On June 22, 2023, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Tien Dzung had a meeting with Mr. Jung Sang Hyuk, CEO of Shinhan Bank, to exchange about the digital transformation of Vietnam’s banking sector in general and at Shinhan Bank Vietnam Limited in particular.
An overview of the meeting
At the meeting, Deputy Governor Pham Tien Dzung congratulated Mr. Jung Sang Hyuk on Shinhan Bank’s continuous expansion of business activities in Vietnam and its encouraging performance results.
Exchanging about the digital transformation in the banking sector, the SBV Deputy Governor asserted that digital transformation is a critical trend, an opportunity, but also a big challenge to Vietnam’s banking system. It is also a factor that is changing the means for providing banking services, the methods of finance and banking management, as well as the SBV’s supervision over the banking system.
Deputy Governor Pham Tien Dzung speaks at the meeting.
In addition, the SBV Deputy Governor further affirmed that the digital transformation of the banking sector is inevitable, but still relatively new in Vietnam. Deputy Governor Pham Tien Dzung hoped that, in the coming time, the SBV would continue to receive more support and experience sharing about the development and management of digital banks from the Republic of Korea (ROK), especially from Shinhan Bank, which is one of the largest banks in Korea and a bank with robust development of digital transformation.
Mr. Jung Sang Hyuk, CEO of Shinhan Bank, speaks at the meeting.
Expressing his great interest in the orientations for the digital transformation in Vietnam in general and the digital transformation in the banking sector in particular, Mr. Jung Sang Hyuk, CEO of Shinhan Bank, said that the potentials for the development of digital transformation in Vietnam are very big. He expressed the willingness to share more experience from the digital transformation process at Shinhan Bank, the sandbox for fintech, the platforms for sharing financial data and the legal frameworks of the Government of the Republic of Korea in this area.
Le Hang