The goal by 2030 is for the value of cashless payments to be 30 times GDP.

The Governor of the State Bank of Vietnam (SBV) has signed and issued Decision No. 3579/QD-NHNN, approving the "Strategy for digital transformation of the banking sector to 2030". This is a document with overall orientation to comprehensively implement digital transformation in the entire sector, in line with the policies of the Party and Government and new requirements in building a digital government, digital economy and digital society.

People and businesses are the center

One of the notable viewpoints of the Strategy is that people and businesses are the center, the main subject and driving force of the digital transformation of the banking industry. The State Bank plays a leading role, promoting and creating the most favorable conditions for technology development, innovation and digital transformation in the entire industry; the ultimate goal is to bring convenient, smart banking services, friendly interface, multi-channel - multi-device access, safety and reliability, thereby contributing to improving the financial life of people and the operational efficiency of businesses. At the same time, reforming and perfecting the legal and institutional framework is a key task; data is the core foundation; information security and network security are key factors...

Decision 3579 also emphasizes the requirement to "correctly perceive the decisive role in the success of digital transformation", in which each cadre, civil servant, public employee and worker in the industry needs to consider this a strategic task, closely following the direction of the Party, Government and the long-term development orientation of the Industry.

Digital transformation strategy for the banking industry by 2030

The Strategic Vision identifies that by 2030, the Vietnamese banking industry will continue to affirm its pioneering role in the national digital transformation, in line with the orientation and vision of the Party and State on digital government, successfully building a digital State Bank; taking customers as the center in the smart digital financial ecosystem, developing a comprehensive and safe digital bank on the basis of advanced technology; improving management efficiency and competitiveness; comprehensively digitizing and maximally automating business operations, effectively exploiting the achievements of the 4.0 Industrial Revolution and innovation; promoting the rapid and sustainable development of the banking industry on the basis of governance, operation and business based on synchronous, open and transparent digital data; ensuring information security and network security associated with high-quality digital human resources.

The strategy sets out six general objectives.

First, perfecting institutions, regulations, policies and laws, creating a favorable corridor for digital transformation.

Second, comprehensively innovate the management activities of the State Bank in a modern direction, improve the effectiveness of monetary policy management and financial supervision.

Third, credit institutions build and develop digital banks that operate transparently and effectively based on data.

Fourth, develop digital infrastructure, digital data and cybersecurity for the banking industry.

Fifth, Promote innovation in the financial sector, strongly apply new technologies (AI, Big Data, Blockchain, Cloud, Open API, RPA) in administration and service provision.

Sixth, develop high-quality digital human resources and digital culture throughout the industry. Develop a team of cadres and experts with outstanding digital capabilities and promote the development of an organizational culture that is ready to adapt and continuously innovate, associated with raising digital awareness and skills for cadres, organizations and people.

Seventh, strengthen domestic and international cooperation, proactively participate in and lead initiatives, standards on technology, innovation and digital transformation in the finance and banking sector.

Specific targets The strategy of the whole industry is to strive for 95% of the population aged 15 and over to have transaction accounts at banks or other authorized organizations; by 2030, the value of non-cash payments will be 30 times the GDP; 100% of staff in the unit will be trained in digital skills. The State Bank also sets specific targets for units under the State Bank, commercial banks, microfinance institutions, people's credit funds, etc.

9 key task groups and solutions

To realize the set visions and goals, the State Bank has identified 9 key groups of tasks and solutions to ensure that the digital transformation process is implemented synchronously and consistently throughout the system.

Firstly, raise awareness, make breakthroughs in innovative thinking, and promote communication activities. The strategy requires the development of programs and plans to launch digital learning movements, thereby improving scientific and technological knowledge and digital skills for cadres, civil servants, and public employees. According to the document, units must "regularly organize" training and refresher courses on science, technology, and digital technology; at the same time, deploy communication activities, conferences, and events to spread awareness of digital transformation throughout the industry. The strategy also emphasizes the task of promoting information security capacity for cadres, employees, and customers...

Second, perfecting the institutions and legal framework to facilitate the digital transformation process in the banking industry. Accordingly, it is required to review, research, propose the issuance or amendment of legal regulations, prioritizing contents related to artificial intelligence, big data, blockchain, cloud computing and ISO20022 standards. In addition, the Decision identifies the task of perfecting the legal framework on safety and security in providing online banking services; continuing to research issues related to central bank digital currency and ensuring information security according to international standards...

Third, increase investment and improve the digital platform for digital transformation of the banking sector. Specifically, the digital platforms and important information systems of the State Bank must be "upgraded, expanded, replaced and newly deployed" to meet the requirements of digital transformation. The list includes the State Bank reporting system, core banking system, financial and budget management system, centralized treasury system, people's credit fund and microfinance institution monitoring system, operating document system, public service system and the State Bank's data sharing platform (LGSP). In addition, there are also anti-money laundering and fraud warning systems (SIMO), information security systems (SOC) and intelligent monitoring and operating centers (IOC)...

Fourth, build and effectively deploy the Digital Government at the State Bank. The tasks include innovating business processes, completing the digitalization of administrative procedures and internal records; deploying a reporting system, core banking system, treasury management system and credit institution monitoring system. Along with that, promoting the application of process automation (RPA), artificial intelligence in business, management and operation activities, meeting the requirements of digital transformation and the Law on Electronic Transactions...

Fifth, promote digital transformation in units in the Industry. Accordingly, units must develop and issue a Digital Transformation Strategy or Plan; develop digital banking services according to domestic and international standards; form a self-service branch model; and apply artificial intelligence in operations, including demand analysis, customer journey optimization, fraud detection and business process automation. In addition, build a branch model that allows customers to perform automatic, self-service transactions based on digital technology applications...

Sixth, effectively exploit national data and develop banking sector data. The strategy requires the issuance of data standards and technical standards to serve the connection, sharing and exploitation of data in the sector; maintain and update statistical databases; connect and share data with the National Data Center; and at the same time, modernize data collection, management and processing activities as required in documents...

Seventh, ensuring network safety and security. The strategy sets out the task of improving the capacity to protect information systems and databases; complying with international information security standards; strengthening monitoring, detecting and preventing risks; and effectively operating the information security monitoring system (SOC). SBV leaders require improving the capacity to prevent attacks and ensure safety of operations in cyberspace...

Eighth, developing human resources in information technology. Specifically, the task of training and fostering, including organizing classes and training programs on digital technology and digital skills for staff, to meet the requirements of deploying digital platforms and key information technology systems of the State Bank...

Ninth, strengthen domestic and international cooperation on digital transformation. Tasks include exchanging international experiences on digital transformation of banks; regularly organizing bank-business connection programs, conferences, dialogues, and customer meetings; coordinating with local authorities; and strengthening international cooperation on financial and banking technology standards to support the digital transformation process...

Source: https://thoibaonganhang.vn/muc-tieu-den-nam-2030-gia-tri-thanh-toan-khong-dung-tien-mat-gap-30-lan-gdp-173597.html