Vietnam expands QR Code payments abroad

Vietnam has completed cross-border payment connections via QR codes with Thailand and Cambodia and is implementing them with Laos, and is expected to continue expanding to countries within and outside the ASEAN region.

Over 90% of work records are processed and stored online.

This morning (May 8), the State Bank organized the event Digital Transformation Day of the Banking Industry in 2024.

At the event, Mr. Pham Anh Tuan, Director of the Payment Department (SBV), said that 100% of eligible administrative procedures are provided in the form of full-service public services and integrated on the National Public Service Portal. Over 90% of work records are processed and stored online (except for work records that are classified as State secrets).

Governor of the State Bank of Vietnam Nguyen Thi Hong speaks at the event of Banking Industry Digital Transformation Day 2024.

A representative of the State Bank of Vietnam said that credit institutions are actively coordinating with enterprises licensed by the Ministry of Public Security to provide user authentication solutions using chip-embedded citizen identification cards (CCCDs) to organize the implementation of customer authentication solutions...

Governor of the State Bank of Vietnam Nguyen Thi Hong emphasized that the State Bank of Vietnam has chosen the theme "Expanding connectivity and developing the digital ecosystem" for the Banking Industry Digital Transformation Day 2024, aiming to realize the Prime Minister's direction with a consistent viewpoint of taking people and businesses as the center and orienting the digital transformation of the banking industry, taking customer experience as the measure.

The banking industry has made continuous efforts and closely coordinated with relevant ministries and sectors in the digital transformation process and has achieved many results on important pillars.

To date, more than 87% of adults have had a payment account at a bank and many banks have processed over 95% of transactions on digital channels. The average growth in the number of mobile payment transactions and QR codes over the years from 2017-2023 reached over 100%/year.

Banking technology infrastructure is regularly invested in, upgraded, and developed to ensure continuous, smooth, and safe operations; The interbank electronic payment system processes an average of VND830 trillion/day (equivalent to USD40 billion). The financial switching and electronic clearing system processes an average of 20-25 million transactions/day.

Promote digital transformation, strengthen anti-corruption and anti-money laundering

Notably, Governor of the State Bank of Vietnam Nguyen Thi Hong said that Vietnam has completed cross-border payment connections via QR codes with Thailand and Cambodia and is implementing them with Laos, and is expected to continue expanding to countries within and outside the ASEAN region.

Attending the event, Prime Minister Pham Minh Chinh acknowledged the results achieved by the State Bank, and agreed with the theme chosen by the State Bank of Vietnam for the Banking Digital Transformation Day in 2024, which is "Expanding connectivity and developing the digital ecosystem".

The Governor of the State Bank of Vietnam commended a number of credit institutions with outstanding results in digital transformation.

At the same time, the Prime Minister also pointed out the tasks that the State Bank needs to promote in the coming time, such as: Promoting the completion of institutions, policy mechanisms, creating a complete legal corridor to promote the development, expansion, and diversification of modern banking products and services, complying with international standards, promoting the development of the digital banking ecosystem, meeting the growing needs of the economy;

Promoting the development of electronic payment infrastructure, diversifying banking products and services to create an important foundation for the development of the digital banking ecosystem and digital economy;

Promote digital transformation in supporting banking inspection and supervision to enhance publicity, transparency, and prevent and combat corruption and money laundering;

Promote the development of digital human resources in the banking industry, especially high-quality human resources to meet the development needs of the banking industry;

Promote security and safety in payment, protect personal data, apply new security standards, ensure fast, safe, convenient and reasonable cost payment...

At the same time, the Prime Minister also requested the State Bank of Vietnam to promptly submit to the Government a Decree on a controlled testing mechanism in the banking sector and a new Decree on non-cash payments (trying to complete in the second quarter of 2024); Review and complete current legal regulations for consideration of promulgation, amendment and supplementation to ensure consistency and compliance with the provisions of the Law on Identification, the Law on Electronic Transactions... and banking activities and operations on digital platforms...

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