The seminar aims to clarify the role and promote cross-border payments and online lending in trade and consumption.
In his opening remarks, Nguyen Ngoc Hien, Member of the Presidium of the Vietnam General Confederation of Labour and Editor-in-Chief of Lao Dong Newspaper, stated: “In the context of globalisation and the strong growth of e-commerce, cross-border payment activities have become an inevitable demand, contributing to promoting trade, fostering economic connectivity, and facilitating both businesses and consumers. Additionally, online lending creates opportunities for quicker, more transparent, and more convenient access to credit, particularly amid the extensive digital transformation taking place in the banking and financial sector.”
Online lending by commercial banks in Viet Nam holds significant potential for development but has not yet been widely implemented.
Commenting on the challenges facing cross-border payments and online lending in Viet Nam, Nguyen Thi Ngoan, Financial Director of MISA Group and CEO of Jetpay, noted that these stem from an incomplete legal framework for digital signatures and electronic identification, insufficiently digitalised lending procedures, an underdeveloped cross-border payment ecosystem, and numerous loopholes in ensuring customer data security and safety.
These issues, she said, must be addressed urgently, requiring coordinated efforts across sectors and levels of government as well as robust technical infrastructure to enable the effective implementation of digital banking solutions and services.
In his concluding remarks and proposals, Pham Anh Tuan, Director General of the Payment Department at the State Bank of Viet Nam, emphasised that promoting cross-border payment connectivity requires modern technical infrastructure, a comprehensive and secure legal framework, inter-sectoral coordination, and broad international cooperation.
As the state management agency in monetary and banking activities, SBV will continue to implement consistent policies and solutions to foster cross-border payment connectivity both regionally and globally, meeting the growing demand from people and businesses for swift, secure, and convenient payment services.
Regarding online lending, SBV is reviewing and revising Draft Circular 39, which is expected to amend certain provisions on electronic lending. The aim is to create favourable conditions for credit institutions to safely and effectively expand electronic lending while ensuring businesses and individuals have more convenient access to bank credit.
