SBV Deputy Governor Nguyen Kim Anh worked with Amazon

The meeting was attended by representatives of SBV functional departments and specialists from Amazon. On behalf of the SBV Management Board, Deputy Governor Nguyen Kim Anh warmly welcomed the Amazon Delegation’s working meeting with SBV.

Deputy Governor believed that with the goodwill of SBV along with Amazon’s inherent strengths, the two sides would be able to cooperate and success in applying information technology (IT) in the development of modern banking services; especially the application of Cloud Services in banking industry in Vietnam.

During the discussion, Amazon representatives briefed SBV Deputy Governor on the company operation as well as the services it’s providing in Vietnam. Mr. Justin F. Wong introduced Amazon as a multinational e-commerce company that has strengths in Online Retail and Public Cloud Services. Among those strengths, Amazon Web Services (AWS) is the world's leading cloud computing provider in the form of hosting, database, analysis and other services. AWS provides a highly reliable, scalable, low-cost infrastructure platform in the cloud that powers hundreds of thousands of businesses in 190 countries around the world. Currently, Amazon is collaborating to apply cloud computing services with Vietnamese corporations in many fields such as aviation, communications, manufacturing...

The APAC Corporate Counsel also offered a number of recommendations to SBV Deputy Governor regarding the application and development of cloud computing services, and talked about Amazon’s plan to expand their cooperation with banks and companies in Vietnam.

SBV Deputy Governor Nguyen Kim Anh chaired the working session

On this issue, Deputy Governor Nguyen Kim Anh said that the State Bank of Vietnam acknowledged the advantages of using cloud computing for: saving the cost of investment; maintaining the security for the system operation; ensuring high level of security and safety, and consecutive business; and reducing the delivery time for products and services. However, SBV also considered a number of issues when applying cloud computing services in the banking industry such as: Ensuring the confidentiality of data; Security and data integrity. Deputy Governor Nguyen Kim Anh asked Amazon to coordinate with the SBV Information Technology Department to clarify the problems and to support the drafting of guidelines to ensure cyber safety and security, response to challenges and risks of network security in accordance with conditions and circumstances of organizations in Vietnam.

Discussing the ongoing cooperation substances of the two sides, Deputy Governor Nguyen Kim Anh expressed his hope that Amazon will continue supporting the SBV the following contents: Solutions that Amazon provides to customers to minimize the security risks associated with deploying digital banking services in the cloud; Amazon's liability to customers when the risk occurs; Trends in the transfer of cloud services in the financial and banking sector within ASEAN region and around the world; Amazon's experiences in this area; Products and services that Amazon can provide to credit institutions in Vietnam.

Currently, the State Bank of Vietnam has been doing researches and will soon issue the guidelines to manage cloud banking in 2017 on the basis of encouraging credit institutions to utilize the outstanding advantages of this service. At the same time, the SBV is also formulating regulations to minimize risks to credit institutions in implementing this type of service effectively.

VA