On September 13th, 2018, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyen Kim Anh had a working session with the delegation of the Amazon led by Mr. Michael Punke - the Vice President of Global Public Policy for Amazon Web Services (AWS).
Overview of the meeting
Attending the meeting were representatives of the SBV entities: the International Cooperation Department, the Payment Department, the Information Technology Department and Amazon specialists…
On behalf of the SBV Board of Management, Deputy Governor Nguyen Kim Anh welcomed the delegation of Visa led by Mr. Michael Punke to visit and work in Vietnam. At the same time, SBV Deputy Governor expressed his confidence in the visit of Mr. Michael Punke will contribute to further develop the comprehensive cooperation between the SBV and Amazon in the coming time.
At the meeting, Deputy Governor Nguyen Kim Anh shared the policy orientation of the SBV in managing the use of cloud services, new financial technologies (Fintech), financial data management. Deputy Governor stressed that the banking sector is one of the pioneers in the field of information technology. Banking sector considered this both a challenge and an opportunity to develop into a new phase. Cloud computing is a relatively new field in Vietnam, however, it still the interest of the SBV Board of Management and financial institutions.
Thanking the Deputy Governor for his hospitality, Mr. Michael Punke - the Vice President of Global Public Policy for AWS reported to Deputy Governor Nguyen Kim Anh some information about Amazon Company and its services delivery in Vietnam.
Mr. Michael Punke said Amazon is a multinational e-commerce company that has strengths in online retail and providing public cloud services. AWS provides a low cost, secure and highly scalable cloud infrastructure in the form of hosted services, database, analytics services and other services from Amazon data centers around the world. Currently, Amazon is collaborating to deploy cloud computing services and digital banking services with a foreign bank in Vietnam.
In addition, AWS is aware that the SBV is planning to build a regulatory corridor for Fintech in the form of regulatory sandboxes. AWS has been working with governments in the region to develop similar sandboxes. Therefore, AWS is very much looking forward to cooperating with the SBV in this process. AWS can provide information on emerging trends in the way financial institutions use cloud computing, artificial intelligence, data analysis, block and virtual banking in Vietnam, in the region as well as around the world.
AWS expects AWS Global and AWS in the region to be able to cooperate with the SBV in developing new regulatory frameworks for technology in the most efficient and profitable way possible for Vietnam's digital economy. This can be done by organizing workshops and technical exchanges, sharing experiences.
Regarding information and recommendations proposed by Mr. Michael Punke at the meeting, Deputy Governor Nguyen Kim Anh said that the SBV will carefully study and review. Deputy Governor Nguyen Kim Anh suggested Amazon continue to coordinate with the SBV Information Technology Department to clarify problems and obstacles in the implementation of the cyber security law for credit institutions and financial institutions in Vietnam.
With respect to the general policy orientation of the SBV to create a legal corridor for the exploitation of new technologies in banking activities, the SBV plans to build a legal framework for Fintech businesses in the form of a regulatory sandbox. The leadership of the SBV is assigning the Payment Department to act as the focal point for drafting a pilot management mechanism for Fintech operations in the banking sector for submission to the Government for approval.
The Deputy Governor wishes and trusts that, with the goodwill of the SBV along with the inherent strengths of Amazon, both sides will have successful cooperation and success in applying information technology to the development of modern banking services; especially, the application of cloud services in the banking industry in Vietnam.
VA