On November 8, 2020, Deputy Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) attended the virtual All Governors' Meeting of the Bank for International Settlements (BIS) on 'Big Data in Central Banks'. The Meeting was chaired by Mr. Jens Weidmann, President of the Deutsche Bundesbank and Chairman of the Board of the BIS. The Meeting was also attended by Governors from 63 BIS member central banks/monetary management authorities. This was the first official activity of the BIS that the SBV had attended as a BIS member.
Speaking at the meeting, Deputy Governor Nguyen Thi Hong thanked the BIS Board of Directors and the BIS Governors for having supported Vietnam in the process of becoming a member of the BIS. The SBV Deputy Governor stated that the theme of the Meeting on big data and its application in the central banking operations was helpful for central banks/monetary management authorities in the context of the wide expansion of big data, internet of things and artificial intelligence (AI) in all areas, including in finance and banking. The application of big data would help central banks/monetary management authorities to better perform their functions in formulating and managing monetary policies and to conduct central banking operations more effectively. It would also help the management authorities, financial supervisors and inspectors to better fulfil their roles.
Photo of Participants (taken from the screen)
At the meeting, the BIS Governors shared their views, experience and challenges faced in the process of applying big data in central banking operations. According to the Governors, the application of big data requires the establishment of fundamental IT infrastructure and human capacity training on the organization, management and analysis of specific non-structural data arising from the socio-economic activities. They agreed to enhance the cooperation and coordination among the central banks/monetary management authorities in the application of big data, especially in the development of the databases and the establishment of the foundations and standards for data governance and management.
Le Hang