On May 16, 2022, at the headquarters of the State Bank of Vietnam (SBV), SBV Deputy Governor Pham Tien Dzung had a working session with Mr. Seo Seung Hyeon, Deputy CEO and Head of Global Business Group of Shinhan Bank (Korea) in order to exchange experience on the research and development of digital transformation and digital banking operations in Vietnam.
The meeting between the SBV and Shinhan Bank (Korea).
At the meeting, SBV Deputy Governor Pham Tien Dzung shared that over the recent years, Vietnam has been implementing multiple goals and tasks to leverage the achievements of the Fourth Industrial Revolution (IR4.0) and the national digital transformation strategy. In Resolution No. 52-NQ/TW of the Politburo on a number of policies to actively participate in the IR4.0, and the National Program for Digital Transformation to 2025, Vision to 2030, the banking sector is identified as one sector that can make a strong social influence, relating to the people’s everyday life, being capable of changing the people’s perception in the fastest way, bringing about efficiency, helping to save costs. This is the reason why the banking sector needs to be prioritized first in the digital transformation. Moreover, the SBV Governor has also issued a Plan for Digital Transformation of the Banking Sector to 2025, Vision to 2030, and has established a Steering Committee for Digital Transformation of the Banking Sector to implement this Plan.
SBV Deputy Governor Pham Tien Dzung discusses with Shinhan Bank mission.
Mr. Seo Seung Hyeon, Deputy CEO of Shinhan Bank, expressed his special interest in the digital transformation policy in Vietnam in general, and the digital transformation in the banking sector in particular. According to him, Vietnam's potentials for digital transformation are huge. Mr. Seo Seung Hyeon also expressed his wishes to share Shinhan Bank’s experience in digital transformation; the pilot regulatory sandboxes; the Korean Government’s legal framework for the banking sector in Korea in this field.
Mr. Seo Seung Hyeon, Deputy CEO of Shinhan Bank, speaks at the meeting.
For his part, SBV Deputy Governor Pham Tien Dzung stated that digital banking is a relatively new area for Vietnam. Shinhan Bank is one of the major banks in Korea, where digital transformation operations have been going on robustly. In the coming time, the SBV wishes to receive the support and experience sharing from Shinhan Bank, especially the experience and best practices in managing and developing digital banking operations in Korea in general, and at Shinhan Bank in particular. At the meeting, SBV Deputy Governor Pham Tien Dzung also assigned the functional entities under the SBV to work and discuss directly with Shinhan Bank to develop a specific support program.
LK