Despite market volatility in 2024, Vietnam Public Commercial Joint Stock Bank (PVcomBank) has demonstrated the capabilities of a leading market maker and solidified its influence in Vietnam’s FX landscape. This strong performance was recently recognized at the LSEG Vietnam FX Awards, where PVcomBank was honored with the “Best Newcomer” title - awarded by the London Stock Exchange Group (LSEG) to the most dynamic new banking institution in the market.

The Vietnam FX Awards is an annual event organized by the London Stock Exchange Group (LSEG) to recognize credit institutions and foreign bank branches with outstanding performance in Vietnam’s foreign exchange market. Winners are selected based on quantitative analysis of real transaction data through the LSEG FX Matching platform - an anonymous, interbank FX trading system overseen by the State Bank of Vietnam. The platform collects automated matching data from nearly 40 participating domestic and international banks active in Vietnam.

The LSEG Vietnam FX Awards are regarded as one of the most prestigious honors in the FX trading field across the Asia-Pacific region. Evaluation criteria include both transaction volume and the extent to which institutions contribute to price discovery on electronic FX trading instruments. In Vietnam, FX Matching is also the leading anonymous FX trading service, offering real-time execution across more than 60 currency pairs and serving as a key source of liquidity in the regional market.

A representative of PVcomBank shared that the Vietnamese FX market has undergone significant development in recent times, and receiving the LSEG award affirms PVcomBank’s strong efforts in establishing itself as a market maker. The bank is also committed to advancing digital transformation to deliver optimized services and ensure liquidity for clients.

To improve customer experience in international financial transactions, PVcomBank has successfully integrated the SWIFT Global Payments Innovation (SWIFT GPI) solution. This connects the bank to over 450 member institutions in more than 200 countries, forming a diverse global financial network. As a result, PVcomBank has enhanced its capacity to process cross-border transactions more efficiently and improve international payment services. Key features include end-to-end transaction tracking, real-time status updates, greater transparency on processing times and fees, reduced handling of payment inquiries…

Looking forward, PVcomBank plans to continue diversifying its FX activities, expanding market share, and increasing trading volume to boost revenue and profitability. These efforts are aimed at supporting the long-term development of Vietnam’s financial market.