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

This initiative aligns with the goals of the National Digital Transformation Programme until 2025, with a vision to 2030, aiming to propel Vietnam towards a digital economy and society, said Director General of the SBV’s Payment Department Pham Anh Tuan at a press conference in Hanoi on April 25.

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, which will be a significant highlight.

Attendees can also explore 16 exhibition 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% of Vietnamese adults have bank accounts, with over 3
5 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% increase in volume and a 12.73% increase in value. QR code payments also experienced explosive growth, with a 242.46% increase in volume and a 157.2% 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% in volume and 32.73% in value. Internet banking transactions also saw impressive growth, increasing by 51.60% in volume and 23.88% in value. Mobile banking transactions followed suit, surging by 63.24% in volume and 33.43% in value. QR code payments continued their dominance, with a phenomenal 846.41% increase in volume and a staggering 1,146.14% increase in value./.

Source: Vietnam News Agency