Banking sector’s digital transformation to take place next month

The digital transformation day of the banking sector will be held on August 3, the State Bank of Vietnam (SBV) announced at a press conference in Hanoi on July 28.

Nguyen Thi Hoa, Director of the Banking Strategy Institute, said that the central bank previously decided to choose May 11 as the digital transformation day of the banking sector.

However, due to the COVID-19 pandemic, this year’s day will be observed on August 3, Hoa added.

Within the framework of the event, there will be a symposium with the theme of strengthening connectivity, promoting the digital transformation of banks and offering solutions to apply technology in the development of banking products and services; and an exhibition displaying products and services using the application of science and technology.

According to Le Anh Dung, Deputy Director in charge of the Payment Department under the SBV, in the first six months of 2022, non-cash payment transactions increased by 77.2% in quantity and 29.8% in value compared to the same period of last year.

Around 68% of Vietnamese adults have a bank account; and 5.5 million accounts and about 8.9 million bank cards now use the eKYC (electronic Know Your Customer) process.