Prosperity and Development Commercial Bank (PGBank) has just received the green light from the State Bank of Vietnam to expand the scope of its international banking services. This decision is set out in the amendment to Clause 25, Article 4 of the License for the Establishment and Operation of a Joint Stock Commercial Bank No. 42/GP-NHNN, which was previously issued in June 2021.
With this additional authorization, PGBank is now officially permitted to participate in cross-border payment system networks. The main focus of this expansion includes active involvement in the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system as well as processing international card payments through the Visa network.
This strategic move taken by PGBank management is part of full compliance efforts with Circular No. 34/2024/TT-NHNN. The regulation requires all banking institutions to update their operational licenses if they wish to conduct global-scale financial transaction services.
This change marks a new chapter for PGBank in enhancing its competitiveness in the financial industry, while also facilitating customer access to financial transactions connected with credible international banking systems.
