Korea’s digital transformation policy and implications for Viet Nam, Viet Nam’s digital banking transformation policy, the importance of credit information system in digital transformation, the leap towards digitisation and the recent trend of digital banking and payments in Asia were discussed at a symposium in Ha Noi last week.

Organised by Shinhan Bank Vietnam to mark the 30th anniversary of Viet Nam - Korea diplomatic relations, the event discussed the vision for and direction of Viet Nam's digital bank, and sought to foster collaboration between the two countries in investment and development of a secure financial framework.

Attendees included senior officials from the State Bank of Vietnam, the prime minister's economic advisory group, the Korean embassy in Viet Nam, the Korean Financial Services Commission, the Korea Credit Information Service, Shinhan Bank Korea, Shinhan Bank Vietnam, Korean financial companies, and major local banks and fintech companies.

A spokesperson for Shinhan Bank Vietnam said: "This symposium is the driving force for Shinhan Bank to continue its efforts to promote effective digital bank development towards its objective of becoming a leading digital banking in Viet Nam by 2030’.

“Furthermore, this is a valuable opportunity for our bank to promote and maintain sustainable financial cooperation between the two countries, contributing to Viet Nam's future socioeconomic growth.”

Shinhan Bank Vietnam established a ‘future bank group’ last May to strengthen internal digital capabilities and respond immediately to the rapidly changing digital financial environment.

Since its inception, the future bank group has effectively promoted its capabilities by cooperating with digital enterprises in various industries to provide innovative, safe, and convenient digital banking services.

Its Mobile Banking SOL digital banking application had 800,000 users by the end of August 2022, a big achievement by the bank in its efforts to promote digital banking. — VNS