HANOI, Vietnam, Sept. 11, 2024 /PRNewswire/ -- Moody's Investors Service (Moody's) announced its 2024 assessments of Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB). SeABank's Long-term bank deposit rating remained at Ba3 and Baseline Credit Assessment (BCA) at B1, with a Stable outlook.
Due to the uncertainty of both the domestic and international markets, Vietnam's banking sector also faces several challenges. In this context, the ratings by Moody's implies its strong belief in SeABank's above peer-average capitalization and stable asset quality. The Stable outlook reflects the agency's belief that SeABank will remain its key solvency and liquidity metrics.
Additionally, Moody's affirms SeABank's Ba3 Long-term deposit credit rating - one notch below Vietnam's sovereign rating (Ba2, Stable outlook), considering the Government's ability to support the Bank in times of need.
Since 2022, SeABank has its credit rating upgraded by Moody's from B1 to Ba3 for issuer and deposit ratings, and from B2 to B1 for BCA, affirming SeABank's market position, potential and reputation. This also implies SeABank's efforts to become the leading bank in meeting the highest international standards while maintaining a transparent, safe and sustainable operations and governance.
In recent years, SeABank has been strengthening capital to drive its growth goals and improve market competitiveness. Currently, SeABank's charter capital is approximately US$982 million and is planned to reach approximately US$1.1 billion after issuing 329 million shares to pay 2023's dividends and 1 0.3 million shares to increase equity capital from owners' equity, equivalent to a total ratio of nearly 13.6%.
Notably, SeABank has been entrusted with and has received US$850 million from reputable financial institutions such as IFC, DFC, AIIB, Norfund, etc. to promote financial inclusion and climate finance. Remarkably, SeABank pioneered to apply innovative financial instruments by issuing Vietnam's first blue bonds and the first green bonds by a domestic private commercial bank, totally worth US$150 million.
Putting priority on climate finance and financial inclusion, SeABank will continue to focus on capital enhancement and improve related indicators. This will enable the Bank to support the sustainable growth of Vietnamese enterprises, promote green credit and finance environmentally friendly projects. Thereby, SeABank aims at becoming a leading bank in sustainable finance and contributing to the sustainable economy.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
SeABank's credit rating remained at Ba3 with Stable outlook by Moody's
EMURGO connects the Zilliqa ecosystem to the Cardano ecosystem through a variety of interoperability and economic security-focused initiatives.
SINGAPORE, Sept. 17, 2024 /PRNewswire/ -- EMURGO, a blockchain technology company that facilitates commercial adoption of the Cardano blockchain, today announced a strategic partnership with the Zilliqa Group, a Web3 and metaverse venture builder for the luxury and entertainment industries that leverages leading-edge Web3 technologies across its ventures, including the Zilliqa blockchain. The partnership focus extends beyond interoperability between the Cardano and Zilliqa blockchains and will also include mutual collaboration in the following areas:
As part of this strategic collaboration, Zilliqa Group will join Intersect (Cardano governance member-based organization), and become a part of Cardano's globally distributed community in helping to shape Cardano's governance processes.
EMURGO COO Nikhil Joshi said, "This collaboration with Zilliqa underscores EMURGO's commitment to enhancing interoperability with the Cardano ecosystem and supporting the diversification of its community-driven governance. We are pleased to work with an established blockchain network across the usage of our solutions and bridge Zilliqa into the Cardano ecosystem to further strengthen liquidity and adoption for the benefit of users and developers."
Zilliqa Group CEO Max Kantelia said: "Partnering with EMURGO and the Cardano ecosystem represents a major step forward in our mission to build a more inclusive, scalable, and accessible blockchain future. By focusing on interoperability, we ensure that users and apps across both the Zilliqa and Cardano networks benefit from enhanced liquidity, governance, and shared innovation. This collaboration is a powerful reminder that the future of blockchain is a collaborative effort, and we're excited to be at the forefront of this cooperative approach to Web3."
These steps demonstrate that the bridge between the Zilliqa and Cardano networks is not just a technical step towards greater interoperability, but marks a shift in Web3 mentality that puts distributed blockchain governance and the user experience first.
About EMURGO
EMURGO is a blockchain technology company and a founding entity of the Cardano blockchain that provides products and services to drive the adoption of Cardano's Web3 ecosystem. Originally established in Japan, EMURGO exists to facilitate commercial growth of the Cardano ecosystem and unlock the full potential of the ecosystem through partnerships, investments, education, and infrastructure development.
To connect and learn more, visit https://emurgo.io.
About Zilliqa Group
Zilliqa Group is a Web3 venture builder with entities focusing on innovating the luxury and entertainment industries, embracing a federated leadership model that allows entrepreneurs to concentrate on innovation and rapid execution. Zilliqa Group ventures include the Zilliqa layer-1 blockchain, metaverse and spatial web provider MetaMinds, music tokenisation platform TokenTraxx, and Web3 gaming company Roll1ng Thund3rz.
Zilliqa is an industry-recognised layer-1 blockchain that provides a robust platform for developers and enterprises. The pioneering blockchain platform aims to drive the mass adoption of Web3 through its upcoming, user-centric Zilliqa 2.0 network upgrade. Currently rolling out testnet with the mainnet launch in Q4'2024. Join early developers and validators in testing the network at https://roadmap.zilliqa.com.
To connect and learn more, visit https://www.zilliqa.group.
Disclaimer
You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by EMURGO to invest.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
EMURGO and Zilliqa Group Announce Collaboration to Enhance Interoperability Between Cardano and Zilliqa
