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Vietnam Prosperity Joint Stock Commercial Bank (VPBank) is set to take over the struggling Global Petro Sole Member Limited Commercial Bank (GPBank) as part of a central bank initiative to restructure the banking system and address bad debts. The transfer aims to enhance GPBank's operations and transform it into a viable entity, with VPBank potentially retaining it as a subsidiary or selling it post-transfer. VPBank plans to invest up to 20% of its share capital to support GPBank's business development and operational improvement.
Emerging-market equities and currencies are at risk of further declines due to unaccounted threats from potential tariffs under Donald Trump, according to UBS. The firm notes that the current market pricing of risks remains historically low, with significant losses already recorded since the US election. China's deflation is enhancing the yuan's competitiveness, which could pressure production and capital expenditure in other emerging markets, particularly as tariffs may slow China's imports and impact commodity exporters. Countries like Mexico, Vietnam, and Korea face heightened uncertainty due to their trade surpluses with the US.
Travis Ford, co-founder and head trader of Wolf Capital, has pleaded guilty to wire fraud conspiracy after raising $9.4 million from approximately 2,800 investors with false promises of 547% annual returns. The funds were misappropriated for personal gain rather than investment, and Ford admitted the promised returns were not viable. He faces a maximum penalty of five years, with sentencing yet to be scheduled, amid a broader crackdown on global crypto scams.
In early January 2025, global law enforcement intensified efforts against cryptocurrency scams and AI deepfake fraud. Vietnamese police arrested four individuals linked to a crypto-mining scam that defrauded over 200 victims, while Hong Kong authorities apprehended 31 scammers using AI deepfakes to steal approximately $4.37 million from international victims.
Asian equities are set to rise following a rebound on Wall Street, where the S&P 500 and Nasdaq 100 ended a five-day losing streak, driven by renewed demand for tech stocks. Australian shares and futures for Hong Kong, Taiwan, and Singapore showed gains, while Japan's market declined. Investor interest in stocks signals a return to risk appetite, particularly in tech, as evidenced by Hon Hai Precision Industry's strong revenue report, indicating robust demand for AI infrastructure. Key economic data from China, Thailand, and Vietnam is expected, alongside interest rate decisions from Israel's central bank.
VNPAY has partnered with Cake Digital Bank to integrate Cake's financial services, including Paylater and Quick Loan, into the VNPAY wallet application. This collaboration aims to enhance payment options and provide flexible financial resources for over 10 million users, especially during the year-end shopping season. Both companies plan to expand their services further, promoting digital financial access in Vietnam.
Bitget has emerged as a top player in the crypto market, ranking third globally in futures trading as of November 2024, with a daily trading volume of $10 billion and over 45 million users. The platform's token, BGB, rose 18% amid a market surge, while its Protection Fund grew to over $600 million, enhancing user trust. Bitget also launched initiatives like VND Bank Transfer in Vietnam and the "Pitch n' Slay" event to support female entrepreneurs in blockchain, showcasing its commitment to innovation and market expansion.
Bitget Token (BGB) surged 11% to a record high of $4.6 following the approval of a Bitcoin Service Provider license in El Salvador, enhancing its market presence in a country that adopted Bitcoin as legal tender. Additional factors fueling BGB's growth include expansion into European markets, new payment options for Vietnamese users, and a partnership with a Telegram game that features airdrops and a substantial prize pool. Market metrics show a significant increase in open interest for futures contracts and trading volume, indicating heightened trader confidence and participation.
VPBank has announced a new cash withdrawal limit for its international credit cards, effective from January 1, 2025. The total maximum cash withdrawal limit is set at VND 100 million per month, with VND 10 million for ATM/POS/QR code transactions and VND 90 million for telephone/VPBank NEO transactions. Customers can withdraw amounts within the available limit of each card type.
KienLongBank has significantly reduced its deposit interest rates across all terms, following a previous increase. The new rates for 1 to 4 months drop to 3.3%/year, while 6-month deposits are now at 5%/year. In contrast, nine banks, including Dong A Bank and VPBank, have raised their rates since early December.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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