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The State Bank of Vietnam (SBV) stipulates allowing credit institutions to deploy eKYC for borrowers based on the exploitation of personal identification data.
From September 1, Circular 9/06/TT-NHNN amending and supplementing a number of articles of Circular 2023/39/TT-NHNN stipulating lending activities of credit institutions for customers effective.
In particular, the SBV added specific regulations on lending activities by electronic means of credit institutions, promoting banks to strongly apply technology and digital transformation into lending activities.
Shorten processes and procedures
Accordingly, customers when borrowing money do not have to go to the bank to carry out procedures. Circular 06 regulates the identification and verification of customer identification information by electronic means (eKYC); enter into a loan agreement in the form of an electronic contract; loan dossiers are established in the form of documents, electronic data, and records are kept in the digital environment; organizing loan approval (appraisal and lending decision, disbursement) by electronic means...
Credit institutions will decide to invest in technology solutions to support lending activities. To control the source of identity data in eKYC activities, the State Bank of Vietnam stipulates to allow credit institutions to deploy eKYC for borrowers based on the exploitation of personal identification data verified by competent state agencies. the right or with the national population database, CCCD database or by an organization providing electronic authentication services in accordance with the law on identification and authentication
electronic.
As noted, over the past time, commercial banks have applied technology and digitization to banking products and services, including lending services.
Bank for Agriculture and Rural Development of Vietnam (Agribank) applies solutions to improve loan documents and procedures, non-cash solutions in credit activities (via automatic debt collection system); applying technology and automation methods in the process of loan creation, problem debt management, and collateral management.
Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) applies eKYC from receiving loan needs to creating, implementing and managing loans towards increasing automation in the process. credit granting…
Lending activities are also implemented on many different transaction channels at Military Commercial Joint Stock Bank (MB) such as MBBank app, Biz MBBank ... or linked with 3rd party systems such as Mcredit.
The feature of Biz MBBank also allows businesses (DN) to apply for a credit limit online and receive approval results in a short time, helping micro enterprises access capital more flexibly and quickly.
Tien Phong Commercial Joint Stock Bank (TPBank) applies digital transformation technologies in lending to customers, especially customers who use credit cards and use unsecured unsecured documents, with low costs. .
Online disbursement
At Vietnam Prosperity Joint Stock Commercial Bank (VPBank), by the end of the second quarter, the number of users of the VPBank NEO digital banking platform reached 7 million customers, an increase of 87% over the same period in 2022.
Only within the first 6 months of the year, the individual customer segment alone recorded nearly 2 million more customers, bringing the total number of customers of the block to nearly 10 million people.
For loans by electronic method at VPBank, overdraft lending services for online corporate customers and online limit disbursement have been implemented.
Individual customers can apply for a car loan at a car dealership and know the approval result after 5 minutes; Sales staff meet directly with customers, enter information, identify customers and submit online documents. VPBank also set up guidelines for processing online application approvals.
Mr. Hoang Trong Hieu - Senior Director of Business Development Department - Corporate Banking Division, Vietnam Technological and Commercial Joint Stock Bank (Techcombank), said that the bank has perfected the features on digital banking to meet the needs of all customers. rapid funding needs.
The addition of features of guarantee issuance, online disbursement, conditional pre-approval loan limit on Techcombank Business digital banking platform or personalized financing packages according to customer needs and experience creates conditions for businesses to quickly access working capital.
According to Mr. Nguyen Duc Lenh - Deputy Director of the SBV Ho Chi Minh City branch, the SBV's unified regulations will contribute to standardizing and expanding this method to help meet customers' needs and increase competitiveness. between banks.
Specific regulations in Circular 06 of the SBV are expected to create a push for online lending activities of commercial banks, which is the basis for banks to mass deploy and widely apply electronic means. into the lending process.
VY ANH (according to LDO)
