Deputy-Governor Nguyen Kim Anh of The State Bank of Vietnam (SBV) had a meeting with the Delegation from the Bank of the Lao P.D.R (BOL) led by BOL Deputy Governor Vathana Dalaloy on December 14, 2016 at SBV. The meeting was attended by Heads of the two central banks’ entities.
20161121111600331SBV Deputy Governor vs BOL Deputy Governor
On behalf of SBV Management Board, the Deputy Governor warmly welcomed the BOL working visit Delegation to Vietnam.
Deputy Governor Nguyen Kim Anh said that the SBV has recently achieved a number of crucial improvements including the completion of the system of legal documents for the institution of payment activities, and establishing the infrastructure for payment systems, especially the non-cash payment sector which was illustrated as follows: by formulating and successfully operating the electronic inter-bank payment system, creating favorable condition for banks to converge the capital resources and providing safe, convenient, progressive and effective e-payment services, applying the core banking solutions in accordance with international standard with capacity of automatic access and timely management for millions of customers. Additionally payment services providers, especially commercial banks, have considerably invested in payment infrastructures, thereby contributing to pushing ahead with electronic banking services such as mobile and internet banking, along with the ATM and POS systems.
SBV Deputy-Governor Nguyen Kim works with Bank of the Lao P.D.R Delegation
The Deputy-Governor also briefed his guests on the continuing development of e-payments in Vietnam. The increasing use of e-payments would be encouraged, alongside a decrease in the use of cash payments between individuals, enterprises and the Government. The development of payment via POS would continue and there would be an upgrading of the quantity and value of transactions via POS. There would be an increase in the number of POS throughout the country to 500,000, with transactions via POS reaching 200 million per year by the end of 2020 and a decrease in the proportion of cash/ total liquidity to below 10% at the end of 2020. There will also be a focus on developing several new payment types to serve remote rural areas, thereby contributing to achieve targets for universalizing finance. Efforts will also put into increasing the number of people using payment services and increasing the proportion of banking-account users over 15 years old to at least 70% by the end of 2020.
On behalf of the BOL Delegation, Deputy Governor Vathana Dalaloy expressed her sincere thanks to the SBV Management Board and entities for facilitating the Delegation their varied and valuable experience in inspection and supervision, information technology, audit, payment, banking strategy and commercial bank management. Ms. Dalaloy stated that BOL are currently in the progress of formulating their own e-payment interbank system as well as preparing the structure and relevant legal framework.
Thoa Le