PM urges banking sector to expand connections and develop digital ecosystem

Prime Minister Pham Minh Chinh attended an event on digital transformation in the banking industry held by the State Bank of Vietnam (SBV) in Hanoi on May 8.
Prime Minister Pham Minh Chinh speaks at the event.
Prime Minister Pham Minh Chinh speaks at the event.

Speaking at the event, PM Chinh said digital transformation should contribute to reducing time and compliance cost for people, businesses and agencies and the banking system itself, while helping control risks and prevent corruption.

The Government leader requested the banking sector to focus on strengthening the perfection of institutions and mechanisms, creating a full legal corridor for the development, expansion and diversification of modern banking services meeting international standards, and promoting the development of the digital banking ecosystem, meeting the growing requirements of the economy.

Alongside, it is necessary to boost electronic payment infrastructure, diversifying banking products and services, creating an important foundation for the development of the digital banking ecosystem and digital economy, while speeding up digital transformation to support banking inspection and supervision, thus enhancing publicity, transparency, and preventing corruption and money laundering.

He also set three major digital transformation targets for the banking sector, including creating the most favourable conditions for people, businesses and agencies to access banking services.

PM Chinh emphasised that the banking sector should effectively implement tasks and solutions stated in the national digital transformation strategy, the strategy for banking sector’s development, the digital transformation plan in the banking industry, and Directive 18 on strengthening data connections and sharing serving the development of e-commerce, preventing tax loss and ensuring monetary security.

NDO