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| Mr. Pham Anh Tuan, Director of Payment Department; Ms. Hoang Thanh Nhan, Editor-in-Chief of Banking Times; Mr. Doan Thanh Hai, Deputy Director of Information Technology Department chaired the Press Conference on the event of Banking Industry Transformation Day 2023 |
Speaking at the press conference, Ms. Hoang Thanh Nhan, Editor-in-Chief of Banking Times, said that following the success of the Banking Industry Digital Transformation Day Event in 2022, in 2023, the SBV will organize the Banking Industry Digital Transformation Day Event in 2023, with the theme "Application of population data in banking activities - a driving force for digital transformation".
This year's theme emphasizes and affirms the determination of the banking sector in continuing to effectively implement the tasks in Project 06 of the Prime Minister (Decision 06/QD-TTg dated January 6, 2022 of the Prime Minister approving the Project on developing applications of population data, identification and electronic authentication to serve national digital transformation in the period 2022-2025, with a vision to 2030) as well as the Coordination Plan 01/KHPH-BCA-NHNN between the Ministry of Public Security and the State Bank of Vietnam. In particular, focusing on the tasks of connecting and exploiting the National Population Database (CSDLQGvDC) to clean customer data and serve the banking sector's business activities (such as credit scoring, online customer authentication, multi-dimensional information authentication, etc.).
In addition, this year's Banking Digital Transformation event was held to evaluate the results achieved by the banking industry after 2 years of implementing the Banking Digital Transformation Plan to 2025, with a vision to 2030, and at the same time respond to the Prime Minister's message "2023 - the year of Digital Data, creating and exploiting data to create new values".
“This year's event continues to contribute to promoting the implementation of the tasks of the Banking Industry Digital Transformation Plan, contributing to the implementation of the national digital transformation program, promoting financial inclusion, and at the same time spreading the spirit and changing the awareness of organizations and individuals inside and outside the banking industry about the role, significance and benefits of digital transformation in banking activities", Ms. Hoang Thanh Nhan - Editor-in-Chief of Banking Times emphasized.
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| Ms. Hoang Thanh Nhan, Editor-in-Chief of Banking Times, shares about the event Digital Transformation of the Banking Industry in 2023 |
Providing convenience and utility to users is a measure of digital transformation effectiveness.
At the press conference, Mr. Pham Anh Tuan, Director of the Payment Department, said that promoting digital transformation is a major policy of the Party and the Government. The State Bank of Vietnam has issued a plan for digital transformation of the banking sector by 2025, with a vision to 2030 (Decision 810/QD-NHNN) with the viewpoint of taking people as the center and providing utilities and convenience for users as a measure of digital transformation effectiveness.
After 2 years of implementing Decision 810, the digital transformation activities of the banking industry have achieved encouraging results in the digital transformation process in all aspects: institutional creation, upgrading technology infrastructure, data application, product and service development, utilities and ensuring security and safety.
In 2020 - 2021, the SBV continuously ranked high (ranked first, second) among ministries and branches in the index of creating digital transformation institutions. In addition, from 2019 to present, the SBV has been continuously ranked A, ranked first in information security assurance.
Infrastructure and data, technology infrastructure serving digital transformation of the banking industry are always focused on investment, upgrading and development:
(i) The important payment system is operating stably, smoothly and safely; the Vietnamese retail payment system also made new progress at the end of last year when it connected bilateral payments with Thailand, and this year will continue to expand to the Cambodian market;
(ii) The national credit information infrastructure (CII) is upgraded to increase the ability to process and update data automatically, while expanding the collection and updating of data inside and outside the industry with credit information coverage reaching 72.15% of the total adult population....
On April 24, the State Bank of Vietnam and the Ministry of Public Security signed a Plan to coordinate the implementation of Project 06/QD-TTg, including 11 major task groups and 35 specific tasks to serve the purpose of data cleaning, customer authentication and application, and implementation of professional activities of the banking sector.
There are currently 14 units participating in the Exhibition at the 2023 Banking Digital Transformation event, including: Joint Stock Commercial Bank for Foreign Trade of Vietnam; Joint Stock Commercial Bank for Investment and Development of Vietnam; Vietnam Bank for Agriculture and Rural Development; Vietnam Joint Stock Commercial Bank for Industry and Trade; Vietnam Technological and Commercial Joint Stock Bank; Shinhan Bank Vietnam Limited; Orient Commercial Joint Stock Bank; Ho Chi Minh City Development Joint Stock Commercial Bank; Nam A Commercial Joint Stock Bank; Pioneer Commercial Joint Stock Bank; Military Commercial Joint Stock Bank; Maritime Commercial Joint Stock Bank; Vietnam Payment Solution Joint Stock Company (VNPAY); Epay Service Joint Stock Company and 4 industry representatives introducing typical products and services. |
In recent times, many banking products and services have been rich in utilities, bringing practical values to meet the diverse needs of customers, specifically: In 2022, payment growth via Mobile channels increased by 139.3% in quantity and 106.5% in value; via QR code method increased by 225.4% in quantity and 243.9% in value; 74.63% of Vietnamese adults have payment accounts at banks, of which 18.6 million bank cards and 11.9 million payment accounts opened by electronic means (eKYC) are in operation; many Vietnamese banks have a rate of over 90% of transactions conducted on digital channels, the cost-to-income ratio (CIR) of many banks improved to an optimal level of about 30%, reflecting the results of digital transformation efforts....
After nearly 2 years of implementing Decision 810, digital transformation activities in the banking industry have recorded clear achievements.
The legal framework, mechanisms and policies for non-cash payment activities (TTKDTM) and digital transformation of the banking sector continue to be reviewed, supplemented and improved, creating synchronization and favorable conditions for the development of TTKDTM, applying new technologies and ensuring security and safety in payment activities, promoting digital transformation in banking activities. The State Bank of Vietnam has submitted to the Government a set of documents on the Decree replacing Decree No. 101/2012/ND-CP on TTKDTM, and at the same time, researched and developed guiding documents to create a synchronous legal basis, unifying new regulations, mechanisms and policies.
The State Bank of Vietnam is the focal point for researching, developing and submitting to the Government a draft Decree on the Controlled Testing Mechanism for Financial Technology (Fintech) Activities in the Banking Sector to promote and facilitate new products, services, and business models, applying the achievements of the 4.0 Industrial Revolution. The State Bank of Vietnam continues to organize and implement Projects, Programs, and Plans to promote e-commerce and digital transformation in banking activities, such as: Plan to implement the Project on e-commerce development for the period 2021 - 2025; Plan for Digital Transformation of the Banking Sector to 2025, with a vision to 2030; Plan of the Banking Sector to implement Project 06.
Regarding infrastructure, the interbank electronic payment system operates safely, effectively, and smoothly, meeting the needs of interbank payments nationwide. The State Bank of Vietnam directs the construction and operation of an electronic clearing system serving retail transactions (ACH) with real-time payment capabilities, 24/7 continuous operation, multi-channel transaction processing, and the ability to integrate and connect with other industries and sectors to provide banking products and services on a digital platform.
Digital transformation activities in banking operations have achieved positive results. According to the announcement of the Ministry of Information and Communications, in 2021, the State Bank of Vietnam ranked first in network information security, second in institutional development and fourth in digital transformation activities. 95% of credit institutions have built and are implementing digital transformation strategies at their units. Many of the top digitally transformed credit institutions have now achieved 90% of customer transactions on digital channels; many credit institutions have achieved good operational efficiency thanks to active digital transformation, reducing the cost-to-income ratio (CIR) to the threshold of 30%, approaching the ratio that many regional and international banks are striving towards. The work of ensuring the security and safety of information technology systems is focused on.
The 2023 Banking Digital Transformation Event, with the theme "Application of population data in banking activities - a driving force for digital transformation", is chaired by the State Bank of Vietnam; Banking Times is the focal point in coordination with the Payment Department, the Communications Department and related units. The event will be held at 8:30 a.m. on May 18, 2023 at JW Marriott Hotel, 8 Do Duc Duc, Hanoi. |
E-commerce indicators increased in both quantity and value of transactions. In the first 3 months of 2023 compared to the same period in 2022: E-commerce transactions increased by 53.51% in quantity; via the Internet channel increased by 88.11% in quantity and 7.43% in value; via mobile phone channels increased by 65.55% and 13.31% respectively; via QR code method increased by 160.71% and 43.84% respectively; via POS increased by 37.57% and 32.09% respectively; transactions via ATM decreased by 2.37% in quantity and 4.02% in value, reflecting the trend of shifting to electronic payment and e-commerce. The total number of transactions via the Interbank Electronic Payment System (IBS) increased by 8.55% in value; through the Electronic Clearing and Financial Switching System increased by 70.77% in quantity and 18.55% in value.
Ensuring security and safety is always a priority for the banking industry.
Mr. Doan Thanh Hai, Deputy Director of the Department of Information Technology, SBV said that along with the strong digital transformation activities taking place throughout the system, the work of ensuring security and safety is always focused on by the SBV and the banking industry.
According to Mr. Hai, the SBV is one of the ministries and branches that have been highly appreciated and commended by the Prime Minister for their active and determined spirit in implementing Project 06. The SBV Governor has established a Working Group of the Banking sector to implement Project 06 and issued the Banking sector's Plan to implement Project 06 for the period 2022-2025 and a detailed task plan for each year. On April 24, 2023, the SBV Governor and the leaders of the Ministry of Public Security signed a Plan to coordinate the implementation of tasks in Project 06. It specifically stated the tasks, assigned focal units with specific output products and completion deadlines. This is an important basis for the units to unify the implementation.
Thanks to the proactive and synchronous implementation of solutions, the banking industry has achieved some positive results in implementing Project 06. That is, the State Bank's public services (issuance of personal digital certificates) have completed the connection and officially exploited the National Credit Information Database since December 2022. The State Bank has coordinated with C06 - Ministry of Public Security to check and clean 25 million customer records in the national credit information database. Currently, it is continuing to check and clean 26 million customer records...
Mr. Hai added that in 2022, some units such as Vietcombank, BIDV, VietinBank... have coordinated with C06 - Ministry of Public Security to complete the pilot implementation of the authentication application solution via chip-embedded CCCD cards in some operations such as authentication, customer identification at transaction counters; Authentication, customer identification at ATMs and have initially provided trial services at some branches in Hanoi and Quang Ninh since May 2022, currently expanding to other provinces and cities.
In 2023, some banks such as Vietcombank have planned to officially deploy a solution using mobile devices (purchased by the bank for employees) to install an application to authenticate customers via chip-embedded CCCD cards (Match on Card - MoC solution) and update identity document information, initially expanding to all branches in Hanoi in May 2023; BIDV has also completed 2 equipment procurement packages to deploy a solution to authenticate customers using chip-embedded CCCD when providing cash withdrawal services at automatic transaction machines, authenticating customers at counters, etc.
Some credit institutions such as Vietcombank, MB, PVComBank... have cooperated with C06 to test the citizen credit scoring system based on population data. In addition, at VietinBank, implementing the Government's comprehensive financial strategy and contributing to limiting the situation of black credit, VietinBank has deployed lending activities by electronic means and especially unsecured loans for small loans. Through accessing and exploiting the National Database of Vietnam, VietinBank can assess debt repayment ability and speed up the loan approval process, contributing to limiting the situation of black credit.
| The 2023 Banking Digital Transformation Event includes: Thematic Conference: Application of population data in banking activities - the driving force for digital transformation. The exhibition displays simulations of outstanding and typical products and services in digital transformation of banks and some payment intermediary organizations. At the Conference, there will be a Certificate of Merit Award Ceremony of the Governor of the State Bank of Vietnam for a number of outstanding collectives and individuals with outstanding achievements in the digital transformation of the Banking industry. Attending the Digital Transformation of Banking Industry 2023 event were leaders of the Government, leaders of ministries (Ministry of Public Security, Ministry of Science and Technology, Ministry of Information and Communications, etc.), leaders of the State Bank; representatives of functional Departments and Bureaus of the State Bank; credit institutions; organizations providing intermediary payment services; economic experts; press agencies, etc. |
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