This is an important step in the digital transformation strategy at PVcomBank, contributing to the completion of the goals of the National Digital Transformation Program in general and the banking industry in particular.
According to the plan to implement tasks in Project 06 in the banking sector, the State Bank of Vietnam has entrusted PVcomBank as one of the credit institutions to coordinate with the Department of Administrative Police for Social Order (C06), the Ministry of Public Security to pilot the integration of customer authentication and identification solutions via chip-embedded citizen identification cards (CCCD) in a number of banking operations. Up to now, PVcomBank is the first bank to successfully deploy the service of opening payment accounts through chip-embedded CCCD identification connected to the National Population Database in a real environment after just over 2 months of coordination with its partner, Quang Trung Digital Technology and Services Joint Stock Company (QTS).
PVcomBank is the first bank to successfully apply chip-embedded ID cards to open accounts using eKYC.
“This result is a new step forward in the application of the National Population Database for banking and finance services under the direction of the State Bank of Vietnam and is a prominent mark on the digital transformation journey in particular at PVcomBank. This is also an important foundation for PVcomBank to accelerate the process of completely digitizing products and services, bringing convenience to customers and people as well as improving the operational efficiency of the system with the goal of: no paperwork, no cash, no waiting in the future”, said Ms. Nguyen Thi Nga, Director of PVcomBank Digital Bank.
The application of this new eKYC method does not change the customer's online account opening process at PVcomBank. However, the entire eKYC process will be authenticated by connecting directly to the National Population Database via an electronic chip device attached to the back of the CCCD. Accordingly, instead of having to take a photo of both sides of the CCCD and upload it in image format as with the current eKYC method, customers only need to place the side with the chip on their mobile device so that the system can read and simultaneously compare the customer's biometric information with the information stored in the database. This helps the customer's authentication process to take place quickly, safely and with higher accuracy. To best meet the needs of customers, PVcomBank has successfully deployed this solution on both iOS and Android operating systems with NFC reading technology on smart phones. The experience with banking services of the people and customers therefore becomes more convenient and suitable to their needs. As for PVcomBank, when having full verified information, the Bank can research many other operations to serve business activities such as citizen credit scoring on the population data platform or developing products, services, expanding utility features for customers on the digital platform...
The chip-embedded CCCD has high applicability, has a breakthrough advantage in terms of security, and is especially suitable for banking activities - a field that is considered to be specific with strict requirements on authenticity and safety, but still has to ensure speed and convenience. In particular, the chip card on the CCCD stores biometric information (face, fingerprint) to help quickly match and authenticate the owner. Not only that, before reaching the people, the CCCD has been locked to prevent unauthorized interference on the chip, and is digitally signed by the Government Cipher Committee using public key algorithms, allowing authenticating real and fake cards. This plays an important role in detecting and promptly preventing acts of using fake documents, fraud, and impersonation. In the future, it is also the goal of contributing to the transparency of transactions in the financial market, limiting the black credit situation of PVcomBank and banks in the system.
The banking sector is considered one of the pioneers in digital transformation because this is a field with high readiness, daily impact on people and businesses and needs to be prioritized for implementation. Participation in the implementation of Project 06 not only demonstrates the determination to transform digitally at PVcomBank but also affirms the role of one of the pioneering organizations with the Government and the State Bank to accelerate the national digital transformation process in the period of 2022-2025, with a vision to 2030 on the basis of the Population Database.
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