PM lauds digital transformation in banking sector

Hanoi (VNA) – Prime Minister Pham Minh Chinh on August 4 commended efforts by the banking sector in digital transformation with diverse products and services for people and businesses.

Addressing “Digital transformation day of the banking sector” in Hanoi, Chinh, who is also head of the National Committee on Digital Transformation, stressed that the sector has played a significant role in national digital transformation.

He urged the sector to further reform its management methods towards modernity and transparency, and diversify and improve the quality of its products and services, contributing to fighting money laundering.

The sector should work to understand more about the demand of people, businesses and credit institutions to devise suitable legal documents, facilitating the application of digital technologies in banking services, the PM went on.

He asked the State Bank of Vietnam (SBV) to continue its close coordination with ministries and agencies to quickly perfect the decree on cashless payment to be submitted to the Government.

Common infrastructure such as payment and credit information infrastructure should be promoted, he said, suggesting stronger connectivity between banks and credit organisations and other sectors.

The PM also requested the sector to ensure security and safety in digital transformation given the rise of high-tech crime, step up the communication work to raise public awareness of benefits brought about by digital transformation, give more heed to personnel training, and enhance international cooperation in digital transformation.

According to SBV Governor Nguyen Thi Hong, many domestic banks have 90% of their transactions conducted on digital platforms, surpassing the target of 70% set for 2025.

Half of the banking services are expected to be digitalised and 70% of transactions will be carried out online by 2025, Hong noted.

Prior the event, the PM visited an exhibition showcasing outstanding products and services in digital transformation of the banking sector.

On this occasion, Chinh had a working session with representatives from the SBV and commercial banks, during which he congratulated the sector on its effective operations amid a host of difficulties, especially those caused by the COVID-19 and soaring goods prices.

 

He suggested the sector further cut interest rates to support businesses and actively engage in the State’s policies, particularly housing credit for workers and low-income earners.

Participants attributed outstanding developments of banks to sound policies adopted by the Party and the State, the management of the Government, and stability in the country.

The banks also pledged to respond to the PM’s appeal to support businesses and people./.