Banking Industry Drives Digital Transformation – EIN Presswire

VIETNAM, October 13 – HÀ NỘI — Banking is a particularly important economic sector, playing the role of “lifeline” of the national economy.

The industry makes an important contribution to mobilizing and allocating financial resources to promote and develop the country’s socio-economy, Politburo member Trần Tuấn Anh, head of the Central Economic Commission, said at a meeting. banking summit.

The Central Economic Commission and the State Bank of Việt Nam held a high-level Smart Banking 2022 summit on Wednesday in Hà Nội.

The digital transformation summit aims to solve difficulties and problems as well as promote the process of exchanging and sharing experiences with international experts in the process of digital transformation, thus providing more recommendations to contribute to the development of the banking sector in the future.

The State Bank of Việt Nam and the entire banking sector have actively implemented tasks to participate in the fourth industrial revolution, as well as strong digital transformation in various fields, achieving many positive results.

The banking sector is the first sector to announce its digital transformation date (May 11); and publish the digital transformation plan for 2025, with a vision for 2030.

Việt Nam is rated by Global Management and Consulting Company (McKinsey) as having the fastest digital banking app in the region last year.

The experience of a fast, efficient and sustainable digital transformation of the banking sector will be a useful experience for other sectors and areas of the economy.

Deputy Governor of the State Bank of Việt Nam Nguyễn Kim Anh added that this result is reflected in many areas of the banking sector, such as many banking services could be fully utilized on digital channels and many Vietnamese banks conduct more than 90% of transactions on digital channels.

Common Industry 4.0 technologies such as artificial intelligence, machine learning and big data have been deployed, especially in the context of the recent pandemic. The demand for online transactions grew rapidly, while the technological infrastructure of the banking sector was fully responsive.

As digital transformation is also associated with information security, the banking industry has been proactive in building and investing in technology infrastructure to keep pace with rapid market growth.

The State Bank of Việt Nam said it will continue to improve mechanisms, policies and legal frameworks, including the law on credit institutions, the law on the State Bank and a test mechanism controlled financial technology activities in the banking sector (sandbox) as well as regulations to facilitate the application of digital technology.

The State Bank’s Payments Department recommended accelerating the completion of connection standards with the National Population Database and Citizen Identity Database, enabling sharing and open connection with other service industries such as banking, telecommunications and insurance.

Furthermore, in order to ensure the enhancement of people’s confidence in electronic transactions, and to further facilitate the implementation of digital applications in the banking sector, it was necessary to quickly amend the Electronic Transactions Act 2005 to be more in line with the reality of the banking sector, he says.

Also as part of the Smart Banking 2022 event, the National Cyber ​​Security Center (NCSC) under the Information Security Authority, Ministry of Information and Communications, coordinated with the Department of Technology of Information from the State Bank of Việt Nam to organize DF Cyber ​​​​Defense, which will be the largest annual event on the prevention of cyber attacks in the banking and financial sectors in Việt Nam.

DF Cyber ​​​​Defense 2022 aims to increase coordination, hone skills, reduce processing time and quickly react to technically equipped attacks, new tactics; improve the network safety and security capacity of IT personnel in financial institutions and banks. —VNS

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