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Timo, the first digital bank in Viet Nam, was officially launched late last week in HCM City.
Developed by the Viet Nam Prosperity Joint Stock Commercial Bank (VP Bank) and Global Online Financial Solution, Timo is the first bank in the country without branches or traditional transaction offices. All services, including ATM cards, opening of saving accounts and payment to accounts, will be done online though mobile banking applications on smartphones or at the website http://my.timo.vn.
VPBank said the company would first develop the bank in HCM City and later open in Hanoi in October. |– Viet Nam News

DA+PP launches new business

DA+PP, the modern vintage street fashion brand under Dapper , has launched a new uniform design business, after expanding its business in Thailand and overseas as well as on e-commerce platform. The move confirms DA+PP’s excellence in combining branding and design together to create new business opportunity.
Sirithip Sripaisal, founder and DA+PP brand director, said that the uniform design unit will move its business model from B-to-C to B-to-B. – The Nation

Crony capitalism rises in Philippines

THE PHILIPPINES moved up to third place on a list of countries where so-called “crony sectors” accounted for a big chunk of the gross domestic product (GDP), even as the share of rent-seeking tycoons’ wealth slightly slid amid a growing economy. Data released by |The Economist showed that in the Philippines, 11.3 per cent of the GDP was comprised of the wealth of billionaires in crony sectors, citing data from various sources, including Forbes magazine and multilateral lender International Monetary Fund. – The Philippine Inquirer