Viet­nam’s banks urged to go hi-technology

The Pak Banker - - Front Page -

HANOI: Speak­ing at the open­ing cer­e­mony of Viet­nam 2010 Bank­ing con­fer­ence and ex­hi­bi­tion in Ho Chi Minh City, Nguyen Van Giau, Gover­nor of the State Bank of Viet­nam (SBV), said: "De­vel­op­ing more use­ful bank­ing ser­vices, widen­ing the use of the new Point of Sale (POS) for plas­tic money, and seek­ing more idle cap­i­tal in ru­ral ar­eas are new trends in the bank­ing in­dus­try."

Other ex­perts spoke on ways to push up non-cash pay­ment in Viet Nam, en­cour­ag­ing Viet­namese con­sumers to adopt the new POS plas­tic money sys­tem for shop­ping.

In a re­cent sur­vey car­ried out by the State Bank of Viet­nam's HCM City branch, 70 per cent of banks said they needed bet­ter technology in­fra­struc­ture for link­ing the POS ma­chine with other part­ners. "The suc­cess of POS would de­pend mainly on the ser­vice own­ers, es­pe­cially if they don't want banks to have records of their sales trans­ac­tions so as to avoid pay­ing more taxes," said Bui Quang Tien, di­rec­tor of SBV's Pay­ment Depart­ment.

High POS fees be­tween banks and the cost of pro­mot­ing the ser­vice were also slow­ing the up­take of trans­ac­tions us­ing the ma­chines. "Viet­nam's high growth rate, deeper fi­nan­cial in­te­gra­tion, high ra­tio of youth pop­u­la­tion, and im­proved liv­ing stan­dards as well as the high abil­ity to use technology will boost POS use in the near fu­ture," Tien said. The nation's bank­ing sec­tor took one ma­jor stop to­wards pro­mot­ing non-cash pay­ments by con­nect­ing the POS sys­tem be­tween banks in Ho Chi Minh City yes­ter­day. Hanoi had es­tab­lished a sim­i­lar link in Septem­ber.

Rep­re­sen­ta­tives of sev­eral banks said they were pay­ing at­ten­tion to de­vel­op­ing other non-cash pay­ment ser­vices like mo­bile bank­ing, in­ter­net bank­ing and home bank­ing. -PB News

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