The State Bank of Viet Nam (SBV) will organise the National FinTech Day in May.

This is the first major event of FinTech in the country, with the participation of FinTech management agencies, the start-up community, commercial banks, experts from Viet Nam, as well as foreign countries.

Speaking at the Viet Nam-Korea Financial Co-operation Forum on March 22, SBV’s governor Le Minh Hung stressed that the industrial revolution 4.0 is causing a boom in technology, bringing many opportunities, creating added value and is a great driving force for economic development.

Banking and finance is a pioneer sector in rapidly adopting and applying the superior features of technology solutions to enhance innovation, improve products and services, and reduce costs, thereby bringing benefits to customers, he said.

"On the other hand, the financial and banking system may face many challenges due to the presence of machines and automation solutions, competition from FinTech companies or new risks from the technology environment," the governor said.

At the forum, Nguyen Toan Thang, general secretary of the Viet Nam Banks Association, said that in the global trend, banking is one of the sectors witnessing a strong impact from the industrial revolution 4.0, which requires a lot of changes from banks to keep up with the development of technology and to meet the demands and expectations of customers. — VNS