Enhancing efficiency of payment system and minimizing risks

Attending the training course, there are trainees from the SBV functional departments, a number of commercial banks, the Banking Academy of Vietnam and the Banking University of Ho Chi Minh City. The trainees were able to learn and share their expertise and experience on management aspects in the field of payment, as well as the area of banking inspection and supervision. Specifically, the training focused on the following topics: (i) the basics of clearing systems; (ii) development situations of payment systems in some countries in the region; (iii) potentials for inclusive financial promotion through technology application such as QR code, sandbox legal framework, block chain technology, virtual currencies, digital currencies of central banks; (iv) emerging cybersecurity and technology risks to payment systems and methodologies to identify, monitor and mitigate risks, etc.

Overview of the training course

In her opening remarks, Mrs. Hoang Thi Phuong Hanh, Deputy Director General of the International Cooperation Department, said that recently, the world has witnessed unprecedented development in the payment systems. Since the payment system plays a very important role for an economy to operate smoothly, there are many issues that central banks have to face in managing these changes in the payment systems. In Vietnam, technological improvements have contributed to the innovations and the rapid growth in the payment operations. In parallel with those benefits, the authorities have also recognized significantly increasing risks, which need to be addressed. Therefore, the SBV is working hard to further strengthen the payment infrastructure, ensuring that payment operations are more flexible and timely, aiming at both increasing the efficiency and minimizing the risks for the whole system.

Upon completion of the course, the participants gained a lot of information and ideas, as well as better insights into the hot topics having been discussed and presented by prestigious speakers from the regional Central Banks such as Thailand, Malaysia, Cambodia, and some Asian financial management organizations such as the Japan Financial Services Agency (JFSA) and the Financial Supervisory Service of South Korea.

The course was supported by the Asian Development Bank as co-chair of the Steering Committee for Capacity Building (SCCB) to support ASEAN financial integration.

VA