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Prime Minister directs to promote digital transformation in banking industry


At the Banking Industry Digital Transformation event held on August 4, in Hanoi, Prime Minister Pham Minh Chinh requested the State Bank (SBV) and the banking industry to have high determination, great efforts, drastic and more effective actions in digital transformation.

The Prime Minister requested that the banking industry should continue to actively understand the practical needs of people, businesses and credit institutions to review, issue, amend and complete legal documents suitable to the reality and context of digital transformation; to facilitate the application of digital technology in business activities, product supply, and service provision of banking services to improve operational efficiency and create customer satisfaction and loyalty.

At the same time, digital transformation needs to be implemented in a holistic manner to ensure efficiency, without wasting resources; with focus; to avoid the situation of "Let a hundred flowers bloom"; clearly define the application of technology and financial intermediaries, avoiding the situation of technology enterprises encroaching into financial intermediation activities...

According to the Prime Minister, over the past years, the SBV and the entire banking industry have been well aware of, directed and implemented drastically in order to transform many state management activities and services into a digital environment, initially achieving many results; launched many practical and effective products and services, making an important contribution to the national digital transformation.

However, besides the positive results, the process of national digital transformation and bank digital transformation still have many difficulties and challenges such as: mechanisms and policies are still inadequate and obstructed; the connection, taking use of population data, insurance, tax, etc. is still in a narrow scope.

Receiving instructions from the Prime Minister, Governor of the State Bank Nguyen Thi Hong said that the State Bank will include the Prime Minister's direction into programs, action plans and provide solutions in the industry; actively coordinate with ministries, agencies and sectors to implement the Prime Minister's direction and contribute to the process of national digital transformation. In particular, the banking system will always take businesses and people as the center and be the beneficiaries of the digital transformation process of the banking industry.


Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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