On July 28, 2022, in Hanoi, the State Bank of Vietnam (SBV) organized a press conference to announce the establishment of the Digital Transformation Day of the banking sector.
An overview of the press conference.
Digital transformation is urgently necessary
Recognizing the importance of the digital transformation in the development of the economy as well as the banking sector, the SBV Governor has issued Decision No. 810/QD-NHNN dated May 11, 2021 approving the plan for digital transformation in the banking sector by 2025, vision to 2030; has established the Steering Committee and the Taskforce for digital transformation in the banking sector; and most recently has selected May 11 to be the Digital Transformation Day of the banking sector. This marks the clear milestone in the plan for digital transformation in the banking sector, and is of great importance to help clarify the orientations and the implementation plan of the whole banking sector in the general trend of digital transformation.
Mr. Le Anh Dzung, Deputy Director General in charge of Payment Department, speaks at the press conference.
As approved by the SBV Board of Management, the event of “Digital Transformation Day” (DTD) of the banking sector this year is scheduled to be held on August 3, 2022, with such main activities as: announcement of the Digital Transformation Day of the banking sector; a Seminar themed “Strengthening the connectivity, enhancing the digital transformation in the banking sector” an Exhibition displaying the typical digitized banking products and services, for example online banking services; modern payment services such as QR code, Tap to pay, Livebank, non-touch payment, etc.
Spreading wider the values of digital transformation
At the press conference, Mr. Le Anh Dzung, Deputy Director General in charge of the Payment Department, shared that the banking sector has been assessed to be among the leading sectors in the digital transformation process. A lot of banks have considered the digitization and the development of digital banking models and operations to be the goals of their business strategy in order to meet the increasingly higher demands of their customers. The investment in digital transformation has also received a lot of attention.
Banking services on digital platforms have been developing robustly, especially electronic payment. In the first half of 2022, non-cash payment operations increased by 77.2% in the number of transactions, and by 29.8% in the transaction value; transactions via the internet increased by 63.2% in the number of transactions, and by 32.3% in the transaction value; transactions via smart phones rose by 98.3% and 84.3% in the number and value of transactions respectively; the transactions via QR code increased by 86% and 127% in the number and value of transactions respectively as compared to the figures of the same period of 2021; 68% of Vietnamese adults have bank accounts; 5.5 million accounts and about 8.9 million bank cards have been opened via eKYC (as of June, 2022).
Mr. Doan Thanh Hai, Deputy Director General of the Information Technology Department, speaks at the press conference
As a state management agency, the SBV has urgently studied, formulated and issued several policies and plans to enhance the application of digital technologies in the banking operations, such as: the Scheme on enhancement of non-cash payment; the Plan for digital transformation in the banking sector by 2025, vision to 2030, etc. Moreover, the SBV has proactively coordinated with other ministries and agencies to regularly review the legal frameworks in order to facilitate and promote the digital transformation and the development of the digital banking operations; focusing on upgrading and building the infrastructure for the digital transformation.
In the coming time, the banking sector will focus on some of the following tasks: improving the policy mechanisms and the legal framework for the banking operations in light of the IR 4.0; continuing to develop and improve the technological infrastructure for the provision of digital products; enhancing the integration and connectivity with other sectors and fields to provide a digital platform for utility service payments; helping to increase the positive experience and convenience for customers; prioritizing the development of digital banking models; accelerating the implementation of the annual training and re-training plans on digital transformation, digital economy and digital society for the banking staff and officers; enhancing the financial communication and education to raise the public awareness of the digital applications and risk prevention when making electronic transactions; etc.
Le Hang