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Promote the digital transformation of the banking sector

Promote the digital transformation of the banking sector

Thursday 27, 08 2020
Deputy Governor Nguyen Kim Anh affirmed that the State Bank of Vietnam supported digital transformation in the banking sector.

On the afternoon of October 2, there was a seminar on “Digital transformation in banking sector” at the senior forum and international exhibition on industry 4.0.

Speaking at the opening of the seminar, Mr. Nguyen Hong Son, Deputy Head of the Central Economic Committee assessed that Vietnam’s banking industry has pioneered the fourth industrial revolution in recent years by applying technological advances (fintech) on applications such as mobile payments, standardized QR codes, e-wallets, card information digitization, chip card payments for domestic cards, etc.

“These dramatic transformations have helped the Vietnamese banking system to improve its competitiveness and expand its access to banking services to all people, especially people in rural areas and remote areas where there is no access to traditional banking services, “Son said.

Mr. Nguyen Kim Anh, Deputy Governor of the State Bank, said that many banks have researched and implemented the first digital transformation strategy with the Internet of Things (IoT) that allows customers to access and use the banking service, connecting to other digital ecosystems on the internet (the Timo digital banking service of VPbank, the Live bank of TPbank, the E-Zone of BIDV, ...) or providing banking services via applications installed right on mobile phones (mobile banking). 

Based on the data for the first quarter of 2019 provided by the representative of the State Bank, the growth of mobile payment increased by 232% in value and 98% in volume over the same period last year. In particular, the proportion of consumers paying with mobile in Vietnam has increased to 61% from 27% in 2018.

Also at the seminar, the opinions focused on the issue of the legal framework for digital banking implementation; building and implementing digital banking strategies; application of the industrial revolution 4.0 in the digital transformation process of banks.

In addition, the challenges that banks face in changing governance models, business models, product and service structures to adapt to the trend of digital generation customers, the digital economy as well as the challenges in preventing cybersecurity risks and protecting customer information ... were also pointed out.

With the content discussed, Deputy Governor Nguyen Kim Anh affirmed that the State Bank of Vietnam would support and accelerate digital transformation in the banking sector.
In particular, the State Bank will complete the mechanisms and policies in the banking sector to adapt to the fourth industrial revolution, creating favorable conditions for promoting business models and governance in the banking sector in the direction of breakthroughs and innovation, but still focusing on network security and consumer rights protection, limiting risks.

Constructing and developing the technology infrastructure in a synchronous and focused manner capable of integrating and connecting with other fields to provide digital banking products and services and improving the quality of service in order to increase the convenience for customers.
At the same time, giving priority to investment and strongly applying the technologies of the fourth industrial revolution to banking activities, giving priority to developing banks under the model of digital banking, which takes digital payment as the doorway to connect seamlessly with other banks.

>>> By 2030 Vietnam needs at least 100,000 digital technology businesses


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