On November 1, 2018 in Hanoi, the Banking Strategy Institute under the State Bank of Vietnam (SBV) and the Institute of Manpower, Banking and Finance (BTCI) co-organized the 7th Vietnam International Annual Banking and Finance Conference with the theme of “Digital Transformation for a Breakthrough Development” under the chairmanship of SBV Deputy Governor Nguyen Kim Anh.
Also attending the Conference were representatives from the SBV entities, commercial banks, credit institutions, high-tech companies in the finance and banking sector. Especially, the Conference was also participated by several policy making authorities and the public media.
In his opening speech, Deputy Governor Nguyen Kim Anh stated that, acknowledging the importance and the impacts of the digital technology in the finance and banking sector in the context of the fourth industrial revolution, the SBV has proactively conducted many initiatives to enhance the banking sector’s capabilities of accessing new technologies in every aspect.
Deputy Governor Nguyen Kim Anh delivers his opening speech
First, the SBV has focused on completing the legal framework, formulating and promulgating many legal documents and guiding policies to strengthen the development of the IT infrastructure, the safety and security of the banking operations; promoting the start-up ecosystem and supporting the development of Fintech companies.
Second, the enhancement of the capabilities of accessing new technologies while ensuring security and safety for the banking sector in the digital era has also received much attention, such as the improvement of the connectivity and standardization of payments; the application of the best international practices and standards to a number of facilities and payment systems; researching and application of new solutions to ensure the safety and security of the payment activities, such as PCI/DSS, or tokenization, etc. Recently, the SBV promulgated the Standards Code for domestic chip cards to ensure security and safety in payments, and made several recommendations on the standards for QR code payments in order to enhance the connectivity for QR Code payments, reduce the cost of installation and utilization of card accepting devides at POSs.
Third, the SBV has also enhanced the communications in various forms like seminars, dialogues, conferences and scientific research about the application of the digital technology in the banking sector…
Being aware of the opportunities for development based on the new technologies, over the past time, many commercial banks have proactively researched, invested and applied new technologies and solutions, such as big data analysis, artificial intelligence, biometric authentication… to create several digital payment services, digital banking; assessment of customers’ behaviors, market demand, risk alerting. The digital technology is also an opportunity for many countries to promote financial inclusion towards the provision of financial services to every individual and institution, especially low-income and vulnerable people, in order to help them to access financial services, contributing to creating more jobs, re-allocating the investment capital flows, thus strengthening the economic growth.
Deputy Governor Nguyen Kim Anh hoped that the Conference would bring a general view on the opportunities and the challenges regarding digital banking, and propose approaches, solutions and specific recommendations for Vietnam’s banking sector.
The main topics of the Conference were: i) The situations of the digital transformation of Vietnamese banks; ii) Sharing experiences from multinational banks and solutions from large technology firms; iii) Technological infrastructure and management of policies on facilitating digitization.
Le Hang