Digitalization as the “New normal” of the banking industry
Speaking at this Banking summit, Mr. Nguyen Thanh Son, Director of Training Center of the Vietnam Banks Association (VNBA), emphasized that digitalization is no longer a goal to be achieved but has truly become the “new normal” for the entire banking sector. The banking industry has moved beyond its traditional role as a financial intermediary to become a technology-driven financial services industry.
Mr. Nguyen Thanh Son, Director of Training Center of the Vietnam Banks Association (VNBA)
This transformation is clearly reflected in impressive figures:
* The proportion of adults with bank accounts has reached 87%, exceeding the Government’s target of 80% by 2025.
* The value of cashless payments in 2025 reached a record level, approximately 28 times GDP.
* Compared to 2024, cashless transactions increased by 42.21% in volume and 22.65% in value.
* At many credit institutions, digital transaction rates have reached nearly absolute levels, ranging from 95% to 99%.
Despite significant achievements, the current landscape also presents major challenges. The financial and banking sector remains a “hotspot” for cyberattacks, with approximately 552,000 incidents recorded in Vietnam in 2025. Notably, the emergence of deepfake technology and generative AI in identity spoofing is creating an urgent need for a multi-layered defense system.
Five key strategic directions:
To address these challenges and sustain growth momentum, representatives of the Vietnam Banks Association outlined five key strategic directions:
* Developing the Open Banking ecosystem (Open Banking 2.0): By 2026, Open APIs are expected to become mandatory standards. Banking services will need to be deeply integrated into third-party platforms based on common standards to reduce costs and ensure security.
* Data-driven risk management: The current transaction speed requires banks to adopt machine learning models to forecast cash flows and provide early warnings on non-performing loans. The deployment of comprehensive biometric authentication must also be accelerated to prevent fraud.
* Implementing ESG standards: This is a prerequisite for Vietnamese banks to access international syndicated loans. The sector needs to increase the proportion of green credit and move toward a “paperless banking” model.
* Modernizing payment infrastructure and digital currency: The upcoming strategy will focus on cross-border payments, particularly connecting QR code systems with ASEAN countries and key markets such as Japan and South Korea,.. to facilitate trade.
* Building a digital workforce: The banking sector requires talent with both domain expertise and technological capabilities. In 2026, the Vietnam Banks Association aims to support training in digital transformation and AI for at least 1,200 banking professionals.
The industry’s strategic goal is that by 2030, at least 2–3 Vietnamese banks will rank among the Top 100 largest banks in Asia in terms of total assets and operational efficiency. To achieve this, the combination of banks’ resources and the agility of fintech companies is seen as a winning formula.
Reshaping corporate banking and real-time payments
At the Summit, Mrs. Bernadette Rajendram, Regional Head of Sales for ASEAN at Finastra, noted that Vietnam’s financial sector is advancing at an impressive pace. Corporate banking and payments are becoming the core of this transformation, helping expand the SME customer base and promote trade.
Mrs. Bernadette Rajendram, Regional Head of Sales for ASEAN at Finastra
According to Finastra’s representative, as the State Bank of Vietnam shifts toward more market-based policy tools, open architecture will enable banks to enhance flexibility and manage sustainable growth. Solutions such as the digitalization of trade finance and corporate lending platforms (e.g., Loan IQ) are accelerating credit decision-making and optimizing omnichannel customer experience. At the same time, next-generation payment architecture is being prioritized to realize the ambition of 24/7 real-time payments and seamless, secure cross-border payment connectivity.
Panel discussion
The Finastra representative also shared that the company currently serves around 8,000 financial institutions globally, including 45 of the world’s top 50 banks.
The Summit also devoted significant time to technology experts analyzing in depth advanced solutions for lending and payment operations.
VNBA News
