Banking sector’s digital transformation day to take place next week

The digital transformation day of the banking sector will be held on May 18, the State Bank of Vietnam (SBV) announced at a press conference in Hanoi on May 11.
An overview of the press conference. (Photo: VNA)

An overview of the press conference. (Photo: VNA)

Hoang Thanh Nhan, Editor-in-chief of Thoi bao Ngan hang (Banking Times) newspaper, said the event aims to review outcomes achieved by the banking industry after two years of implementation of its digital transformation plan until 2025, with a vision for 2030.

It is expected to promote a national digital transformation program and change the awareness of organizations and individuals about its role in the operation of the industry, she added.

Within the framework of the event, there will be a thematic conference on the application of population data in banking activities - the driving force for digital transformation - and an exhibition displaying outstanding services and products in the digital transformation of banks and payment intermediaries.

Pham Anh Tuan, head of the Payment Department under the SBV, said that positive results have been recorded in digital transformation activities of the banking sector.

According to the Ministry of Information and Communications, in 2021, the State Bank of Vietnam ranked first in cyber security readiness and fourth in terms of digital transformation activities. Up to 95 percent of credit institutions have been carrying out digital transformation strategies at their units.

In the first three months of this year, non-cash payment transactions increased by 53.51 percent in quantity compared to the same period of last year while ATM transactions decreased by 2.37 percent in volume and 4.02 percent in value, reflecting a shift to electronic payment, Tuan said.

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