The primary objective of the session was an in-depth exchange on potential strategic cooperation in developing digital banking and digital finance in Vietnam, with a particular focus on cutting-edge technological solutions for ensuring customer safety and security.
Dr. Nguyen Quoc Hung, Vice Chairman cum Secretary General of VNBA
The Revolut delegation included Mr. Raymond Ng (General Manager of Revolut Singapore), Mr. Adam Gagen (Head of Government Relations), Ms. Shulin Tay (Head of Legal, APAC, India & Japan), and Ms. Jamuna Rajarathnam (Compliance Manager). The presence of Mr. Ly Hoang Vu (Financial Services Trade Manager, British Embassy) highlighted international interest in this potential collaboration.
Mr. Raymond Ng provided an extensive overview of Revolut’s impressive growth trajectory. Founded in the UK in 2015, Revolut has evolved from a simple e-payment company into a full-fledged "Financial Super App," offering an entire ecosystem of digital financial services via a mobile application. Notably, the company operates under a purely digital banking model, entirely without physical branches.
Mr. Raymond Ng stated:
"Revolut has reached a milestone, serving over 65 million personal customers and 500,000 businesses across more than 35 countries. We achieved profitability in the 2024 financial year and are aiming for 100 million users by 2027. Leveraging this experience, Revolut is expanding into the Asia-Pacific region and identifies Vietnam as a highly potential market for developing smart payment and digital financial services."
Revolut's core offerings span digital banking, multi-currency payments, international transfers, personal/business financial management, stock and digital asset trading, and intelligent financial solutions powered by Artificial Intelligence (AI) and Big Data. Crucially, Revolut emphasized its advanced global anti-fraud and security technology capabilities—a critical area of interest for Vietnamese institutions.
On the VNBA’s side, Dr. Nguyen Quoc Hung highly praised Revolut’s rapid development and showed specific interest in the Group’s experience in building a borderless digital financial platform, particularly its technological solutions for customer security.
Secretary General Nguyen Quoc Hung’s remarks highlighted two key areas:
-The Need to Benchmark against Global Experience:
"Vietnam is in a phase of robust development in digital and mobile banking, but ensuring safety, security, and enhancing anti-fraud capabilities are existential necessities. We are keenly interested in how Revolut utilizes AI and Big Data to identify and prevent high-tech crime, as well as your experience in operating a pure-play digital banking model. VNBA hopes to learn from the expertise of a leading global Fintech like Revolut to apply these best practices within Vietnam's banking system."
- VNBA as a Bridge for Legal and Policy Development:
Dr. Hung affirmed VNBA's role as a bridge between its member banks and Revolut, facilitating future exchanges and concrete collaborations.
"VNBA will continue to work closely with the State Bank of Vietnam and regulatory bodies to perfect the legal framework—one that both encourages innovation from banks and Fintechs and ensures a safe financial environment. Revolut's insights in Vietnam will serve as a valuable reference for developing the next generation of payment services and digital banking."
The meeting unlocked significant potential cooperation areas, focusing on:
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Technology Sharing: Revolut can share its cutting-edge solutions in digital banking operations, cross-border payments, and personal financial management for Vietnamese banks to study, helping them accelerate their own Financial Super App development.
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Financial Crime Prevention: Cooperation on sharing expertise in cybersecurity and technical measures to strengthen the capabilities for anti-money laundering (AML), counter-terrorist financing (CTF), and online scam prevention.
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Policy Consultation: Revolut can provide an international perspective on regulatory and legal issues concerning Fintech and digital banking operations, aiding VNBA's role in providing policy input.
The successful working session between VNBA and Revolut demonstrates the Vietnamese banking sector's proactive approach to global integration and the application of world-class technology in driving the nation's digital transformation agenda.
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