The meeting aimed to discuss and consult on risk prevention solutions of ASEAN member countries, with the aim of improving the capacity of the regional financial and banking system, towards a balance in development levels, especially in the fields of security, fraud prevention and customer protection. This was also an opportunity for the delegation to pay a courtesy visit and discuss with VNBA in advance some of the contents that will be presented at the meeting with the State Bank of Vietnam on August 22, 2025.
Vice President and General Secretary of the Vietnam Banks Association (VNBA), Dr. Nguyen Quoc Hung
Speaking at the meeting, Dr. Nguyen Quoc Hung expressed his pleasure in welcoming the delegation and Mr. Paul Gwee personally. He said that although he did not directly attend the Conference in Bali (Indonesia), he had been updated on the results and contents of the discussion.
According to Dr. Nguyen Quoc Hung, financial fraud and fraud prevention are currently issues that the Vietnamese banking system is particularly concerned about, and is implementing many synchronous solutions. VNBA is also developing a “Cross-border QR Code Payment Handbook” and hopes to learn more international experience to improve it.
Dr. Nguyen Quoc Hung emphasized that promoting regional cooperation, data sharing and technology application are essential to both prevent and improve the ability to recover assets in fraud cases.
Mr. Paul Gwee, Secretary General of the ASEAN Banking Association and Professor Tek Yew Chia (National University of Singapore)
At the event, Professor Tek Yew Chia (National University of Singapore), advisor to the Bill & Melinda Gates Foundation, said that at the Bali Conference, most ASEAN countries sent two of their best performing banks to attend. Vietnam also sent two representatives, including the Bank for Investment and Development of Vietnam (BIDV), who contributed many highly appreciated ideas.
However, evaluating based on only strong banks is not enough, and may not reflect the overall results. Therefore, the ASEAN Banking Association has agreed to re-survey all member countries to detect countries with weak risk prevention capacity. From there, it will support the improvement and development of a "regional risk map" with standardized solutions to help countries effectively respond to fraud, scams and cyber security risks.
At the meeting, Mr. Paul Gwee, Secretary General of the ASEAN Banking Association, also shared experiences from Singapore, a country that has established an AI-based Financial Fraud Prevention Center in collaboration with the Central Bank (MAS), the police force and commercial banks. This center plays a central role in data sharing, early warning and quick incident handling. This is considered a typical model that Vietnam and other ASEAN countries can refer to.
Through discussions, the parties agreed that it is necessary to make risk management and fraud prevention a permanent topic in the annual agenda of the ASEAN Banking Association. This is a step in line with the digitalization trend and the requirement to ensure safety for the regional financial and banking system.
This approach not only creates opportunities for sharing experiences, but also promotes cooperation between countries in building fraud prevention mechanisms and developing safe and modern cross-border payments. This is considered an important step, helping the Vietnamese banking system to integrate with the region, strengthen customer confidence and contribute to the sustainable development of ASEAN finance.
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