On June 16, 2023, in Ho Chi Minh City, the Payment Department and the Communication Department under the State Bank of Vietnam (SBV), in cooperation with the Tuoi Tre (Youth) Newspaper and other relevant entities, organized a Conference themed "Data connection, smart payment to promote socio-economic development" within the framework of the “Cashless Day 2023”.
Various practical products and services, providing utilities to the people and businesses
Acknowledging the initiative to organize the “Cashless Day”, Deputy Prime Minister Le Minh Khai shared that this was an important event contributing to the realization of the Government's objectives as stated in the Scheme on improving access to banking services for the economy; the Scheme on promoting payment through banks for public services; the National Strategy for Financial Inclusion to 2025, with orientations to 2030; the Stratergy on Cashless Payment Promotion in the period of 2021 - 2025.
The Deputy Prime Minister added that, on January 06, 2022, the Prime Minister signed for issuance the Scheme on the development of the applications of the population database, the personal identification and e-KYC for the national digital transformation in the 2022 - 2025 period, vision to 2030 (Scheme 06). Moreover, the National Committee on Digital Transformation has also identified 2023 as the "National Year of Digital Data", a year of data generation and exploitation to create new values.
Overview of the Conference.
The Deputy Prime Minister mentioned that, through the speeches and presentations delivered at the Conference, it could be seen that cashless payment has been becoming more and more popular with all classes in the society, creating a momentum for the development of smart digital payment services, and helping to accelerate Vietnam’s efforts towards becoming a digital society in the future.
After two years’ implementation of Decision No. 1813/QD-TTg dated October 28, 2021 of the Prime Minister on the National Strategy on Cashless Payment Promotion in the period of 2021 - 2025, a lot of targets and objectives have been achieved. The Deputy Prime Minister made specially high evaluation of the SBV’s proactive efforts in researching, issuing, advising on the issuance of various mechanisms, policies on digital transformation and cashless payment promotion.
Cashless payment is expected to further develop, contributing to the development of the country
The Deputy Prime Minister also spoke highly of the active and close coordination of the Ministries, agencies and local authorities, and the important contributions of the media and the press agencies, including the Tuoi Tre (Youth) Newspaper, with the initiative of the “Cashless Day”, which had been organized annually during the past 4 years. This event had delivered positive messages, contributing to building and encouraging the habits of using non-cash payments in the society, helping the people to understand more about the benefits of cashless payment, and thus they can actively support and engage in non-cash payment transactions in their daily life.
In the coming time, in order to promote the achieved results, Deputy Prime Minister Le Minh Khai requested the banking sector, especially the SBV with its role as the state management agency, together with other relevant Ministries, agencies and local authorities, to continue to follow closely and consistently the Government’s policy, and organize effectively the implementation of the following key tasks:
First, continuing to review and improve the legal frameworks, mechanisms and policies to promote cashless payment, meeting the practical requirements and the current trends; proactively reviewing and revising the regulations under the SBV’s jurisdiction on the application and sharing of data in the banking operations, for the implementation of Scheme 06; reviewing, standardizing and improving the regulations on the responsibilities and benefits of the payment service providers, payment intermediary service providers, as well as the service users in order to ensure a harmonization between the rights and the benefits of all related parties.
Second, implementing fully, promptly and effectively the guidance and directions of the Government and the Prime Minister on cashless payment and digital transformation; accelerating the upgradation and modernization of the shared information infrastructure, the payment infrastructure, and the credit information infrastructure.
In addition, the relevant Ministries and agencies are requested to enhance the collection, processing, verification of data; connecting with the centralized infrastructure in order to enable the exploitation and sharing of the data with the National Database on Population, the Databases on enterprises, sectors and areas, in support of the exploitation and the aggregation of data, enabling the digital transformation and the cashless payment to achieve more successes in the coming time.
Third, applying, developing payment products and services in a faster and stronger way based on the Internet, mobile devices, Big Data, cloud computing, artificial intelligence (AI), Mobile-Money, etc., in order to promote cashless payment, especially in the rural and remote areas; working closely with the relevant entities to promote e-payment in the Governmental sector, the public administrative services; promoting online payment on the National Public Services Portal, and on the Information Systems of administrative procedures managed by the Ministries, agencies and local authorities
Fourth, strengthening the coordination with the Ministry of Public Security, the Ministry of Information and Communications, and other relevant agencies in the process of developing and improving the mechanisms and policies, ensuring the security, safety, transparency and the convenience in cashless payment transactions; strictly handling with any violations against the laws related to personal information and cyber crimes related to the banking operations.
Fifth, paying more attention to the training and improving the quality of the human resources, especially the leaders and experts specialized in data analysis and data mining using new technologies; training human resources on advance scientific and technological knowledge, and how to apply it in practice.
Sixth, continuing to focus on implementing the financial information, education and communication to the people and enterprises to equip them with the needed knowledge and skills, and develop their trust in cashless payment services as a safe and effective way of payment.
Deputy Prime Minister Le Minh Khai emphasized that, with the strong guidance of the Government, the Prime Minister, the SBV; the participation of all Ministries, agencies, local authorities, the media agencies and the people; the consensus, the determination and the proactive and innovative spirits of all entities; with the achieved results and the potentials for further development, the banking sector would continue to make more achievements in promoting cashless payment in the coming time, making an important contribution to the development of the country.
LK