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Photo = Yonhap news |
[Alpha Biz= Paul Lee] Hana Bank has confirmed an error occurred recently, where the exchange rate for the Vietnamese Dong (VDN) was listed much lower than the actual rate for several minutes.
Around 6 PM last Wednesday, Hana Bank posted an exchange rate of 0.57 KRW per 100 Vietnamese Dongs for approximately three minutes. This rate is only about one-tenth of the normal rate, which exceeds 5 KRW.
A spokesperson from Hana Bank explained, "For the Vietnamese Dong, after the closing of the Vietnamese foreign exchange market, the trading volume is minimal, and the closing rate is applied. In such cases, the exchange rate is manually inputted if necessary for foreign exchange position management after the market closes. Unfortunately, an incorrect figure was entered yesterday."
During this period, Hana Bank's app allowed for currency exchanges between the Korean Won and Vietnamese Dong at the erroneous rate. This was done through an automatic exchange service triggered when the rate reached a certain level.
However, all of these transactions will be canceled.
The spokesperson further assured, "In accordance with the Electronic Financial Transactions Act, we will cancel the automatic exchange transactions conducted during the incorrect time frame. There have been no customer losses resulting from this error."
They added, "To prevent the possibility of manual input errors, we plan to improve the system to automatically reflect market exchange rates for the Vietnamese Dong, just like other currencies, by March."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
