Removing bottlenecks and accelerating the development of the digital banking ecosystem.

According to Dr. Nguyen Quoc Hung, Vice President and General Secretary of the Vietnam Banking Association (VNBA), in the context of increasingly stringent new regulations on personal data protection and electronic transactions, the development of the digital banking ecosystem should not be limited to internal business operations.

Dr. Nguyen Quoc Hung, Vice President and General Secretary of the Vietnam Banking Association. Photo: Minh Ngoc

“This ecosystem needs to be developed in a way that connects the entire region, both facilitating customers and contributing to the prevention and combating of cross-border fraud and scams, an issue that is receiving strong attention at the Association of Southeast Asian Nations (ASEAN) forums,” said Dr. Nguyen Quoc Hung.

Promoting the integration of multi-channel financial services.

A view of the seminar on accelerating the development of the digital banking ecosystem.

At the seminar "Accelerating the Development of the Digital Banking Ecosystem" held on November 27th, representatives from the Vietnam National Bank for Banking (VNBA) emphasized that building a digital ecosystem is not just a technological issue, but a comprehensive problem encompassing legal frameworks, data, and security. Digital transformation is not a solitary endeavor; it requires close collaboration and a harmonious balance of interests to build a strong, interconnected ecosystem ready to expand internationally.

According to a representative from Vietcombank , in recent times, the Party, the Government, and the State Bank of Vietnam (SBV) have issued many important policies, considered guiding principles for the banking system and commercial banks to implement. These include Resolution 57 of the Politburo on breakthroughs in the development of science and technology, innovation, and national digital transformation.

Government Resolutions No. 03 and No. 71 promulgating the Government's Action Program to implement Resolution 57; and the Digital Transformation Strategy for the Banking Sector until 2030 (Decision 3579) on inter-sectoral connectivity, integration, and expansion to form a data infrastructure for the banking sector.

“At Vietcombank (VCB), the digital platforms VCB Digibank, VCB Digibiz, VCB CashUp, VCB iCare, VCB Online lending, and VCB tablet have become familiar financial tools for many individuals and businesses. Currently, 17 million customers regularly use VCB's digital channels with 96 million transactions per day; 99.5% of transactions are retail and 60% are wholesale,” a Vietcombank representative said.

Vietcombank proposed that Vietnam should soon finalize the legal framework for data sharing at the economic scale (Open data). This includes issuing a specific legal framework for data sharing at the economic scale (Open data); clearly defining technical standards, legal responsibilities, and the rights and obligations of parties when sharing data, enabling banks to confidently cooperate and develop transparent and secure digital services.

“We propose that the State allow state-owned commercial banks to invest in or establish technology companies (Fintech). Article 111 of the Law on Credit Institutions stipulates capital contributions and share purchases by commercial banks, but lacks specific guidance for the field of scientific research and Fintech. Therefore, the State needs to provide more specific guidance, allowing state-owned commercial banks to use the Science and Technology Development Fund to contribute capital or establish Fintech companies. In addition, the Government should expand the sandbox testing mechanism to new technology fields such as digital assets, tokenization, and blockchain (Decree 94/2025/ND-CP),” a representative from Vietcombank proposed.

Removing obstacles in technical connectivity and standardizing international payments.

While emphasizing that the Vietnamese banking system is considered one of the fastest in the region in terms of digital transformation with many impressive results, meeting the increasingly high demands of the people, Dr. Nguyen Quoc Hung also pointed out some obstacles in technical connectivity and standardization of international payments...

"There are cases where the technical infrastructure is ready, but obstacles arise during implementation. Although QR code payment channels with Laos and Cambodia have improved thanks to active cooperation, the issues of costs and benefit-sharing mechanisms when expanding to international markets still need to be thoroughly discussed," said Dr. Nguyen Quoc Hung.

To address bottlenecks and accelerate the development of the digital banking ecosystem, Dr. Nguyen Quoc Hung outlined several key areas requiring immediate action: standardizing standards, i.e., building a common digital platform to reduce connection costs and enhance customer experience; establishing data mechanisms and privacy protection in accordance with the Law on Personal Data Protection; ensuring safety and security as a prerequisite in every implementation step; and building a transparent fee framework and a fair profit-sharing mechanism when deploying cross-border services.

To develop the digital banking ecosystem, Vietnam needs to strengthen inter-sectoral cooperation, especially in projects to digitize trade finance and combat fraud, with close coordination between the State Bank of Vietnam, commercial banks, and the Vietnam Banking Association (VNBA).

“Building and accelerating the development of the digital banking ecosystem is not only an internal need of each credit institution, but also an urgent requirement to better serve the people and businesses, and promote economic growth. Especially in the context of the Government's accelerated National Digital Transformation Program, the banking sector is identified as one of the leading areas, playing the role of 'financial infrastructure' for the digital economy and online public services,” shared Mr. Do Viet Hung, member of the VNBA Policy Committee and member of the Vietcombank Board of Directors.

Source: https://baotintuc.vn/kinh-te/go-diem-nghen-tang-toc-phat-trien-he-sinh-thai-ngan-hang-so-20251127135739127.htm