On June 14, Deputy Governor Pham Tien Dzung of the State Bank of Vietnam (SBV) attended Vietnam Industry 4.0 Summit 2023 and delivered a speech at the Thematic Conference 4 on Digital Transformation and Green Transition in the process of industrialization and modernization by 2030, Vision to 2045.
Sharing at the Thematic Conference 4, Deputy Governor Pham Tien Dzung asserted that the banking sector fully understands the urgency of the double transformation, i.e. the digital transformation and the green transition. Therefore, at early stages, the SBV had promulgated the Scheme on the development of green banks in Vietnam and the Plan for Digital Transformation in the banking sector.
The SBV Deputy Governor shared that one key objective of the Scheme on the development of green banks in Vietnam is to improve the awareness and social responsibility of the banking industry toward protecting the environment and responding to climate change, gradually greening the banking operations, contributing to promoting green growth and sustainable development. Meanwhile, the overall objective of the Plan for Digital Transformation in the banking sector is to develop a digital bank model, focusing specially on diversifying the utilities and enhancing the experience for customers through effectively leveraging the achievements of the IR 4.0.
In order to realize these objectives, according to Deputy Governor Pham Tien Dzung, the SBV has focused on developing and improving the legal frameworks and the relevant standards, such as the promulgation of the QR Code standards, which allows the mobile banking application of one bank to easily read the QR code of another bank.
In addition, the SBV Deputy Governor also asserted that all of the banks have concentrated on developing their infrastructure for the digital transformation at an early stage. According to the statistics, the current value of daily transactions via digital channels is about VND 800 trillion (about USD 40 billion).
An overview of the Conference
In light of the potential risks and challenges, as well as the increasing hi-tech crimes, it is necessary to pay more attention to improving the legal frameworks and investing into the infrastructure. For the side of the banking sector, Deputy Governor Pham Tien Dzung emphasized some of the key tasks in the coming time, including: (i) focusing on improving the policy framework for the provision of loans on the digital platforms, facilitating banks to implement this operation in the coming time; (ii) increasing the finance accessibility and financial inclusion with appropriate costs in all areas and corners of life.
Le Hang