Vietnam Securities Depository (VSD) and the Standard Chartered Vietnam Bank on Monday signed a memorandum of understanding (MoU) on cooperation to develop transfer agency services for the open-ended funds in the country.

The services include maintenance of investor registration, establishment and management of their accounts, processing of subscriptions, redemptions, switching, transfers of fund certificates, support for corporate actions and provision of transaction confirmations, account statements and other related documents and reporting requirements.

Under the MoU, the bank will provide technical assistance for VSD in building infrastructure for transfer agent services of open-ended funds in line with international practice.

This agreement supports a circular issued by the Ministry of Finance last year to allow the establishment of open-ended funds in Vietnam.

The Saigon Times Daily