Vietcombank to Sell Gold Bullion via App for Cashless Payments
State-run Vietnamese lender Vietcombank has announced a plan to sell gold bullion through an app to enable buyers to make cashless payments for their gold purchases. This initiative aims to streamline the gold sale process and provide a convenient online platform for customers.
Meeting with Central Bank and Gold Bullion Sellers
During a meeting with the central bank and gold bullion sellers, Nguyen Thanh Tung, the general director of Vietcombank, highlighted the bank’s efforts to optimize the gold sale process. This move comes in response to the increasing demand for purchasing gold bullion among customers.
Online Gold Sales by State-Run Banks
Four state-run banks, including Vietcombank, VietinBank, Agribank, and BIDV, as well as the wholly state-owned Saigon Jewelry JSC (SJC), have already started selling gold bullion on their websites. This online platform helps to reduce long queues at physical transaction points and offers a more efficient way for customers to purchase gold.
Addressing High Demand and Market Regulation
Despite the availability of online gold sales, the demand for purchasing gold bullion remains high. One bank reported receiving up to 140,000 gold bullion purchase registrations at a time, leading to quick sell-outs due to limited daily gold volume. The State Bank of Vietnam’s measures have been effective in regulating the local gold market and narrowing the gap between domestic and global gold prices.
Continued Improvement and Market Integrity
Gold bullion sellers have pledged to enhance their gold sale processes to better serve buyers and combat manipulation and speculation in the domestic gold market. The decision to offer gold bullion online aims to alleviate the pressure on physical outlets and prevent hoarding of gold bullion to artificially inflate prices.
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Additional Insight:
By implementing the option to purchase gold bullion through an app, Vietcombank is not only embracing digital transformation but also catering to the changing preferences of consumers who seek convenient and secure ways to invest in precious metals. This move aligns with the broader trend of financial institutions leveraging technology to enhance customer experience and offer innovative solutions in the fintech space. Furthermore, the emphasis on market regulation and integrity underscores the importance of maintaining a fair and transparent trading environment for investors in the gold market.
