From financial market digital transformation to building digital trust
In Viet Nam, digital transformation in the finance and banking sector is taking place at a rapid pace, helping to promote cashless payments, expand access to financial services, improve market transparency, create new opportunities for breakthrough growth, and support macroeconomic management.
However, as digitalisation accelerates, the risks of data insecurity, high-tech fraud, digital financial manipulation, and declining user trust are becoming increasingly apparent. According to the Ministry of Public Security, the losses caused by online fraud in Viet Nam in 2025 were estimated at more than 8 trillion VND. This figure shows that risks in the digital financial environment have become a major challenge to user trust and the security of the financial ecosystem.
Speaking at the “Digital Trust in Finance 2026” forum themed “Building digital financial trust in the AI era”, Senior Lieutenant General Pham The Tung, Deputy Minister of Public Security, emphasised that the growth of the digital economy, particularly in the financial sector, cannot be sustainable unless it is built on trust. Trust in the digital environment is no longer a matter of perception, it has become a prerequisite for transactions to take place and financial decisions to be made. If data is the fuel of the digital economy, then trust is the soft infrastructure that determines the operation of the entire financial system.
The banking sector is one of the pioneers of digital transformation in Viet Nam. However, the more it depends on technology, the more it faces new risks. Some attacks are no longer directed at banking systems but instead exploit the weaknesses of users themselves. This situation requires a new approach to risk management, shifting the focus towards protecting customers throughout their entire digital journey.
Digital financial security
In the past, the concept of “digital financial security” mainly referred to protecting technical infrastructure, including servers, payment systems, banking data, operation centres, and network connections. Today, however, users have become the “most vulnerable link” in digital financial security.
Modern financial fraud is becoming increasingly sophisticated. Criminals use AI to imitate the voices of family members, create deepfake videos of business leaders, develop fake banking applications, impersonate police officers and bank employees, send malicious links, take control of mobile phones, and manipulate victims’ emotions to persuade them to transfer money. As a result, it is becoming increasingly difficult for ordinary people to distinguish between genuine and fraudulent information in the digital environment.
Pham Tien Dung, Deputy Governor of the State Bank of Viet Nam, said that in the AI era, the protection of digital financial security cannot rely solely on firewalls, data encryption, and protection against system intrusions. More importantly, it must focus on protecting user awareness, safeguarding digital behaviour, and protecting public trust in the digital financial environment. Customer trust must be built and protected through institutions, technology, risk management, and close inter-sector coordination.
AI is creating significant opportunities to improve operational efficiency, automate processes, personalise services, assess creditworthiness, enhance customer care, detect unusual transactions, combat fraud, and prevent money laundering. Economic sectors and businesses are increasingly using AI to build intelligent defence systems, improve the transparency of AI-powered financial services, and protect personal data as carefully as national assets.
Modern AI systems can detect unusual transactions in real time and automatically block suspicious transactions. Some AI systems are also capable of learning from previous cyberattacks to strengthen their own defence mechanisms. Notably, AI can help personalise financial security, with each customer having a unique “digital behavioural fingerprint.”
Recognising the importance of improving public knowledge of digital finance, educating people to identify AI-enabled fraud, strengthening cybersecurity awareness, and encouraging habits of verifying information, the government has launched a nationwide campaign to promote “digital literacy for all.” Many technology companies have worked closely with local communities to provide basic software and digital skills training for officials and residents.
Hoang Thi Thao, Chief Executive Officer of Nocal Science and Technology Joint Stock Company, said that with a network of 3,321 physical service points across communes and wards, Nocal not only provides digital tools but also builds local trust through its smart product ecosystem. With the principle of “standardisation and accessibility”, these products serve as a modern “digital literacy for all” programme, helping to build a digitally empowered Viet Nam from the ground up.
Col. Dr. Nguyen Hong Quan, Deputy Director of the Department of Cyber Security and High-Tech Crime Prevention under the Ministry of Public Security, said that building digital trust requires protecting users; protecting users requires safeguarding the entire ecosystem; and safeguarding the ecosystem requires effective multi-stakeholder cooperation. Therefore, building digital financial trust is no longer solely the responsibility of the banking, financial, or technology sectors but has become a strategic requirement for the entire digital economy.
