Thursday, 18/07/2024
   

The Conference "Financial Innovation in Vietnam WFIS 2024"

On the morning of April 15, 2024, the Conference "Innovating financial work in Vietnam WFIS 2024" organized by the Vietnam Banks Association (VNBA) in collaboration with TradePass Company, officially opened with a series of events on April 15 and 16, 2024. The Conference has attracted the participation of about 500 technology and business directors from leading banks, insurance and microfinance organizations across the country.

For the second year, VNBA has coordinated with TradePass Company to hold this event, with the goal of promoting digital transformation in the banking and finance industry as well as encouraging cooperation and creating a sustainable Fintech ecosystem in Vietnam.

Dr. Nguyen Quoc Hung, Vice Chairman cum Secretary General of VNBA
Dr. Nguyen Quoc Hung, Vice Chairman cum Secretary General of VNBA

Speaking at the opening of the event, VNBA Vice President and General Secretary Nguyen Quoc Hung said that the series of events "Innovating financial work in Vietnam WFIS 2024" was specially built to present the most urgent topics in the digital transformation industry. This is an opportunity for leaders, experts, technology and business directors from leading Banking, Insurance & Microfinance organizations in the region to share and update relevant information of the financial industry. In particular, successfully connecting technology developers, experts, investors and global business partners...

According to Dr. Nguyen Quoc Hung, in Vietnam, the Government has issued the "National Digital Transformation Program to 2025, oriented to 2030" and the State Bank of Vietnam has also issued the “Banking Industry Digital Transformation Plan to 2025 , oriented to 2030”. Up to now, most banks have been building digital transformation strategies and developing application services on the internet and mobile phones.

As of November 2023, the whole country has over 85 payment service providers deploying payments via the Internet and 52 organizations deploying payments via mobile phones. In addition, there are 51 payment intermediary organizations licensed by the State Bank to provide payment intermediary services currently operating in the market.

Compared to the year 2022, non-cash payment transactions increased by nearly 50% in quantity, transactions via Internet channels increased by 56.60% in quantity and 5.80% in value. Transactions via mobile phone channels increased by 61.14% in quantity and 11.65% in value. Transactions via QR code increased by 171.68% in quantity and 74.16% in value. Transactions via POS increased by 18.77% in quantity and 20.64% in value...

The Conference "Financial Innovation in Vietnam WFIS 2024"
The Conference panorama

In addition, banks also invest much in new technology and core banking to serve digital transformation and application to activities such as: Block chain, AI, Biometric technology (voice, face, fingerprint, iris recognition)…

Regarding to the Fintech, the State Bank of Vietnam has also granted licenses to provide payment intermediary services to 48 non-bank organizations, including more than 40 e-wallet service providers.

According to the statistics from the State Bank of Vietnam, so far, the number of Fintech companies has increased 4 times, from 39 companies at the end of 2015 to more than 154 companies at the end of 2021. There is about 70% are startups among Fintech companies in Vietnam.

According to Robocash Group's assessment (2022), Vietnam's Fintech market is the second to Singapore as of the fastest growth in the region, and expected to reach 18 billion USD by 2024 with a high level of competition. Vietnam was also considered to be ranked No. 1 in the world in the global cryptocurrency adoption index in 2022.

Dr. Nguyen Quoc Hung believes that in the coming time, the digital transformation process in the Finance and Banking industry will continue to accelerate. The trend of banks cooperating with Regtech, Suptech, and Proptech has also been implementing in different types in Vietnam.

Regtech is an information technology application to support legal enforcement for financial institutions (Regtech for Financial Institutions). Suptech are information technology applications to support legal enforcement for management and supervisory agencies. Proptech is the application of information technology to the real estate market.

Mr. Praveen Venu – Tradepass business Director
Mr. Praveen Venu – Tradepass business Director

At the event, Mr. Praveen Venu - Sales Director of Tradepass Company said that "Innovating World Finance 2024" has many new topics revolving around the development and growing appeal of finance in Asian financial markets.

In Southeast Asia, Tradepass Company has researched and understood the urgent needs for each country. For Vietnam, the need for information security and network security is increasing. Therefore, Tradepass Company is planning an investment project in Vietnam that involves internet security enhancement, in order to bring a product specifically for the Vietnamese market.

According to Mr. Praveen Venu, VNBA is a leading organization in promoting innovation and supporting banks and financial institutions in Vietnam. Therefore, Tradepass Company will accompany VNBA to promote further in the coming years.

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