The event gathered managers, leaders of Credit Institutions (CIs), and some banking experts, to identify new trends, share experiences, and propose key solutions aimed at building a modern, secure, and sustainable digital banking ecosystem in the context of rapid growth in the digital economy.
Dr. Nguyễn Quốc Hùng, Vice Chairman cum Secretary General of the VNBA
The seminar was attended by Dr. Nguyễn Quốc Hùng, Vice Chairman cum Secretary General of the VNBA; Mr. Đỗ Việt Hùng, Council Member of the VNBA, Member of the Policy Committee, Head of the Inspection Board of the VNBA, and Member of the Board of Directors of Vietcombank; Mr. Hoàng Minh Tiến, Head of Policy and Digital Transformation Management Division, Information Technology Department, State Bank of Vietnam; Ms. Nguyễn Thị Phương, Head of the VNBA Banking Legal Club ; along with members of the Policy Committee and assisting groups, representatives of the Technology Committee; representatives of Leaders from departments and centers at Vietcombank's Headquarters; and representatives from VNBA member organizations.
CONTEXT & TRENDS: DIGITAL TRANSFORMATION IS A "CROSS-REGIONAL COLLABORATION GAME"
In his keynote speech, Dr. Nguyễn Quốc Hùng, Vice Chairman cum Secretary General of the VNBA, affirmed that the Vietnamese banking sector is among the fastest in digital transformation in the region.
However, in the context of increasingly strict regulations on personal data protection, electronic transactions, and cybersecurity, the development of the ecosystem cannot be limited to internal operations.
Quote: "Digital transformation is not a game for individual units; it requires a spirit of cooperation, close linkage, and harmonious interests to build a common, synchronous, secure, and effective ecosystem." - Dr. Nguyễn Quốc Hùng, VNBA Vice Chairman cum Secretary General.
According to Dr. Hùng, the digital ecosystem needs to be developed towards cross-border connectivity to both provide maximum convenience for customers, and significantly contribute to the prevention and combat of cross-border fraud and scams—a hot topic at ASEAN forums.
Mr. Đỗ Việt Hùng, Council Member of the VNBA, Member of the Policy Committee, Head of the Inspection Board of the VNBA, and Member of the Board of Directors of Vietcombank
Mr. Đỗ Việt Hùng, Council Member of the VNBA and Member of the Board of Directors of Vietcombank, emphasized that building and accelerating the development of the digital banking ecosystem is an urgent requirement aimed at better serving the people and businesses, fostering economic growth, and expanding financial inclusion. He set a goal for the banking sector to achieve high growth from 2025 and maintain a double-digit rate in the following years, which demands synchronous efforts from the entire industry.
STRATEGY FROM CREDIT INSTITUTIONS: DATA IS THE CORE FOCUS
The presentations at the Seminar demonstrated a strong shift from traditional banking models to diverse digital ecosystems centered on data and technology, each with distinct strategies.
Summary statements of several banks
|
CI |
Strategy/Technology Focus |
Data/Notable Results |
Statement (Summary) |
|
Vietcombank |
Development of a comprehensive digital ecosystem by 2030. Application of Cloud, Open API, Big Data following an Omni-channel approach. |
Pioneer in implementing Project 06, standardizing and authenticating biometrics for more than 14.5 million customers, integrating VNeID and digital signatures. |
Integrating multiple channels and national data connectivity, expanding digital payment linkages in public services (schools, hospitals). |
|
BIDV |
Building a digital ecosystem on 4 pillars: Digital Government, Digital Society, Digital Citizens, and Digital Enterprises. |
92% of transactions conducted on digital channels. SmartBanking app reached more than 22 million users. Building an end-to-end retail credit ecosystem on the BIDV Home platform. |
The biggest current challenge is the lack of inter-sectoral data for credit appraisal and limitations in the electronic identification mechanism. |
|
Techcombank |
"Cognitive Transformation" Strategy. Building a "Data Brain" processing up to 8 billion data points per day for hyper-personalization of experience. |
All-in-one ecosystem (WINLife, TCInvest). Launched the EcoCard to help customers track their carbon footprint (ESG focus). Deep connectivity with Tax and Customs systems. |
Highest level of customer experience personalization, ensuring ESG sustainability in digital services. |
|
Standard Chartered |
Treating "Compliance" as a strategic partner. Application of RegTech, AI, Blockchain for real-time transaction monitoring and fraud detection. |
Building a "Responsible AI" governance framework to control ethical risks and protect user data. |
A shift in mindset is needed from "Compliance control" to "Compliance partnership" to motivate innovation. |
Ms. Vu Thi Thuy Minh, Deputy Director of Vietcombank Digital Banking Center
Mr. Hoang Minh Tu, Deputy Director of BIDV Retail Product Development Department
Ms. Ngo Lan Anh, Director of Compliance, Business Conduct and Financial Crime Prevention, Standard Chartered Bank Vietnam
Ông Trần Đình Khiêm, Giám đốc Ngân hàng số bán lẻ Techcombank
IMPROVING THE LEGAL FRAMEWORK & DATA MECHANISM
The biggest bottleneck unanimously pointed out by CI representatives is the necessity for a synchronous legal framework regarding data sharing, electronic identification, and a more open testing mechanism (Sandbox).
Dr. Nguyễn Quốc Hùng proposed 5 priority directions to resolve these bottlenecks:
- Standardizing technical standards and building shared platforms.
- Improving the data sharing mechanism to ensure transparency and security.
- Positioning cybersecurity as a prerequisite requirement.
- Developing a transparent service fee framework that harmonizes interests.
- Strengthening international cooperation.
From the perspective of the regulatory body, Mr. Hoàng Minh Tiến, Head of Policy and Digital Transformation Management Division, Information Technology Department, State Bank of Vietnam (SBV), stated that the SBV has identified its key mission as timely research and handling of new issues to support CIs.
Mr. Hoàng Minh Tiến, Head of Policy and Digital Transformation Management Division, Information Technology Department, State Bank of Vietnam (SBV)
Currently, the SBV is focusing on developing and issuing a set of data standards and technical standards for the Banking sector to serve the connection and sharing of data internally and with other sectors. The SBV has also issued Circular No. 64/2024/TT-NHNN, which established the first set of technical standards allowing banks to share data via a unified API architecture, thereby promoting Open Banking in Vietnam.
A proposal from BIDV highlighted the experience from South Korea: the leading role of the Government is key in building and operating shared platforms (such as Mydata) to avoid wasted resources and to standardize technical standards, facilitating easier connectivity among parties.
VISION: DATA AS A CORE ASSET AND FINANCIAL INCLUSION
Concluding the Seminar, Mr. Đỗ Việt Hùng emphasized: "Vietnam's digital banking ecosystem is entering a new development phase, where data is becoming the core asset".
He affirmed that open connectivity via APIs and common data standards will determine the interoperability of the system, while cybersecurity and personal data protection will be the foundation for trust. The general spirit of the banking sector is to build a digital ecosystem for the development of businesses, the people, and the entire digital economy, consistent with the guiding principle of "leaving no one behind".
The event successfully opened up new perspectives, experiences, and important cooperation opportunities on the journey to build a customer-centric, multi-service integrated digital banking model that spreads value to the entire digital economy.
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