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Decentralized ID Verification Platform VeriMe Teams Up With Vietnamese Bank

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                                                          VERIME AND MARITIME BANK

VeriMe is a Singaporean blockchain based verification-as-a-service platform that facilitates other organizations in easy and fast user authentication. The platform relies on the secure, high speed working of blockchain to give its clients a cheaper and unparalleled service, allowing them to concentrate on their core services and let VeriMe take care of the working behind the verification of customers or other services.

VeriME offers two types of services, namely D-KYC and D-Secure. D-KYC is a digital identity verification system that performs Know Your Customer background checks for institutions, requiring no hectic and tedious form filling and document submission. D-Secure is a payment authentication service designed form merchants and banks, allowing them to process customer requests with ease. D-Secure, like the KYC counterpart, does not require face to face meetings or heavy document filing.

Maritime Bank, as one of the largest banks in Vietnam, has a broad base of clients and handles a lot of transactions and new customers in a day. By partnering up with VeriMe, the bank’s user and payment verification system load is transferred to VeriMe. The quick services of VeriMe ensure that no matter how much the processing load from Maritime is, it can deliver the quickest of verification services. Maritime benefits a lot as verification time for its services will drop significantly.

Maritime Bank is not the first Vietnamese bank that has partnered with VeriMe. Previous partnerships with Military Bank and CFC exist, giving their combines 5,000,000 plus users an easy way to verify themselves and the online purchasing done by them.


VeriMe, as a blockchain platform, offers a many-fold increase in speed of verification of individuals and payment services by providing a cost effective, high level of data protection, document free and third party free system. Traditional procedures are slow and tedious, involving a lot of paperwork, inflexible rules, unsecure and money intensive. VeriMe does away with all the clutter and smoothes the experience.

VeriMe has already partnered with more than 30 organization around the world, providing services to more than 300,000 merchants and their respective consumers. The platform is in talks with ASEAN member country partners for expanding in other geographical locations.


The authentication and the verification process of the VeriMe platform is paid for through its its internal token, the VME. It has recently completed a successful token generation event with more than 106,500,000 VME grabbed by early investors. The event saw 1 ETH being traded for 3000 VME.

For more information about the Verification as a Service platform, visit their website

posted May 10, 2018 by Sanya Verma

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BFC Bank, owned by BFC Group, is the latest bank to launch in the UK promising to act as a new, specialist bank that offers reliable, safe banking services to Small and Medium Enterprises (SME’s), Payments Service Providers (PSP’s) and Money Service Providers (MSP’s) that trade internationally.

BFC Bank

BFC Bank launches in UK as specialist provider to PSP’s and MSP’s

BFC Bank makes it clear that it has a 100-year history and is not a so-called Challenger Bank. Rather they have entered the market to service the 60% of SME businesses that make up the back bone of the UK market. The purpose of this entry is to advantage of the “De-risking” that many of the UK’s High Street banks implemented over the last few years.

In the process of De-risking the banks left many SME’s, PSP’s and MSP’s without accounts to provide their services from. Essentially these companies were notified that they had 3 months before their accounts were closed.

BFC Bank sees a massive opportunity to services these clients whom remain underserved by the banking industry through De-risking. “Banking is full of rules and regulations. It’s become too easy when banks have to deal with customers to hide behind these regulations rather than actually solving problems,” explains David Price, CEO, BFC Bank.

“We help small businesses find ways to solve problems. We’re a small business ourselves – we think like they do, and in many ways, we are one of them. We make it clear that we want people working for us who don’t just deal in platitudes, who don’t only speak about putting the customer first – we want to actually do that, to think about how I’d want things to go if it were my business. We don’t hide behind regulations. We are a human-centric, values-driven company.”

Working with SME’s – BFC Banks international payments services complement the existing banking arrangements. SME’s can enjoy an online services and support from experienced relation managers and expert payments teams

Working with PSP’s – BFC Bank knows how important it is for PSP’s to have access to UK domestic payments and cash management services. Fewer banks now provide current accounts and financial services to PSP’s.

Transparent FX – BFC Bank knows about FX charges. It provides clear information on tariffs. This transparency gives the confidence the client needs from a corporate bank and a benchmark against other providers. International payments and FX are BFC’s core competencies.

“We’ve grown from a small business and therefore we have empathy with the small business sector. The UK is a trading nation where SMEs play a vital role and they needs banks that can understand them, made up of staff that can deliver,” says Robert Greene, General Manager, Corporate Banking Division, BFC Bank.

“We are secondary bankers – we have a dedicated relationship management team that can understand businesses and can appreciate the problems they face. The relationships management and customer service mechanisms are vital. Our people will come to visit you and get to understand your business. If we don’t deliver then people won’t use us, and we understand therefore that we always have to deliver.”

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OMA Emirates has been making focused efforts to build on the company’s customer portfolio and has made steady progress into the transportation, retail, and oil and gas sectors while strengthening its BFSI solutions over the last few years.


OMA Emirates, a provider of cutting edge technology solutions for the payment industry and National Parking Company (Mawgif), a parking management company, have provided a payment solution for parking at Dubai Airports.

This provides customers with an alternative payment option while delivering additional convenience and improved services which are smoother, faster and hassle free.

As one of the most esteemed professional parking management companies, Mawgif was looking towards strengthening their customer satisfaction levels with strategic technology enhancements. This comes at a time when Dubai is focused on improving services by providing great customer experiences.

The new technology now includes hardware and Point of Sale (POS) applications from OMA Emirates which comprises of Ingenico iSelf series that is an easy and unattended payment solution and reinforces Mawgif’s move towards encouraging self-service options for its customers.

“The GCC has been witnessing exponential growth in the transportation industry which demands huge parking space allocations along with additional requirements for parking across the cities. Concerned authorities are now working with reputed companies such as Mawgif to manage and provide quality services with a superior mix of technology in order to raise the customer satisfaction levels. It has been a privilege to work with Mawgif to deliver our payment solution package for the Dubai Airports project,” said Niranj Sangal, Group CEO, OMA Emirates Group.

“As a leading parking management company, we were looking to fortify our parking systems, but more importantly to focus on our customer-centric approach for our Dubai Airports project. It was important for us to work with a payment solution provider who is in a strong position to integrate hardware, software and payment applications in totality. With OMA Emirates, we see tremendous synergy in their solutions matching our requirements and providing service support as well,” said Hafiz Azzubair, chief operating officer, Mawgif.

The robust Ingenico iSelf series comprises of a combination of PIN Pad, Card Reader as well as Contactless Reader. The deployed terminals will boost Mawgif’s unattended payment solution by adding a cashless payment option by accepting EMV chip and PIN as well. The solution also meets with the high security standard requirements that are mandated and comply with all payment scheme contactless cards security requirements for credit and debit.

OMA Emirates has been making focused efforts to build on the company’s customer portfolio and has made steady progress into the transportation, retail, and oil and gas sectors while strengthening its BFSI solutions over the last few years.

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The canton of Zug, half an hour from Zurich, is fast becoming a crypto haven as the city council accepts bitcoin as a means for payment for fees by the residents’ registration office.

According to local paper Frankfurter Allgemeine, Zug, made a name for itself on the crypto scene after Ethereum inventor Vitalik Buterin settled there in 2014.

Richard Ettl, head of the blockchain-based logistics company Smart Containers Group in Zug, said: “Switzerland is at the epicentre of a small revolution in the financial system.”

And now the Swiss Minister of Economic Affairs Johann Schneider-Ammann (FDP) said he hopes the crypto revolution will spread outside of Zug.

He said he hopes "that in five or ten years nobody will speak about the Crypto Valley Zug, but about the Crypto Nation Switzerland".

Oliver Bussmann, the former head of innovation and IT at the Swiss bank UBS said that to date, more than 50 start-ups from the crypto and blockchain world have settled in the canton.

Mr Bussmann advises blockchain entrepreneur and manages the Crypto Valley Association.

He said he receives around three to five enquiries a day from individuals in the crypto arena considering moving to Zug. According to a study conducted by consulting firm PWC, companies around the world raised $4.6billion in capital through initial coin offerings (ICOs) last year.

The main advantage of the canton seems to be the liberal regulatory approach taken on by the area.

Bernhard Neidhart, head of the office for economy and work in Zug, said: “This pragmatic approach has fuelled the entire blockchain scene here, including non-crypto-currency applications.”

And the nation’s financial regulator the Swiss Financial Market Supervisory Authority (Finma) has responded to the flurry of interest in digital currencies with new guidance.

Finma says it will regulate ICOs to apply anti-money laundering laws to some sales. He said low taxes are just one of the many reasons why crypto enthusiast are attracted to the area.

Mr Neidhart said: “The taxes only open the door. A lot more is needed in order to win the location competition: a highly qualified workforce, international schools and a solution-oriented administration."

Mr Neidhart added the local authorities do their part as they answer questions very quickly without bureaucracy and deal with taxing crypto gains.

As cryptocurrencies adjust following record highs in December, Mr Neidhart said: "I do not want to dispute that there is a certain risk of a bubble forming.”

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Hanoi (VNS/VNA)The Government has issued measures to boost non-cash payment methods in the country this year.

Under Resolution 02/NQ-CP released early this week, the Government required the State Bank of Vietnam (SBV) to report on a project exploring depositing cash into electronic wallets without bank payment accounts. All commercial banks and payment intermediary providers must also apply QR code standards before the third quarter of this year.

The SBV was also instructed to co-ordinate with the Ministry of Finance to publicise details of the types of transactions subject to bank payment. It must also propose amendments to regulations aimed at encouraging non-cash payments in real estate transactions.

Meanwhile, chairpersons of provincial and municipal People’s Committees must direct all schools, hospitals and suppliers of electricity, water, sanitation, telecommunications and postal services in urban areas to co-ordinate with banks and payment intermediary providers to collect fees using non-cash payment methods, with the priority being mobile and points of sale (POS), before December this year.

The Government also required the Ministry of Finance to review and amend financial regulations under its management before the third quarter of 2019 to create favourable conditions for firms to use non-cash payments.

The SBV’s data showed the country has nearly 18,300 ATMs and more than 289,000 POSs. Up to 76 banks provide Internet Banking services and 44 have mobile payment services. There are 24 electronic wallet providers.

According to the SBV’s Payment Department, non-cash payments are becoming a trend in Vietnam and the use of cash is falling. By the end of the third quarter of 2018, the volume and value of transactions via ATM increased by 12 per cent and 16 per cent respectively against the end of 2017. The rates of payments via POS were also high at 42 per cent and 29 per cent, respectively. 

Economist Vu Viet Ngoan suggested the Government create a suitable environment for new products and services that promote the development of contactless payment methods. This could be a foundation for building e-government in Vietnam.

Sharing the same view, Truong Van Phuoc, acting Chairman of the National Financial Supervision Commission, said the rapid development of technologies in the global financial sector has brought benefits and opportunities to consumers, businesses and management agencies. As Vietnam has become more deeply integrated into the world economy, a modern fintech foundation could help the country’s banking and finance sector participate in the global value chain, allowing breakthroughs for Vietnam.-VNS/VNA

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2018 was a great year for Vietnam’s economy.

The country’s business environment grew tremendously at the start of the year with over 26,000 new enterprises established. In addition to that, the government there highlighted that foreign direct investment (FDI) disbursement reached over US$3.8 billion in the first three months of the year, up 7.2 percent from 2017. Overall, the socialist state’s gross domestic product (GDP) grew by 7.1 percent year on year in the first six months of 2018 – the fastest growth recorded since 2011.

Among the best performing sectors was manufacturing, with an output growth of 13 percent in the first half of the year. Despite the ongoing trade war between the United States (US) and China, Vietnam’s exports soared. The Communist state recorded export revenues estimated at US$244 billion, an increase of 13.8 percent from the previous year.

Rapid growth

Vietnam’s rapid growth over the past decade is mostly due to the country’s move away from a strict controlled economy to a more liberal system. For the past decade, the country has taken on reforms like deregulation which has seen an influx of private enterprises and foreign investment.

The economic reforms carried out by the Communist Party has made Vietnam one of the region’s fastest growing economies. The World Bank also pointed out in its Global Economic Prospects report that Vietnam is one of six countries in East Asia with real GDP growth of more than six percent.

imageSource: Vietnam Briefing

In 2018, the government announced further reforms to Vietnam’s economy. Earlier in the year, in an effort to make Vietnam more regionally competitive, Prime Minister Nguyen Xuan Phuc revealed that the country would cut corporate income tax rates from between 20 to 22 percent to 15 to 17 percent. Furthermore, in March, the Ministry of Transport proposed to enhance services in maritime areas and multi-modal transportation by easing business conditions and regulations. If the ministry’s proposal goes through, 314 out of the current 500 regulations will be cut.

Another notable step Vietnam has taken to open up its economy is by signing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which the World Bank has estimated will increase Vietnam’s GDP by as much as 3.5 percent.

New targets for 2019

The Communist Party’s General Secretary, Nguyen Phu Trong has called for increased efforts to meet a higher growth rate than 2018. “This will be a heavy task, and all of us must do our utmost to realise this target,” he said.

The targets for 2019 will not just revolve around the country’s GDP, the government has also set various socio-economic goals. For example, it has set a target of reducing poverty by one to 1.5 percent. Last year, the target was between one and 1.3 percent, which the government exceeded at 1.5 percent. Other targets include keeping unemployment below four percent and to increase the percentage of the population with health insurance coverage to 88.1 percent.

Poor political reforms

Despite stellar growth, Vietnam’s political reforms have not really matched the reforms seen in its economy. Rights groups have often criticised Vietnam for its treatment of bloggers and dissidents. According to Human Rights Watch (HRW), the government there convicted and imprisoned at least 27 rights bloggers and activists under various abusive laws in the first six months of 2018.

“Vietnam seems to be contending for the title of one of Asia’s most repressive governments,” said Phil Robertson, deputy Asia director of HRW.

Vietnam has also introduced a new law which came into effect on New Year’s Day which observers say effectively criminalises criticising the government online. The law also allows the government to force internet providers to give them user data when demanded.

Vietnam may be enjoying its highest economic growth in modern times, but reforms are needed to ensure the Communist Party stays accountable. The state has taken great strides to increase the nation’s wealth, but what’s the point of prosperity if its citizens are not free to exercise their rights?