Fintech accompanies securities businesses to "accelerate" digital transformation

Recently, at the Customer Conference event Introducing new products in the securities sector co-organized by VNPAY and FSS, two fintechs "joined hands" to launch a digital solution set to the market with the desire to promote digital transformation of the Vietnamese stock market.

Many businesses and organizations enthusiastically registered to participate in the event. (Photo: VNPAY)

Securities industry in the "digital transformation" momentum

According to Official Letter No. CV 6435/UBCK-CNTT issued by the State Securities Commission (SSC) on September 30, 2024, all individual investors must ensure that their account information matches the National Population Database, in order to increase accuracy and transparency in transactions before January 1, 2025. Accounts that have not standardized information will have all online transactions suspended.

VNPAY signed a cooperation agreement with FSS to launch a new solution in the securities sector. (Photo: VNPAY)

Grasping this policy, Vietnam Payment Solutions Joint Stock Company (VNPAY) and Financial Software Solutions Joint Stock Company (FSS) cooperated to organize the event "Customer Conference 2024: Introducing new products in the securities field", bringing technological solutions to support businesses in digital transformation in the securities industry.

A representative of FSS Financial Software Solutions Joint Stock Company shared: “The trend of digital transformation in the securities industry is forecasted to continue to increase strongly in the coming time. Therefore, in this event, in addition to introducing new products of FSS, we also cooperated with VNPAY to launch VNPAY's digital transformation solution set, with the aim of providing customers with high-quality products and solutions, helping to promote the digital transformation process of customers".

Representative of VNPAY - a pioneer and prestigious unit in the field of providing electronic payment solutions, software solutions, banking and financial technology, Mr. Le Tanh - General Director of VNPAY said: "With a set of digital transformation solutions including VNPAY eKYC online customer identification, VNPAY-CA digital signature and VNeDOC electronic documents, VNPAY supports businesses to confidently "digitalize", ensure security and safety, comply with all legal regulations as well as bring modern and fast experiences".

VNPAY supports businesses to accelerate digital transformation

To optimize the time to standardize personal information of investors, VNPAY introduces the VNPAY eKYC Online Customer Identification solution. Applying AI and Deep Learning technology, the VNPAY eKYC solution allows businesses to authenticate and identify customers online effectively, replacing previous traditional methods.

The eKYC solution developed by VNPAY has attracted the attention of many securities companies. (Photo: VNPAY)

VNPAY eKYC solution is not only certified to meet the technical criteria of cloud computing platform serving e-Government by the Department of Information Security, but also receives recognition from prestigious accreditation organizations worldwide.

Specifically, recently, VNPAY's eKYC facial recognition system has successfully achieved the international ISO/IEC 30107-3 level 2 certificate after passing thousands of Presentation Attack Detection (PAD) tests according to the ISO/IEC 30107-3 standard of iBeta - a member of the FIDO Alliance (headquartered in the United States) authorized to perform the certificate, specializing in evaluating and certifying security technologies. VNPAY has become one of the pioneers to achieve level 2 certification according to the latest standard, which is also the highest level today.

ISO/IEC 30107-3 is an international standard that describes the methods and procedures for performing the verification of facial biometric solutions. Thus, according to iBeta's assessment, the eKYC solution by VNPAY is capable of detecting more sophisticated fraud situations in 3D form such as silicon masks, faces recreated by specialized scanners, deepfake videos (fake)... and ensuring safety against facial biometric forgery.

Not only biometric authentication, digital signature is also an important piece for investors to transact online throughout the network. In the spirit of promoting the process of owning personal digital signatures, VNPAY develops VNPAY-CA (Remote Signing) - a public digital signature authentication service based on the remote digital signature model for individuals, organizations or individuals belonging to organizations. VNPAY-CA digital signature fully meets security standards and undergoes a process of many rounds of thorough and strict examination by specialized units in the Ministry of Information and Communications, the Government Cipher Committee, and the Ministry of Public Security before being officially licensed to provide products to the market.

The advantage of VNPAY-CA is quick operation on multiple devices and channels such as VNPAY-CA app and banking applications, meeting security standards, avoiding signature forgery, shortening transaction time and ensuring the integrity and origin of documents.

To digitize the signing process, optimize time and resource costs, ensure security, legality and data integrity, VNPAY has developed the VNeDOC Electronic Document solution - a platform that allows users to create, sign and manage contracts and documents online; connect with the Vietnam Electronic Contract Development Axis to authenticate signed documents. Currently, VNPAY is one of 11 CECA units licensed by the Ministry of Industry and Trade to provide electronic contract authentication services to customers.

VNPAY representative introduces VNeDOC solution at the event. (Photo: VNPAY)

When applying the VNeDOC solution on securities applications, securities companies can create and manage documents such as contracts to open online securities accounts, information change requests, quarterly contracts, agreements arising during the transaction process, etc. In addition, investors can flexibly choose many forms to sign documents such as: remote digital signature, USB Token digital signature, etc.

It is known that 100% of user documents are encrypted and stored on VNPAY Cloud - a solution that has received the highest level of international security certification PCI DSS 4.0 level 1 from the Control Case International Assessment Organization.

Applying VNPAY's advanced digital solutions, businesses not only improve investor experience but also enhance management and supervision capabilities, thereby creating a safer and more efficient stock market.

Source: https://baodautu.vn/fintech-dong-hanh-cung-doanh-nghiep-chung-khoan-tang-toc-chuyen-doi-so-d227625.html