Banking industry pioneers in digital transformation

The High-Level Forum on Banking Digital Transformation with the theme "The banking industry is proactive and pioneers in participating in the Fourth Industrial Revolution" officially took place in Hanoi. The forum was held under the chairmanship of the Central Economic Commission and the State Bank of Vietnam. The Vietnam Banks Association and IEC Group (IEC Group) are the organizers of the event.

High-level Forum session by: Mr. Tran Tuan Anh, Politburo member, Head of the Central Economic Commission; Mr. Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam (SBV); Mr. Nguyen Duc Hien, Deputy Head of the Central Economic Commission and Mr. Nguyen Quoc Hung, General Secretary of the Vietnam Bankers Association, co-chaired.

Attending the workshop were representatives of the National Assembly's Committee on Science, Technology and Environment; representatives of the State Bank, Ministry of Public Security...; representatives of banks such as Vietcombank, BIDV, VPBank, TPBank; representatives of enterprises in the field of information technology; experts in the field of banking and information technology....

Speaking at the opening of the workshop, Mr. Tran Tuan Anh, Politburo member, Head of the Central Economic Commission, said that the Fourth Industrial Revolution (Industry 4.0) is associated with digital transformation and digital economic development. Digital society, digital government have become the main driving force leading the trend of economic development in the world and each country.

Actively and actively participating in Industry 4.0 is an indispensable and objective requirement; is a task of particularly important strategic significance, both urgent and long-term, of both the political system and the whole society, closely linked with Vietnam's extensive international integration process.

This has been clearly demonstrated in Resolution No. 52-NQ/TW dated September 27, 2019 of the Politburo on a number of guidelines and policies to actively participate in the Fourth Industrial Revolution, which emphasizes urgent requirements. must promptly grasp and effectively take advantage of opportunities to improve labor productivity, efficiency and competitiveness of the economy, and strongly apply advanced achievements of the Fourth Industrial Revolution to the fields of socio-economic life, especially a number of key industries and fields with potentials and advantages, including the banking industry.

Mr. Tran Tuan Anh assessed that, over the past time, leaders of the State Bank and the whole banking industry have actively implemented tasks to actively participate in Industry 4.0, carried out strong digital transformation in various fields, and achieved many results. positive results.

"The banking industry is the first industry to announce the industry's digital transformation date (May 11); has issued the Digital Transformation Plan to 2025, with orientation to 2030," emphasized Mr. For more information: "In 2021, Vietnam is assessed by the Global Management and Consulting Company (McKinsey) to have the fastest digital banking application in the region. Experience in fast, efficient and sustainable digital transformation of the banking industry will be useful experience for other sectors and fields in the economy".

Mr. Nguyen Kim Anh, Deputy Governor of the SBV delivered a keynote speech at the Forum

In his introductory speech, Mr. Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam, said that, having clearly defined his duties and responsibilities, over the past time, the SBV has always closely followed the guidelines and directions of the Party and Government. Prime Minister, ... to direct the whole industry to proactively and synchronously deploy many solutions to proactively seize opportunities from the Fourth Industrial Revolution in association with the development and implementation of strategies and plans. digital transformation plan for the whole industry as well as at each credit institution.

"With the point of view of people-centered approach and convenience, service user experience is the measure, the banking industry has achieved encouraging initial results, from the work of creating institutions, building technology infrastructure, developing services, ensuring security and safety and is considered as one of the leading fields in national digital transformation," said Deputy Governor Nguyen Kim Anh.

According to the Deputy Governor, the achieved results are reflected in some actual figures as follows: (i) many banking services can be used completely on digital channels such as: opening payment accounts, cards banking, money transfer, savings...; (ii) many Vietnamese banks have more than 90% of transactions on digital channels; (iii) Common technologies of Industry 4.0 such as: artificial intelligence, machine learning, big data, etc. have all been researched and applied in many Vietnamese banks to improve operational capacity and analyze demand. customer demand, expanding the digital ecosystem, providing people with superior services at a reasonable cost; (iv) the average annual growth rate of mobile payment transactions is over 90%; Especially, in the context of the epidemic, which has contributed to a rapid increase in the demand for payment transactions on digital channels, the technology and payment infrastructures of the banking industry still ensure smooth and safe operation. The banking industry has been proactive in investing and developing infrastructure to keep pace with the rapid growth of the market and meet the needs and expectations of customers and people.

The forum also noted a number of presentations from Vietcombank and TPBank. In his presentation, Mr. Colin Richard Dinn, Director of Digital Banking, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) shared Vietcombank's experience in building a digital transformation strategy in the business. .

Meanwhile, Mr. Nguyen Hung, General Director, Tien Phong Commercial Joint Stock Bank (TPBank) shared about innovative thinking for successful digital transformation. Accordingly, with a solid foundation and the right strategy, TPBank has made a breakthrough with impressive business results, becoming a leading bank in digital technology with many financial products. breakthrough number.

Mr. Nguyen Hung, General Director of TPBank shared about innovative thinking for successful digital transformation

With the results achieved, Mr. Nguyen Hung said, in 2022, TPBank will continue to be honored at many prestigious domestic and international awards: Best Digital Bank in Vietnam; The bank has the best service quality; Excellent Enterprise in Asia; Digital Innovation Enterprise; Top 10 prestigious banks in Vietnam, Inspiring Brands…

In order to support the digital transformation of the banking industry, Mr. Le Anh Dung, Deputy Director General in charge of the Payment Department, the State Bank of Vietnam, suggested that it is necessary to accelerate the completion of standards for connection with the National Database on Banking and Finance. population, citizen ID database, allowing sharing and open connection with service industries such as banking, telecommunications, insurance... to support identification and authentication of customers by means eKYC, thereby increasing the accuracy of customer identification and authentication. At the same time, amending the Law on Electronic Transactions 2005 creates a synchronous legal basis for ministries and branches to carry out digital transformation, facilitating electronic transactions and enhancing trust in electronic transactions.

At the seminar, a representative of the National Assembly's Committee on Science, Technology and Environment (the Committee) said that in the process of finalizing the verification report of the draft Law on Electronic Transactions (amended) to Submitting comments at the 4th session, the upcoming 15th National Assembly, the Committee had a working session with the Banking Association and a number of commercial banks. The comments of the Bankers Association and banks have been recorded in the report on examining the draft law.

A representative of the National Assembly's Committee on Science, Technology and Environment also said that the Law on Electronic Transactions (amended) will be passed according to the process of 2 sessions. Therefore, in the coming time, the Committee will continue to hope to receive comments from the Association of Banks and commercial banks so that the Law can be completed and in line with reality, before being passed at the next session. National Assembly meeting in May 2023.

Speaking at the end of the forum, Mr. Tran Tuan Anh acknowledged and praised the achievements of the banking sector after 3 years of implementing Resolution No. 52-NQ/TW of the Politburo. "It can be affirmed that the banking industry is one of the few pioneering industries, actively participating effectively in the Fourth Industrial Revolution", Mr. Tran Tuan Anh emphasized and believed: "With the results achieved, the With the efforts and determination of the whole industry, the banking industry will continue to further promote the achieved results, overcome difficulties and challenges, maintain the pioneer flag in participating in Industry 4.0, contribute to accelerate the country's digital transformation towards digital government, digital economy and digital society".

At the same time, Mr. Tran Tuan Anh also said: "Today's discussions will contribute to proposing new perspectives, key tasks, breakthrough solutions to contribute to the development of the 3-year monitoring report. implementing Resolution No. 52-NQ/TW dated September 27, 2019 of the Politburo with quality and efficiency".