On January 13, 2022, the Governor of the State Bank of Vietnam (SBV) issued Directive No. 02/CT-NHNN directing the relevant entities to accelerate the digital transformation and ensure the IT security and safety for the banking operations.
SBV Headquarters
Implementing the directions and policy of the Government and the Prime Minister about the National Digital Transformation Program to 2025, with Vision to 2030, over the past time, the SBV has reviewed and promulgated a lot of mechanisms and policies creating favorable conditions for the digital transformation and promoting the IT application in the banking operations, as well as in providing banking products and services based on ensuring the safety and security in order to protect the legitimate rights and interests of the customers. The digital transformation in the banking sector, over the past years, has obtained robust progresses with the expansion both in scale and in quality, which has been recognized through encouraging results, such as: (i) Many banking services are now conducted fully through digital channels (payments, deposits, savings, etc.), meeting the demands for online transactions by the people and enterprises, especially during the time of social distancing to prevent the spread of the COVID-19 pandemic; mobile payment has developed strongly; (ii) the SBV ranked second on the Digital Transformation Index (DTI) for 2020 amomg all ministries and central government agencies, in which the SBV ranked first for the Institutional Creation Indicator; the SBV has achieved A level for two consecutive years in terms of information security.
In order to continue enhancing the digital transformation and ensuring the IT security and the safety for the banking operations, the SBV Governor has requested all SBV entities, credit institutions and foreign bank branches (hereinafter referred to collectively as credit institutions) and the intermediary payment service providers to focus on implementing the specific tasks and measures as follows:
Proactively implementing the tasks and measures as stipulated in the Digital Transformation Plan of the Banking Sector to 2025, with Vision to 2030 attached to Decision No.810/QD-NHNN dated May 11, 2021.
Improving the awareness of each and every individual and collective of the role and advantages of the digital transformation.
Continuing to focus on and enhance the security and safety, minimize arising risks in the process of providing and conducting digital banking activities.
Continuing to strengthen the communication and dissemination of financial knowledge and education, thus guiding the people and enterprises on how to use online banking products and services safely and in conformity with the laws.
Enhancing the cooperative activities, experience sharing, research and application of digital technology to banking operations in order to develop and supply convenient and safe banking products and services, meeting the demands and the increasing expectations of the people and enterprises.
For the SBV entities
Reviewing, researching and proposing to promulgate or amend and supplement legal documents to create favorable conditions for the digital transformation of banking operations.
Coordinating with the relevant units of the Ministry of Information and Communications and the Ministry of Public Security to organize the pilot implementation of using telecommunication accounts to pay for small-valued services (Mobile-Money service)
Strengthening the state management of the information technology in the banking sector, developing necessary frameworks and regulations for technology development and digital transformation.
Coordinating with the Ministry of Public Security to create favorable conditions for the credit institutions and intermediary payment service providers to connect and exploit information and data from the national population and citizen identification database serving for the verification of their customers’ identification information through electronic means.
Continuing to upgrade the technology infrastructure (inter-bank electronic payment system, financial switching and electronic clearing system, national credit information system,...) to support the credit institutions, intermediary payment service providers in deploying and providing safe and convenient products and services on the digital platform; strengthening the security, safety and continuous operations of the inter-bank electronic payment system and the critical information systems of the SBV.
Strengthening the cooperation, experience exchange and sharing with foreign partners in digital transformation of the banking industry; actively participating in the regional and international cooperation forums as well as bilateral and multilateral partnerships to promote banking innovations.
For the SBV municipal and provincial branches
Organizing the implementation of the solutions and assigned tasks as stated in Decision No.316/QD-TTg dated March 9, 2021, Decision No.810/QD-NHNN dated May 11, 2021, Decision No.2006/QD- NHNN dated December 17, 2021 in line with the local conditions and situations.
Proactively monitoring the situations of the digital transformation in the banking industry, ensuring the security and safety in their jurisdiction; coordinating with the relevant departments and agencies to advise the Provincial People's Committees and the SBV Governor in implementing the assigned tasks, the specific and feasible solutions to promote the digital transformation in general and the digital transformation in the banking sector in particular, ensuring the security and safety, in line with the objectives and orientations of the Government and the SBV.
Strengthening the management, monitoring, supervision and inspection to detect and handle with any violations in e-banking activities, and ensuring the security and safety of customers’ information.
Enhancing the communication and dissemination of knowledge about digital transformation in the banking industry and the implementation of financial education programs.
For the credit institutions and intermediary payment service providers
Continuing to develop and implement the Digital Transformation Plan/Strategy in line with their development orientations, resources and capabilities, with a focus on developing and providing innovative products and services.
Developing and implementing their own frameworks of risk management; regularly reviewing and assessing risks to have contingent plans and timely response solutions, etc.
Proactively researching and deploying digital technology and solutions in design, products and services provision, risk management, etc., in line with the SBV's vision about digital transformation in the banking sector.
Continuing to promote the establishment of a digital ecosystem, focusing on the areas of health, education, transport, public administration, etc.
Applying advanced solutions, technologies and international standards to ensure safety and security for the information technology systems.
Strengthening the communication about innovative, safe and convenient products and services; carrying out financial education activities, raising customers’ awareness about cyber security risks, fraudulent activities and other frauds in the cyberspace.
Working closely with the relevant authorities to combat crimes and frauds in the cyberspace; promptly reporting to the SBV on any arising problems related to the security and safety in the process of service provision.
Le Hang