Commercial banks invest nearly 630 million USD in digital transformation: SBV

Speakers attend the online seminar (Photo: VNA)

Commercial banks in Vietnam have invested a total of 15 trillion VND (629.7 million USD) in digital transformation, heard an online seminar on ensuring security and safety for e-payments in the digital era held on August 21.

Pham Anh Tuan, Director General of the State Bank of Vietnam (SBV)’s Payment Department, said that digital transformation contributes to promoting non-cash payments, and all forms of digital payment are towards the goals of the Cashless Payment Development Project for the 2021-2025 period which targets around 85% of Vietnamese people aged 15 and over have bank accounts by 2025.

In addition, promoting the use of digital services helps people avoid illegal money transfer services and loan sharks, he added.

Nguyen Quoc Hung, Vice President and Secretary General of the Vietnam Banks’ Association, said that during the digital transformation process, the Government and the central bank always order that safety must come first. Therefore, commercial banks and credit institutions, when deploying technology software systems, give the top priority to ensuring maximum safety.

Cashless payments are booming in Vietnam. (Photo: VNA)

The central bank's point of view is that digital transformation must go hand in hand with information safety, security and confidentiality in order to create people's trust in digital banking products and services, said Tuan.

According to the expert, the central bank regularly reviews, amends and supplements, and coordinates with relevant ministries and sectors to issue documents related to enhancing security, especially in protecting customers’ information.

It has also cooperated closely with the Ministry of Public Security and competent agencies to promptly review and detect any forms of scam and payment fraud, he added./.