On March 16, 2023, in Hanoi, Deputy Governor Nguyen Kim Anh of the State Bank of Vietnam (SBV) had a meeting with Mr. Lee Myung Soon, First Deputy Governor of the Financial Supervisory Service (FSS), the Republic of Korea.
Overview of the meeting.
At the meeting, Deputy Governor Nguyen Kim Anh welcomed Mr. Lee Myung Soon and the representatives from the FSS (Korea) and the FSS Office in Hanoi to visit and work with the SBV after a period of disruption in the mutual exchange visits due to the impacts of the COVID-19 pandemic.
Deputy Governor Nguyen Kim Anh informed that, together with the monetary, the interest rate, the exchange rate, and the credit policies, the banking inspection and supervision and the payment operations are also the pillars receiving a lot of attention by the SBV. In the future, the SBV would continue to improve the legal frameworks, the mechanisms and policies on the banking inspection and supervision; promote the development of payment, especially with the robust application of the IR 4.0 achievements.
SBV Deputy Governor Nguyen Kim Anh speaks at the meeting.
The SBV Deputy Governor expressed high appreciation for the support of the FSS over the past years, especially through the practical training programs on banking inspection and supervision. He hoped that the FSS would continue to promote these programs in the future, and to enhance the cooperation activities in the field of banking inspection and supervision, in the context of Vietnam’s transition from compliance inspection to risk-based inspection.
Affirming the important role of the FSS Office in Hanoi, the SBV Deputy Governor stated that the FSS Office has been very active, and has been a bridge connecting the management agencies of the two countries, helping to provide full and prompt information, contributing to the effective cooperation between the two sides. The year 2023 marked the 10th anniversary of the establishment of the FSS Office in Hanoi, and the SBV Deputy Governor believed that the FSS Office would continue to perform successfully its mandate and missions.
Regarding the digital transformation, SBV Deputy Governor Nguyen Kim Anh shared that the digitization process has been taking place at a fast and steady pace in the entire banking system of Vietnam. He also added that the Republic of Korea is one of the leading countries in Asia in the field of digital banking, and thus the banking system of Vietnam would very like to learn and receive sharing from the ROK counterparts, especially in the development of the open banking, the system for connecting and sharing data between the banks and fintech companies (Mydata), the implementation, inspection, and supervision of the institutions engaged in the Sandbox mechanism, and the resolution of the relevant issues.
FSS First Deputy Governor Lee Myung Soon speaks at the meeting.
On the side of the FSS, First Deputy Governor Lee Myung Soon asserted that, Vietnam is now emerging as a Fintech hub in Southeast Asia. The Government of Vietnam has put a lot of efforts into developing a digital government, and has achieved a lot of positive results. The SBV and the banking sector have made strong changes in this field, and have received high compliments from the Prime Minister.
According to First Deputy Governor Lee Myung Soon, the SBV and the FSS enjoy a long-term close partnership with a lot of specific and practical cooperation activities. The FSS always stands ready to increase its technical assistance for Vietnam, as well as to diversify its cooperation activities to cover the fields of banking inspection and supervision, anti-money laundering, etc.
LK