On September 19, 2019 in Hanoi, the National Credit Information Center (CIC) of the State Bank of Vietnam (SBV) hosted the 3rd Conference of the Asian Credit Reporting Network (ACRN).
Attending the Conference were Deputy Governor Nguyen Kim Anh, representatives of the SBV's entities, senior representatives from a number of ACRN member central banks, credit information agencies in Asia, experts, speakers from international organizations, and representatives from several large credit institutions in Vietnam.
An overview of the Conference
The discussions at the Conference focused on such matters as the important role of public credit information centers; promoting cross-border credit information exchange to support labor export and investment & trade; the latest trends affecting credit information activities and situations in some countries in the region including E-KYC, the role of E-KYC in digital lending, the development of alternate data supporting operations of credit institutions; the acceptance of more members to develop the network, and discussions on the solutions to promote the network operations. These contents were considered to be of great importance and necessary for Vietnam to develop and complete the legal frameworks on credit information activities to be in line with the international practices.
In his opening speech, Deputy Governor Nguyen Kim Anh emphasized that first, the SBV always identifies the important role of public credit information centers. This is an effective tool to help the SBV in the management, directions, administration, policy making and banking supervision. Second, the contents discussed at this Conference would further share views to promote the cross-border credit information exchange, which is consistent with the trend of developing trade, investment, labor movements of Vietnam and other countries in the region and in the world. The theme of this Conference is one of the five fundamental principles in the set of general principles of credit information that the World Bank has summarized through global credit information activities. Third, the new trends in credit information activities such as E-KYC, the role of E-KYC in digital banking operations, and finally, the collection and use of the alternative information sources have met the operational requirements of credit institutions.
The 3rd ACRN Conference was aimed to realize the initiatives made by the founding members on the sideline of the 2016 Conference of the Global Credit Reporting Network in Toronto, Canada. The ACRN members are trying to build an increasingly strong network, engage more members from other countries, creating a breakthrough to promote the development of credit information activities in the region. This is a forum for the regional credit information centers to find solutions and make recommendations to lawmakers in each economy to overcome the difficulties and differences related to the legal frameworks, data security, data standardization or borrowers protection in order to promote credit information activities, contributing significantly to the socio-economic development of each country and territory in the region.
The conference was an opportunity for the network members to discuss and share valuable experience and lessons about the management and operations of public credit information agencies, promote cross-border credit information exchanges and get updated on the new trends in IT applications with a view to meeting the requirements of new banking services in the current context of fast developing digital technologies.
Le Hang