On 7 November 2024, the State Bank of Vietnam (SBV) held a hybrid meeting with the relevant entities under the SBV, the commercial banks, and the payment intermediaries in order to review and accelerate the implementation of the guiding Circulars for Decree No. 52/2024/ND-CP dated 15 May 2024 of the Government on cashless payment. The meeting was chaired by Deputy Governor Pham Tien Dzung.
Speaking at the meeting, Deputy Governor Pham Tien Dzung acknowledged the initial efforts and proactiveness of the banking entities and institutions in implementing the guiding documents for Decree 52. The issuances of Circular 17, Circular 18, and Circular 40 had strengthened the existing legal frameworks for payment activities, and had become the foundation for the banks to basically complete the review and classification of the payment accounts, as well as to collect and verify biometric data to protect their customers and to enhance the system security.
The SBV Deputy Governor emphasised that the implementation of the Circulars is not only an important task, contributing to the healthy development of the payment activities in the digital environment, but also a critical legal and social responsibility that the entire banking sector must fulfil with due diligence. All relevant institutions and entities must review and propose appropriate amendment plans, especially in the current context when cyber frauds and account hacking are increasing with unpredictable and complicated tricks.
An overview of the meeting
After having listened to the participants’ opinions, Deputy Governor Pham Tien Dzung commended and acknowledged the initial results achieved by the entities and the institutions with the implementation over the past months, especially in relation to the proposals and recommendations in order to remove the obstacles in the process of implementing the Circulars on cashless payment, the use of bank cards, and the payment intermediary services.
Deputy Governor Pham Tien Dzung requested the SBV entities, in the coming time, to continue to review the implementation of the regulations on e-signatures, the corporate accounts at the credit institutions, while the SBV provincial and municipal branches were also requested to regularly update the implementation process, and to actively coordinate with the credit institutions in their areas of responsibility to review and verify the bank accounts, regularly inspect and strengthen the implementation by the credit institutions and businesses in their areas, and to issue guiding documents to ensure the schedule of the implementation progress.
With the aim to ensure the comprehensiveness and the effectiveness in the implementation of the documents, the SBV Deputy Governor also requested the credit institutions to enhance the training and re-training programmes for all staff and employees, and to study the experience of other institutions in order to come up with and apply appropriate methods for their own systems,...
HP