnam to trade gold through online and mobile banking channels.

It allows trading of gold produced by the Saigon Jewelry Co, the only authorized producer of bullion, and 1-, 2-, 5-, and 10-tael gold rings produced by the Ho Chi Minh City-based DOJI Gold and Gemstone Group, the major shareholder in the bank.

All transactions will be with the bank.

At the completion of a transaction, the bank will send a confirmation with a quick response code, which can be read using a scanner program available on smart phones and tablets.

If they buy, customers can produce the code at any TienPhong branch to take delivery of the gold.

Dao Minh Tu, a deputy governor of the State Bank of Viet Nam, said the bank should protect both itself and its customers from hackers.

An unnamed central bank official said the service should also be offered by other banks since it would help regulate the gold market more easily and is also convenient for customers.

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