Fintech partners with securities firms to accelerate digital transformation.

Recently, at the Customer Conference introducing new products in the securities sector, co-organized by VNPAY and FSS, the two fintech companies joined forces to launch a set of digital solutions with the aim of promoting the digital transformation of the Vietnamese securities market.

Many businesses and organizations enthusiastically registered to participate in the event. (Photo: VNPAY)

The securities industry is undergoing a "digital transformation".

According to Official Letter No. CV 6435/UBCK-CNTT issued by the State Securities Commission (SSC) on September 30, 2024, all individual investors must ensure that their account information matches the National Population Database to enhance accuracy and transparency in transactions before January 1, 2025. Accounts with unstandardized information will have all online trading activities suspended.

VNPAY signs cooperation agreement with FSS to launch new solution in the securities sector. (Photo: VNPAY)

In line with this policy, Vietnam Payment Solutions Joint Stock Company (VNPAY) and Financial Software Solutions Joint Stock Company (FSS) collaborated to organize the event "Customer Conference 2024: Introducing New Products in the Securities Sector," bringing technological solutions to support businesses in the securities industry's digital transformation.

A representative from FSS Financial Software Solutions Joint Stock Company shared: “The trend of digital transformation in the securities industry is predicted to continue to increase strongly in the coming time. Therefore, at this event, in addition to introducing new FSS products, we are also cooperating with VNPAY to launch VNPAY's digital transformation solution suite, with the aim of providing customers with high-quality products and solutions to help accelerate their digital transformation process.”

Representing VNPAY – a pioneering and reputable provider of electronic payment solutions, software solutions, and banking and financial technology – Mr. Le Tanh, General Director of VNPAY, stated: “With our digital transformation solution suite including VNPAY eKYC online customer identification, VNPAY-CA digital signature, and VNeDOC electronic documents, VNPAY supports businesses in confidently ‘digitizing,’ ensuring security and compliance with all legal regulations, as well as providing modern and fast experiences.”

VNPAY supports businesses in accelerating their digital transformation.

To optimize the time spent standardizing investors' personal information, VNPAY introduces the VNPAY eKYC online customer identification solution. Utilizing AI and Deep Learning technology, the VNPAY eKYC solution allows businesses to efficiently verify and identify customers online, replacing traditional methods.

The eKYC solution developed by VNPAY has attracted the attention of many securities companies. (Photo: VNPAY)

The VNPAY eKYC solution is not only certified to meet the technical criteria of the cloud computing platform serving e- government by the Information Security Department, but also receives recognition from reputable global accreditation organizations.

Specifically, VNPAY's eKYC facial recognition system recently achieved the ISO/IEC 30107-3 Level 2 international certification after passing thousands of Presentation Attack Detection (PAD) tests according to the ISO/IEC 30107-3 standard by iBeta - a member of the FIDO Alliance (headquartered in the United States), authorized to conduct certifications and specializing in evaluating and certifying security technologies. VNPAY has become one of the pioneering units to achieve Level 2 certification according to the latest standard, which is also the highest level currently available.

ISO/IEC 30107-3 is an international standard describing the methods and procedures for verifying facial biometric solutions. Therefore, according to iBeta's assessment, VNPAY's eKYC solution is capable of detecting more sophisticated fraud scenarios in 3D, such as silicone masks, facial reconstructions using specialized scanners, deepfake videos, etc., and ensures security against facial biometric forgery.

Beyond biometric authentication, digital signatures are also a crucial component for investors to conduct online transactions seamlessly. In the spirit of promoting the ownership of personal digital signatures, VNPAY has developed VNPAY-CA (Remote Signing) – a public digital signature authentication service based on a remote signing model for individuals, organizations, or individuals within organizations. VNPAY-CA digital signatures fully meet security standards and undergo multiple rounds of thorough and rigorous verification by specialized units within the Ministry of Information and Communications, the Government Cipher Committee, and the Ministry of Public Security before being officially licensed to provide the product to the market.

The advantages of VNPAY-CA include fast operation across multiple devices and channels, such as the VNPAY-CA app and banking applications, meeting security standards, preventing signature forgery, shortening transaction times, and ensuring the verification of document integrity and origin.

To digitize the contract signing process, optimize time, costs, and resources, and ensure security, legal compliance, and data integrity, VNPAY has developed the VNeDOC electronic document solution – a platform that allows users to create, sign, and manage contracts and documents online; connecting with the Vietnam Electronic Contract Development Platform to authenticate signed documents. Currently, VNPAY is one of 11 CECA units licensed by the Ministry of Industry and Trade to provide electronic contract authentication services to customers.

A representative from VNPAY introduces the VNeDOC solution at the event. (Photo: VNPAY)

When applying the VNeDOC solution to securities applications, securities companies can create and manage documents such as online securities account opening contracts, information change request forms, escrow contracts, agreements arising during transactions, etc. In addition, investors can flexibly choose various methods to sign documents such as: remote digital signing, USB Token digital signing, etc.

Reportedly, 100% of user documents are encrypted and stored on VNPAY Cloud - a solution that has received the highest level PCI DSS 4.0 level 1 international security certification from the international assessment organization Control Case.

By applying VNPAY's advanced digital solutions, businesses not only improve the investor experience but also enhance their management and monitoring capabilities, thereby creating a safer and more efficient stock market.

Source: https://baodautu.vn/fintech-dong-hanh-cung-doanh-nghiep-chung-khoan-tang-toc-chuyen-doi-so-d227625.html