Central Banking

Korean payment system to operate in Vietnam

The Korea Financial Telecommunications and Clearings Institute (KFIC) said on Feb 28 it will hold a ceremony on Mar 6 to mark the operation of a Korean-designed inter-bank payment system that was recently installed at the State Bank of Vietnam.

The project to introduce the system was funded by the International Bank for Reconstruction and Development to streamline Vietnam's banking. The KFIC, which took charge of the system's core software, called the project a success. The establishment of th