Banking sector to lead national digital transformation

HANOI: Vietnam’s banking sector is in a prime position to take the lead in the country’s digital transformation process, says Prime Minister Pham Minh Chinh at an event organised by the State Bank of Vietnam (SBV) to promote the development of digital ecosystems and connectivity in Hanoi.

According to the sector’s leaders, customer experience remains the benchmark for success and a key priority in the National Digital Transformation Programme as the SBV outlined in its vision towards 2030.

The SBV has selected the theme “Expanding Connectivity and Developing Digital Ecosystems” for the 2024 Banking Sector Digital Transformation.

During the event, several ministries, sectors and credit institutions discussed various topics related to the digital transformation of the sector

This included the application of population data to support service development, ensuring security in digital banking, connecting and integrating population data applications, developing “Make in Vietnam” digital platforms, promoting the formation of a digital ecosystem, and building an open ecosystem.

Other topics include integrating banking products and services, integrating technology in developing financial services, and solutions to deal with suspected fraudulent activities.

Participants also had the opportunity to visit numerous exhibitions by commercial banks and credit institutes that featured the latest technologies and developments in the field of digital banking.

Vietnam has set a target to develop a digital economy based on four pillars: ICT industry, digitalisation of economic sectors, digital management, and digital data as important drivers for rapid and sustainable socio-economic development, said PM Chính.