An overview of the meeting
The meeting was chaired by Deputy Governor Nguyen Kim Anh, with the attendance of representatives from the relevant ministries (the Ministry of Information and Communications, the Ministry of National Defense, the Ministry of Public Security), the Governmental Cipher Commission, the National Information Security Association, Vietnam Bank Association, the SBV entities, the SBV municipal and provincial branches, the National Payment Corporation of Vietnam and many credit institutions.
Creating a relatively fully and consistent legal framework
Speaking at the meeting, Deputy Nguyen Kim Anh said, in 2017-2018 period and in the first six months of 2019, the SBV had issued many legal documents on the IT development in accordance with the development strategy of the banking sector, meeting practical requirements. The SBV’s issuance of the legal documents and guiding notes on the enhancement of IT application and IT system security for banking operations has created a relatively fully and consistent legal framework for the IT application in the banking sector.
On the implementation of the Plan on IT application by credit institutions for the 2017-2020 period in line with Decision No. 488/QD-NHNN dated March 27, 2017, the credit institutions have implemented and obtained several encouraging results in the digitalization and application of modern technologies in finance and banking operations, such as the Digital banking/Digital Lab, Timo Bank, ATM + Livebank… A number of credit institutions have cooperated with fintech companies to apply modern technologies to payment activities on smart phones, such as biometric, QR code, tokenization, mPOS, e-wallet… The research and application of AI, RPA, blockchain… have been implemented at several credit institutions.
At the meeting, the participants also listened to some reports reviewing the implementation of IT application for the 2017-2020 period; the cyber security situation in the banking sector; the draft Strategy for IT development in Vietnam’s banking industry until 2025 and orientations to 2030; the digital bank transformation model…
Besides, the meeting also received many comments, set out the goals, solutions and a roadmap to implement the IT Development Strategy of Vietnam’s Banking Sector until 2025 and orientations to 2030, ensuring the compliance with Decision No.986/QD-TTg of the Prime Minister dated August 8, 2018 approving Vietnam’s Banking Industry Development Strategy until 2025 and orientations to 2030.
Promoting application of IR 4.0 technologies
In order to implement effectively the objectives set out in the Strategy, Deputy Governor Nguyen Kim Anh required the SBV entities to focus on doing well the following tasks: Researching and formulating a legal basis for the application of IR 4.0 new technologies to all activities of the banking industry, facilitating the transition to the e-Government model at the SBV and the digital banking models at the credit institutions; Modernizing the banking supervision and inspection information system, actively supporting micro and macro supervision, providing early warnings, credit ratings and monitoring activities in accordance with Basel II criteria for the credit institution system; Step by step innovating the IT infrastructure of the inter-bank electronic payment system in line with the international standards; Finalizing and submitting to the SBV Governor for promulgating the IT Development Strategy of the banking sector until 2025, and orientations to 2030; Developing, submitting for approval and organizing the implementation of the 5-year and the annual IT Application Plans of the SBV.
Deputy Governor Nguyen Kim Anh also required the credit institutions to focus on research and application of IR 4.0 technologies in order to step by step modernize and effectively support the transformation of the organizational structures, improve the management capabilities, operate the credit institutions in accordance with the international laws and practices, increase the proportion of non-credit services, and improve the competitiveness and transparency.
Moreover, the SBV Deputy Governor directed the entities in the banking sector to enhance cooperation with the international and domestic IT groups and companies in order to share experience, exchange information, transfer technologies and update IT development trends for Vietnam’s banking industry.