LPBank cooperates with the Ministry of Public Security to deploy digital services on the VNeID application

The Center for Research and Application of Population Data and Citizen Identification - Ministry of Public Security (RAR) cooperates with LPBank to deploy digital solutions and services on the VNeID application, implementing Project 06/CP. In particular, customers can open and link LPBank accounts, open loans/overdrafts, deploy payment services, social security payments... right on the application. These are the main contents of the Cooperation Agreement between LPBank and the Center for Research and Application of Population Data and Citizen Identification (RAR Center) - Ministry of Public Security, just signed on June 4, 2024. The two sides will coordinate in researching and applying technological solutions to serve the implementation of Project 06 of the Government to serve socio-economic development.

Director of RAR Center - Major Tran Duy Hien (right) and Vice Chairman of the Board of Directors and General Director of LPBank Ho Nam Tien (left) and leaders of both sides signed the cooperation agreement.

According to the cooperation agreement, the two parties will coordinate to research, develop solutions, deploy products and services including authentication - electronic identification (authentication of citizen identification cards with electronic chips, comparison of personal biometric data), cleaning customer information data and linking services such as applying customer creditworthiness assessment solutions for online unsecured loan products; opening accounts, loans/overdrafts on VNeID application... In which, the customer creditworthiness assessment solution is a powerful tool, helping to automate the credit appraisal and approval process based on big data analysis, helping to optimize the process of assessing borrowers' ability to repay and supporting banks in making lending decisions quickly and accurately. In addition, the Bank will also coordinate with the RAR Center to deploy social security solutions such as coordinating with local police to register for chip-embedded citizen identification cards and open LPBank accounts, pay social security, and deploy online payment services on the VNeID platform. "LPBank has been making every effort to provide people and businesses with benefits from the national population database and chip-embedded citizen identification cards, converting the way of doing things from manual to automated, optimized and personalized with outstanding efficiency " , Mr. Ho Nam Tien - Vice Chairman of the Board of Directors and General Director of LPBank shared. Also at the event, Major General Nguyen Ngoc Cuong - Director of the Department of Administrative Police for Social Order (C06), Ministry of Public Security affirmed that professional units of the Ministry of Public Security and the Ministry of Information and Communications will propose security solutions to ensure good benefits as well as safety in payment and protection of personal data. This will help LPBank in particular and the banking industry in general to further promote unsecured lending through citizen credit scoring, contributing to pushing back black credit, bringing great benefits to the community and the whole society.

The cooperation agreement will help LPBank promote unsecured loans through citizen credit scoring , contributing to pushing back black credit and bringing benefits to the community.

The cooperation agreement is one of the positive and proactive steps of LPBank in implementing the policies of the Government and the State Bank, through exploiting the National Population Database, coordinating with C06 to implement measures to clean up the banking database, minimize the situation of virtual accounts, prevent crimes of document fraud, opening fake accounts or defrauding customers. This also affirms LPBank's position in terms of technological capacity, ready to accompany large organizations in promoting the effective implementation of the Government's Project 06, implementing the orientation of Green Banking, sustainable development. Project 06 was approved by the Prime Minister on January 6, 2022 to develop applications of population data, identification and electronic authentication to serve national digital transformation in the 2022-2025 period, with a vision to 2030. To date, the Project has created accounts for 2,241,080 people, paid through accounts for 1,693,485 people; the total payment amount is over VND 5.8 trillion. Regarding digital citizen development, the Project has collected 75.7 million electronic identification account records; activated over 54.34 million accounts to date. Possessing a large network and individual customer base spanning 63 provinces and cities, LPBank constantly strives to protect customer data, closely cooperates with authorities to build a safe and healthy digital ecosystem, in line with the motto "Taking customers as the center"./.

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