Many banking services have been 100% digitized
On May 29, 2025, in Hanoi , the State Bank organized the event "Digital transformation of the banking industry in 2025" with the theme: "Smart digital ecosystem in the new era".
With the theme "Smart digital ecosystem in the new era", this year's banking digital transformation event demonstrates the 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 a digital ecosystem that is interconnected and connected with other economic sectors, creating momentum for the development of the digital economy.
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| Governor of the State Bank Nguyen Thi Hong. |
Banking is one of the pioneering and most successful industries in digital transformation today.
State Bank Governor Nguyen Thi Hong affirmed that over the past time, this agency has continuously improved the legal framework to promote digital banking transformation activities.
Infrastructure serving digital transformation in the banking industry has always been 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 processing capacity, automatically update data, and expand data collection and update inside and outside the industry with a high rate of successful data update from credit institutions reaching over 98%.
More than 113 million individual customer profiles and more than 711,000 corporate customer profiles have been cross-checked for biometric information (reaching more than 66% of the total number of corporate payment accounts generating transactions on digital channels). Many friendly banking products and services with rich utilities, bringing practical value to meet the diverse needs of customers. 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, and 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...
Banks compete with ecosystems
Currently, banks are racing to expand their ecosystems and continuously apply new solutions to increase convenience, enhance customer experience as well as competitiveness.
Mr. Phung Duy Khuong, Deputy General Director of VPBank, said that Vietnam is among the countries with the highest growth rate of cashless payments in the region, according to Mastercard. However, in the context of strong digital transformation, customers have increasingly higher requirements: simplicity but must be as secure as possible. Accordingly, customers require all transactions to be integrated on their phones or smart watches so that they can pay anytime, anywhere without having to carry cash or cards. This is the reason why VPBank sought the Tap & Pay contactless payment solution.
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| Mr. Phung Duy Khuong, Permanent Deputy General Director of VPBank shared digital payment solutions with Prime Minister Pham Minh Chinh. |
"With Tap & Pay, VPBank has provided a complete solution on all phone operating systems: Samsung Pay, Google Pay, Apple Pay, Garmin Pay, VPBank wallet. Contactless transaction sales via credit cards increased by 70%," said Mr. Khuong.
For corporate customers, according to Mr. Khuong, VPBank has a Tap to Phone solution. Accordingly, businesses and business households today do not need to invest in expensive POS card readers (VND 10 million/machine) but instead turn their phones into payment tools and mobile financial platforms. Currently, VPBank's Tap to Phone has had more than 10,000 T2P Android application downloads, 1,200 stores deployed, 1,500 T2P users associated with transaction points and 15,000 successful transactions.
At SHB, according to Mr. Do Quang Vinh, Vice Chairman of SHB, the proportion of transactions via digital channels and online platforms has continuously increased in the industry's leading group. To date, more than 95% of SHB's operations and processes have been digitized. More than 98% of transactions of individual and corporate customers are conducted entirely through digital channels such as Mobile banking and Internet banking.
SHB is currently implementing the Bank of Future project - a model that SHB aims to fully integrate modern, leading technology platforms such as AI, Big Data, Machine Learning, etc. into all processes, solutions, services, and products. The project is expected to comprehensively change SHB's competitiveness and customer service capacity and bring important results in 2025 and 2026, including: advanced digital services, digitizing the customer journey, improving customer experience, increasing automation, increasing efficiency based on data engineering, modernizing core banking, etc., enhancing the stability and scalability of technology infrastructure, while promoting the capacity to develop advanced products and service solutions.
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| Mr. Do Quang Vinh, Vice Chairman of SHB, introduced the Bank of Future project to Prime Minister Pham Minh Chinh. |
Expanding the ecosystem helps banks provide seamless experiences for customers, helping people and businesses transact, pay safely, conveniently, save time and costs right on familiar daily digital applications and platforms. At the same time, through the digital payment ecosystem, customers' information and transaction history are also stored and secured.
According to the Governor, data is the key to connecting open ecosystems, turning banks into platforms that integrate digital values - from healthcare, education to commerce, bringing seamless, continuous experiences to customers. 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.
Therefore, over the past time, 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.
To date, the entire banking industry has had more than 113 million individual customer records and 711,000 corporate customer records biometrically verified through chip-embedded citizen identification cards or VNeID.
The State Bank has also established and built a data warehouse to collect data from more than 1,470 units and data sources from other information systems of the State Bank ; a credit information data warehouse, storing information of over 54 million borrowers; a data warehouse to prevent and combat money laundering, terrorist financing, and financing of weapons of mass destruction.
The State Bank's leaders affirmed that in the coming time, this agency will continue to improve its institutions; upgrade and improve infrastructure for science, technology, innovation and digital transformation in the banking sector to ensure security and safety, focusing on building a shared database system for the banking sector towards making data-based decisions.
At the same time, 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...
Source: https://baodautu.vn/thanh-toan-khong-dung-tien-mat-da-vuot-25-lan-gdp-d292897.html
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