Digital transformation events for banking sector slated for May

Wednesday, May 01, 2024 12:51

Illustrative image. — Photo

The State Bank of Vietnam (SBV) has announced a series of events focusing on digital transformation in the banking sector, scheduled for May 8 in Hà Nội.

This initiative aligns with the goals of the National Digital Transformation Programme until 2025, with a vision to 2030, aiming to propel Việt Nam towards a digital economy and society, according to Director General of the SBV’s Payment Department Phạm Anh Tuấn.

A thematic seminar will be held for the first time, featuring presentations by leading financial and technology experts from giants such as Google, IBM, Fidelity, SAP, a significant highlight.

Attendees can also explore 16 booths showcasing the latest products, services and technologies from banks, payment intermediaries and technology companies.

From 2020-2022, the SBV consistently ranked high among ministries and agencies in the digital institutional index.

As of now, about 77.41 per cent of Vietnamese adults have bank accounts, with over 35 million payment accounts and about 14.9 million cards opened through the electronic Know Your Customer (eKYC) method currently operational.

The year 2023 saw a surge in mobile payment transactions, with a 59.86 per cent increase in volume and a 12.73 per cent increase in value. QR code payments also experienced explosive growth, with a 242.46 per cent increase in volume and a 157.2 per cent rise in value compared to the previous year.

The first two months of this year recorded significant year-on-year growth in non-cash payment and digital banking activities, with non-cash payment transactions rising by 59.6 per cent in volume and 32.73 per cent in value. Internet banking transactions also saw impressive growth, increasing by 51.60 per cent in volume and 23.88 per cent in value.

Mobile banking transactions followed suit, surging by 63.24 per cent in volume and 33.43 per cent in value. QR code payments continued their dominance, with a phenomenal 846.41 per cent increase in volume and a staggering 1,146.14 per cent increase in value. — VNS

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