Illustrative image (Source: Internet)
 
Hanoi (VNA) – The Vietnam Maritime Commercial Joint Stock Bank (MSB) has been given an approval from the State Bank of Vietnam (SBV) to apply Basel II standards, raising the total number of Vietnamese banks meeting the global norms to nine.

To meet the standards, the MSB has adopted a risk governance model based on big data analysis using artificial intelligence to seek and assess potential clients for credit card products. Accordingly, clients could apply online for credit cards within 24 working hours without submitting income statement or visiting its branches or transaction offices.

Basel II is the second edition of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on banking supervision. Basel II, which comprises minimum capital requirements, supervisory review and market discipline, aims to enhance competition and transparency in the banking system and make banks more resistant to market changes.

Earlier, Vietcombank, ACB, MB, TPBank, VPBank, VIB, OCB and Techcombank were recognised to achieve the norms.

Along with the MSB, BIDV and Sacombank were chosen by the SBV for piloting the standards since 2014.-VNA