Promoting a Transparent and Integrated Financial Ecosystem

Hanoi, November 7 – The British Embassy in collaboration with the Vietnam Banks Association (VNBA) organized the Vietnam – UK Financial Services Summit, bringing together policymakers, business leaders, leading financial and technology institutions from both countries.

The event took place in the context of Vietnam and the UK officially upgrading their relationship to a Comprehensive Strategic Partnership, marking a new step forward in financial-banking, fintech and innovation cooperation between the two dynamic economies .

Promoting financial cooperation

Speaking at the event, British Ambassador to Vietnam Iain Frew emphasized that the conference is a testament to the growing cooperative relationship between the two countries.

The Ambassador affirmed that the UK is committed to accompanying Vietnam in the process of modernizing the financial and banking market, developing the International Finance Centre (IFC), fintech and green finance.

“The UK, with its experience as a global financial centre, is ready to share its expertise on regulatory reform, technological innovation and sustainable development – ​​supporting Vietnam in achieving its goal of becoming a high-income economy by 2045,” the Ambassador stressed.

According to Dr. Nguyen Quoc Hung, Vice Chairman and General Secretary of VNBA, the Vietnamese banking industry is entering a period of strong digital acceleration, with more than 95% of transactions at major banks being conducted via digital channels and the digital payment ecosystem is expanding.

Dr. Nguyen Quoc Hung, Vice President and General Secretary of VNBA

He also introduced the Trade Finance Registry (TFR) Project - a national database on trade finance deployed by VNBA with the State Bank of Vietnam , the British Embassy and Boston Consulting Group (BCG), aiming to make financial transactions transparent and improve the efficiency of trade credit.

Ms. Vu Minh Chau, Acting Director of the Department of International Cooperation - State Bank of Vietnam, affirmed that the financial and banking cooperation relationship between the two countries was formed in 2008 and has continuously expanded.

“The UK is a leading financial center in the world , with a lot of experience in developing fintech, open banking and green finance. Vietnam wishes to strengthen deeper cooperation in the new period,” Ms. Chau shared.

Dr. Can Van Luc, Chief Economist of BIDV, assessed that the conference took place at a special time: the two countries upgraded their strategic relationship, celebrated the 5th anniversary of UKVFTA and the UK joining CPTPP, opening up opportunities for deeper financial cooperation than ever before.

Golden opportunity in the era of financial transparency and globalization

At the panel discussion, experts from BCG, Traydstream, Techcombank, Standard Chartered and Ozone API all emphasized that TFR is not only a technical solution, but also the first step for Vietnam's globally integrated financial ecosystem.

Speakers affirmed that Vietnam has a "golden opportunity" to make a breakthrough if it effectively utilizes three key factors: reliable data, tight security, and effective public-private cooperation.

The conference ended in a spirit of cooperation, innovation and commitment to action, aiming to build a transparent, safe and humane financial and banking ecosystem, contributing to a sustainable digital economy and deep global integration.

Source: https://thoibaonganhang.vn/thuc-day-he-sinh-thai-tai-chinh-minh-bach-va-hoi-nhap-173290.html