The Bank of Mount Vema announced today, that only two more commercial banking licenses will be granted now, until the bank makes the next assessment to see if more commercial banks will be needed to meet demand.
Any one wishing to operate a merchant bank under the laws of the Vema Seamount territory, must submit application for a license now, to operate a banking business within the Vema Seamount territory including online.
This will bring the number of licensed commercial banks to 4, from the 2 existing licenses as the government plans to issue no more commercial banking license for at least 30 years, to be reviewed every 10 years.
Under the laws of the Vema Seamount Territory a business is not permitted to carry word bank in its name, unless it holds a corresponding license. The licenses can be for FULL BANKING LICENSE for general banking activities, such as taking deposits from the general public. INTERNATIONAL BANKING LICENSE (offshore banking license), which prohibits any local business activities. Or NON-BANKING FINANCIAL INSTITUTION an institution that provides financial services but has to comply with less regulations than a full banking license.
Mount Vema commercial banking licenses will be issued by the Bank of Mount Vema to applicant corporations that meet the banking requirements of the Vema Seamount Territory. The requirements include minimum capital requirements, and minimum number of directors.
Mount Vema, is no tax haven, as you will not find lax or corrupt standards in bank licensing, neither the granting of license, for example, to shell companies, or to companies with nominee directors, or with dummy shareholders, etc. The granting of the license may involve a long, complex and expensive procedure, so the Bank of Mount Vema says that it is preferable that candidates apply as early as possible.
Licensing or Approval for the Conduct of Mount Vema Banking Business
Bank of Mount Vema admission criteria apply across the board to all financial institutions engaged in banking activities. In assessing an application for banking licence or to operate as a commercial bank, the Bank of Mount Vema takes into consideration, the following factors:
A representative office will not be allowed to transact any banking, securities or any other business in Mount Vema. A representative office may carry out liaison work, market research or feasibility studies.
Prospective applicants are encouraged to contact Banking Department of the Bank of Mount Vema (mount-vema.com / contact us) at an early stage to discuss their plans prior to submitting a formal application. Preliminary consultation with a prospective applicant enables The Bank of Mount Vema to discuss the licensing requirements with the applicant and to identify issues that may have a significant bearing on the proposed application. All applications will be promptly processed by The Bank of Mount Vema. The processing time depends on the circumstances of each application and the completeness of information submitted by the applicant to the Bank of Mount Vema.
RBMV Bank customers can now withdraw money via their mobile phone using their PIN. The new system will allow customers to withdraw up to 300 golles in foreign exchange without putting their card into a machine.
Customers are now able to use their smart phone and input their pin on the ATM app which sends the money to the nearest agent or use code at the nearest ATM part of the RBMV Bank global network.
The RBMV Bank has also unveiled a prototype for a new type of ATM for its agents that does away with a lot of the features you would normally expect to see. It works more like a smartphone or tablet, with a touchscreen display.
The minimalist ATM reminds some of a smartphone, and eliminates the traditional magnetic stripe card reader, receipt printer and pin pad. The concept, according to the bank, meets the needs of its global customers.
The idea is that agents can hold cash in Mount Vema currency or foreign exchange, which is then dispensed as usual to conventional customers who use the mobile ATM. It cuts out the need for security vans to constantly fill cash-hungry machines, while helping the RBMV Bank save money by maintaining fewer or no bank branches.
RBMV Bank, the Royal Bank of Mount Vema has launched a 0% balance transfer card with an introductory interest-free credit card rate that lasts 24 months. Making its card stand out in the Mount Vema credit card market, as there is no fee on the transfer you balance from your existing card.
With City of Mount Vema project participants more willing to take risks as the economy grows, RBMV Bank boasts a wide range of market-leading credit card deals, not only one of today’s most generous all-round 0% credit cards, but with a lengthy interest-free period on both balance transfers and purchases.
Research by financial analysts at the Gollexi shows the number of interest-free balance transfer cards on the Mount Vema market has increased among suppliers, and service providers, and is expected to continue for the next five years.
The Bank of Mount Vema has indicated that so far, the economy can support this trend however, that the territory will not be able to sustain this level of debt beyond 2025, so the Bank will intervene when necessary to prevent borrowers from getting themselves in a spiral of debt as they embark on the path for grow with the Kingdom of Mount Vema.