Bank connects healthcare, education, commerce with data

Data is the key to helping the banking industry expand the digital ecosystem, connecting healthcare, education, commerce, and creating a seamless experience for users.

Data is the “heart” of digital transformation

On the afternoon of May 29, in Hanoi , the State Bank of Vietnam organized the event "Digital transformation of the banking industry by 2025" with the theme: "Smart digital ecosystem in the new era".

Prime Minister Pham Minh Chinh and leaders of the State Bank of Vietnam visit an exhibition displaying digital banking products and services of commercial banks, payment intermediaries, and technology solution providers. Photo: SBV

Attending the event were comrade Pham Minh Chinh, Politburo member, Prime Minister, Head of the Government's Steering Committee on science, technology development, innovation, digital transformation and Project 06.

This is an important annual event, demonstrating the high political determination and strong commitment of the entire industry in implementing Resolution 57-NQ/TW dated December 22, 2024 of the Politburo on breakthroughs in science, technology, innovation and national digital transformation (Resolution No. 57) and the National Digital Transformation Program to 2025, with a vision to 2030.

Speaking at the opening ceremony, Governor of the State Bank Nguyen Thi Hong emphasized that if digital transformation is a journey, then data is the heart and lifeblood of the entire process. “For the banking industry, data is the key to connecting open ecosystems, turning banks into platforms that integrate digital values, from healthcare, education to commerce, bringing a seamless, continuous experience to customers,” Governor Nguyen Thi Hong affirmed.

According to her, data is also an input factor in the decision-making process, improving operational efficiency, helping to forecast risks, prevent fraud and protect the national financial system. Recognizing the core role of data, the banking industry has constantly innovated and upgraded its centralized data infrastructure to connect with other industries and fields, gradually building a smart and sustainable digital ecosystem.

“This journey has been shaped by important milestones, each year is a mark affirming the industry's pioneering and strong commitment to digital transformation. Digital transformation of the banking industry has gone through proud stages,” said the Governor.

State Bank Governor Nguyen Thi Hong delivered an opening speech at the event. Photo: SBV

Specifically, in 2023, with the theme "Application of population data in banking activities - the driving force for digital transformation", the banking industry laid the foundation for digitizing core processes, exploiting national data to accurately identify customers. Next, in 2024, with the theme "Expanding connections and developing digital ecosystems", the banking industry pioneered connecting cross-industry ecosystems, cooperating between the banking industry and other industries to serve people comprehensively. In 2025, marking an important turning point with the theme "Smart digital ecosystem in the new era", reflecting the orientation of taking customers as the center, applying technology to enhance experience and meet diverse financial needs.

“This theme demonstrates the banking industry's determination to realize the Party and Government's direction on breakthroughs in science and technology development, innovation and national digital transformation, the National Digital Transformation Program to 2025, with a vision to 2030, and the Project on developing non-cash payments for the period 2021 - 2025, towards an interconnected digital ecosystem, connecting with other economic sectors, creating momentum for the development of the digital economy,” the State Bank leader emphasized.

Digital transaction rate over 95%

According to the Organizing Committee, this year's digital transformation event in the banking industry also marks a pivotal year summarizing the implementation of Decision 810/QD-NHNN dated May 11, 2021 on the Digital Transformation Plan for the Banking Industry to 2025, with a vision to 2030 (Decision 810).

In recent times, the banking industry has been active and proactive in implementing Resolutions, Directives, and Action Programs of the Politburo, the Government, and the Prime Minister and has achieved many outstanding achievements in digital transformation, contributing to the overall development of the economy, reflected in all aspects from institutions, infrastructure to products and services.

The State Bank is constantly improving the legal framework to promote digital transformation in banking. Infrastructure serving digital transformation in the banking sector is always focused on investment, upgrading and development. The interbank electronic payment system processes an average of VND 820 trillion per day while the financial switching and electronic clearing system processes 26 million transactions per day.

The national credit information infrastructure has been upgraded to increase the ability to process and update data automatically, while expanding the collection and updating of data inside and outside the industry with a high rate of successful data updates from credit institutions reaching over 98%. More than 113 million individual customer records and more than 711 thousand corporate customer records have been compared with biometric information (reaching more than 66% of the total number of corporate payment accounts generating transactions on digital channels).

Mr. Pham Anh Tuan, Director of Payment Department, State Bank of Vietnam reported at the event. Photo: SBV

Along with that, many basic operations have been 100% digitized (savings deposits, term deposits, opening and using payment accounts, opening bank cards, e-wallets, money transfers, loans, etc.). Many credit institutions in Vietnam have achieved a digital transaction rate of over 95%. To date, nearly 87% of Vietnamese adults have bank accounts; the value of non-cash payments is 25 times the GDP.

Vietnam is also a pioneer in connecting cross-border retail payments via QR codes with Thailand, Cambodia and Laos, aiming to expand in the Asian region. In addition, the State Bank is the agency that has led the administrative reform rankings of ministries and ministerial-level agencies for 7 consecutive years.

The State Bank's leaders affirmed that, as the lifeblood of the economy, the banking industry needs to continue to pioneer and accompany the Government to realize the goals of national digital transformation. In the coming time, the banking industry will focus on implementing a number of key solutions:

Firstly, continue to perfect institutions, closely coordinate with relevant ministries and branches to accelerate the review, amendment, and promulgation of legal documents to promote and remove difficulties in non-cash payments and digital transformation of the banking sector;

Second, continue to upgrade and improve infrastructure for science, technology, innovation and digital transformation in the banking industry to ensure security and safety, focusing on building a shared database system for the banking industry to move towards data-based decision making;

Third, continue to implement inter-sectoral coordination: integrate, connect, and share banking industry information with other industries and fields to expand the digital ecosystem and develop digital banking and digital payment services, contributing to the formation of an interconnected digital ecosystem, creating favorable conditions for people and businesses to access services quickly, safely, and effectively;

Fourth, strengthen international cooperation to update new technology trends and learn from other countries' experiences;

Fifth, increase resources for digital transformation, promote the application of innovative technology to provide a variety of convenient products and services at reasonable costs for people and businesses;

Sixth, continue to promote communication and financial education for people and businesses to use banking services on digital channels safely and effectively.

SHB Vice Chairman Do Quang Vinh presented the integrated payment solution to the Prime Minister and leaders of the State Bank. Photo: SBV

The 2025 banking digital transformation event is also an opportunity for commercial banks to demonstrate payment solutions in the digital age. Mr. Do Quang Vinh, Vice Chairman of the Board of Directors and Deputy General Director of Saigon - Hanoi Commercial Joint Stock Bank (SHB), presented and introduced to Prime Minister Pham Minh Chinh and State leaders the bank's integrated payment solutions. In particular, supporting digital transformation with administrative units and public administrative units. The presentation made an impression and received the attention of delegates attending the event.

Mr. Do Quang Vinh shared: “ With a comprehensive transformation strategy and the resonance from leading technology corporations, SHB aims to build a future bank that truly understands and develops for customers. With the impact of the digital revolution, banks today not only have the task of providing financial solutions but also contribute to redefining customer experiences in the digital age”.

Implementing Resolution 57-NQ/TW and the direction of the Government and the Prime Minister, in the spirit of accompanying other sectors and fields in implementing Resolution 57-NQ/TW, the State Bank has developed and directed commercial banks to implement a credit program of VND 500,000 billion for lending to invest in infrastructure and digital technology to implement key/important national projects in the fields of transportation, electricity and digital technology according to the list announced by ministries and sectors.

To date, 21 commercial banks have prepared a resource of VND500,000 billion for lending under the Program with preferential lending interest rates in VND, at least 1%/year lower than the average medium and long-term lending interest rates applied by the lending banks themselves in each period. In order for banks to be able to soon implement this credit program, the State Bank will closely coordinate with ministries and branches to guide, support and create conditions for commercial banks to organize implementation within their authority.

Thuy Linh

Source: https://congthuong.vn/ngan-hang-ket-noi-y-te-giao-duc-thuong-mai-bang-du-lieu-389913.html