Banking Vietnam 2019 discusses financial inclusion in a cashless economy

Friday, 2019-05-31 10:23:52
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SBV Deputy Governor Nguyen Kim Anh speaks at the conference. (Photo: NDO/Hong Anh)
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NDO – The Banking Vietnam Conference and Expo 2019 (Banking Vietnam 2019) opened in Hanoi on May 30 with a focus on discussing financial inclusion in the rising movement of cashless economy.

The annual banking technology event was organised by the State Bank of Vietnam (SBV) and International Data Group (IDG) to introduce new achievements in modern technology and IT applications in creating new banking products and services.

Banking Vietnam also featured seminars for bank leaders and financial-banking and technology experts to discuss solutions and strategies for developing banking services on the basis of applying ICT advances.

This year’s event featured financial inclusion in cashless economy, which has received great attention from Vietnam and other countries around the world, in an effort to bring diverse financial and banking products and services closer to the masses.

The government’s Resolution No. 01/NQ-CP on key tasks and solutions to implement the 2019 Socio-Economic Development Plan has also pushed for the development of a National Comprehensive Financial Strategy, which is considered one of the key tasks assigned to the SBV by the government in 2019.

In order to implement the National Comprehensive Financial Strategy, SBV Deputy Governor Nguyen Kim Anh said that, besides many other pillars, e-payment will be one of the important promises to contribute to the successful implementation of the strategy. Vietnam is focusing on implementing electronic payment and has achieved outstanding results, with legal framework for payment being continuously improved, laying as a basis for developing diverse payment products and services. Many banks and intermediary payment organisations in Vietnam have applied advanced technologies to reduce costs, speed up payment and enhance safety and security for products and services.

The Banking Vietnam 2019 opens in Hanoi on May 30. (Photo: qdnd.vn)

Those who are promoting financial inclusion and developing e-payment should pay attention to the trends of banking service digitalisation and consumer behavioural changes from limited interaction in off-line environments and face-to-face meetings with bank employees to online meeting environments without meeting in person, along with accessing and using banking services more frequently, anytime and anywhere through many mobile devices, Deputy Governor Nguyen Kim Anh emphasised.

The new context requires banks and payment intermediaries to invest and apply 4.0 technologies to provide new banking products and services and to promote the data exploitation and analysis to understand customers’ needs, towards providing safe and convenient products and services at reasonable prices, protecting customers' secrets and preventing cyber-attacks.

Within the framework of the event, three seminars took place with discussions focusing on latest information about the financial inclusion roadmap in Vietnam, legal frameworks, financial infrastructure developments, IT application, and diversification of financial products and services.

Parallel to the workshop activities, an exhibition was also held with nearly 30 booths from leading commercial banks, corporations and technology companies providing modern technology solutions in the banking sector.

Delegates visit the banking technology exhibition under the framework of Banking Vietnam 2019. (Photo: qdnd.vn)