Fintech supports securities businesses to accelerate digital transformation

Recently, at the customer conference introducing new products in the securities sector co-organized by VNPAY and FSS, the two fintechs "joined hands" to launch a digital solution set to the market with the desire to promote digital transformation of the Vietnamese stock market.

Securities industry in the digital transformation momentum According to Official Letter No. CV 6435/UBCK-CNTT of the State Securities Commission (SSC) issued on September 30, 2024, all individual investors need to ensure that their account information matches the national database on population, in order to increase accuracy and transparency in transactions before January 1, 2025. Accounts that have not standardized information will have all online trading activities stopped.

VNPAY signed a cooperation agreement with FSS to launch a new solution in the securities sector - Photo: VNPAY

Grasping this policy, Vietnam Payment Solutions Joint Stock Company ( VNPAY ) and Financial Software Solutions Joint Stock Company (FSS) cooperated to organize the event "Customer Conference 2024 Introducing new products in the securities sector", bringing technological solutions to support businesses in digital transformation in the securities industry. FSS representative shared: "The trend of digital transformation in the securities industry is forecasted to continue to increase strongly in the coming time. Therefore, in this event, in addition to introducing new products of FSS, we also cooperated with VNPAY to launch a digital transformation solution set, with the aim of providing customers with high-quality products and solutions, helping to promote the digital transformation process of customers.". Representative of VNPAY - a pioneer and prestigious unit in the field of providing electronic payment solutions, software solutions, banking and financial technology, Mr. Le Tanh - General Director of the company said: "With a digital transformation solution set including VNPAY eKYC online customer identification, VNPAY-CA digital signature and VNeDOC electronic documents, the company supports businesses to confidently digitize, ensure security and safety, comply with all legal regulations as well as bring modern and fast experiences". Promoting the speed of digital transformation To optimize the time to standardize personal information of investors, the company introduces the VNPAY eKYC online customer identification solution. Applying AI and Deep Learning technology, the eKYC solution allows businesses to authenticate and identify customers online effectively, replacing previous traditional methods.

eKYC solution attracts the attention of many securities businesses - Photo: VNPAY

The eKYC solution is not only certified to meet the technical criteria of the cloud computing platform serving e-Government by the Department of Information Security but also receives recognition from prestigious testing organizations worldwide. Specifically, recently, the company's eKYC facial recognition system has successfully achieved the international ISO/IEC 30107-3 level 2 certificate after passing thousands of Presentation Attack Detection (PAD) tests according to the ISO/IEC 30107-3 standard of iBeta - a member of the FIDO Alliance (headquartered in the United States) authorized to perform the certification, specializing in the assessment and certification of security technologies. VNPAY has become one of the pioneers to achieve level 2 certification according to the latest standard, which is also the highest level today. ISO/IEC 30107-3 is an international standard that describes the methods and procedures for performing the verification of facial biometric solutions. Thus, according to iBeta's assessment, the eKYC solution is capable of detecting more sophisticated fraud situations in 3D form such as silicon masks, faces recreated by specialized scanners, deepfake videos (fake) ... and ensuring safety against facial biometric forgery. In the spirit of promoting the process of owning personal digital signatures, the Company develops VNPAY-CA (Remote Signing) - a public digital signature authentication service based on the remote digital signature model for individuals, organizations or individuals belonging to organizations. VNPAY-CA digital signatures fully meet security standards and undergo multiple rounds of thorough and rigorous verification by specialized units in the Ministry of Information and Communications, the Government Cipher Committee, and the Ministry of Public Security before being officially licensed to provide products to the market. The advantages of VNPAY-CA are fast operation on multiple devices and channels such as VNPAY-CA app and banking applications, meeting security standards, avoiding cases of forged signatures, shortening transaction time and ensuring the integrity and origin of documents. To digitize the signing process, optimize time and resource costs, ensure security, legality and data integrity, the company has developed an additional electronic document solution VNeDOC - a platform that allows users to create, sign and manage contracts and documents online; connect with the Vietnam Electronic Contract Development Axis 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.

Mr. Pham Quang Huy - VNPAY representative, introduced VNeDOC solution at the event - Photo: VNPAY

When applying the VNeDOC solution on securities applications, securities companies can create and manage documents such as contracts to open online securities accounts, information change requests, deposit contracts, agreements arising during the transaction process... In addition, investors can flexibly choose many forms to sign documents such as: remote digital signature, USB Token digital signature... It is known that 100% of user documents are encrypted and stored on VNPAY Cloud - a solution that has received the highest level of international security certification PCI DSS 4.0 level 1 from the Control Case International Assessment Organization. Applying advanced digital solutions, businesses not only improve the investor experience but also enhance management and monitoring capabilities, thereby creating a safer and more efficient stock market. Source: https://tuoitre.vn/fintech-ho-tro-doanh-nghiep-chung-khoan-tang-toc-chuyen-doi-so-20241016183011194.htm