Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh (centre) and representatives of the winners of the first prizes for mature fintech companies and early-stage fintech companies. — Photo SBV Hanoi (VNA) - Digital transformation would push Vietnam’sfinance-banking system in the years to come, helping it catch up with globalstandards, said Deputy Governor of the State Bank of Vietnam (SBV) Nguyen KimAnh.
Speaking at the Fintech Vietnam Forum 2019 (FVF) held in Hanoi on November 8, theSBV Deputy Governor said it was the right time to promote digitaltransformation in the finance-banking system whilst the country’s economy wasenjoying high growth.
Some credit institutions have already taken the initiative to research andapply financial technology solutions to optimise products and services.
He said accompanying the traditional financial and banking system in thedigital transformation process were financial technology (Fintech) companies,who would help the Government achieve its socio-economic development goals.
Vietnam has witnessed a dramatic increase in the number of new businesses,especially start-ups, in recent years. In the past four years, the number ofFintech companies has increased from 40 to about 150, Anh said.
He said the figures showed the dynamism of the businesses, especially start-upsin Vietnam, where the business environment was improving. Many managementagencies, including the central bank, had helped create a legal framework forthe development of technology and management capacity.
At the forum, experts from the central bank, World Bank, Asian DevelopmentBank, Visa and MasterCard shared different perspectives on the digitaltransformation process in banking operations, technology support anddevelopment policies, cyber security and automation of financial - bankingservices.
Asian Development Bank (ADB) Country Director in Vietnam Eric Sidgwick said newtechnologies had great potential in increasing access to finance for those whohad not or had limited access to banking services.
It also enhanced efficiency and financial security in a rapidly growing marketlike Vietnam, he said.
The FVF’s organising committee also announced the results of the FintechChallenge Vietnam 2019 competition. Through this contest, the State Bank of Vietnamwill capture new service solutions and digital transformation trends to buildpolicy mechanisms and issue management regulations, creating a favourableenvironment for innovation./.
VNA
