The State Bank of Vietnam (SBV) and the World Bank (WB) jointly organized a workshop on Central Bank Oversight: International standards and assessment of FMIs in Hanoi on November 2- 4. Attending the workshop were leaders and officers of the SBV entities and senior specialists from the WB…
At the workshop, specialists from WB shared experience and updated the trend in world payment and settlement systems; experience of central bank oversight of payment and settlement systems in line with international practices; risk in payment and settlement systems; CPMI – IOSCO principles for financial market infrastructure with assessment methodology and self-assessment with several useful recommendations for Vietnam …
Speaking at the workshop, Mr. Nghiem Thanh Son, Deputy Director General of Payment Department, said that over the past ten years, Vietnam has obtained many progresses in the process of development and modernization of payment system, thereby significantly contributing to socio-economic development. Many payment system have been formulated and developed in line with international trend like: the electronic inter-bank payment system serving for high value transactions of credit institutions, the bank card switching system serving for retail payment of individuals…Many non-cash payment facilities help institutions, enterprises and individuals easily get access to bank services, well serving for payment demand of the society. For the field of payment and settlement, the WB has actively supported Vietnam for financing project implementation, providing training and consulting assistance, exchanging information and experience on developing and overseeing payment and settlement systems…
The globalization and the development of information and communication technology have accelerated the the innovation and development of payment and settlement systems to better meeting the demand of the economy. However, there are many potential risks occurring in payment and settlement systems that require the state management agencies including the central bank to manage and oversee payment and settlement operations, and financial market infrastructure more closely and effectively.
TLH