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Industrial Revolution 4.0 in the Digital Banking Service

>> Electronic payment in Vietnam: $ 13 billion a day
>> Smart card release to replace 21 million magnetic tape cards

Large commercial banks have quickly developed new services for digitization of banking operations.

Photo: Tran Viet / VNA / CVN

As part of the development of science and technology, Vietnamese banks conduct research and invest in their products, services, business and management, as well as biometric authentication and data exchange through open platform applications.

Today, more and more people use e-wallets, including QR Codes via SamsungPay, Apple Pay, ZaloPay to pay for goods and services. A trend that is confirmed at a time when consumers prefer online shopping on smartphones.

According to a recent PwC report, the number of people making mobile payments in Vietnam stores is growing faster than the average in the Southeast Asia region. The percentage of Vietnamese consumers using this type of payment increased from 37% in 2018 to 61% in 2019.

The National Banking Sector actively invests in the research and development of many technological applications for its products, services, business and administration. Among the most well-known institutions are TPBank with Banking Service LiveBank, VPBank with Timo, Vietcombank with Digital Lab, Vietinbank with Corebank and Enterprise Data Warehouse, MB with ChatBot, Ocean Bank with multi-channel bank model. Evolution demonstrating the digital mud management by business banks.

Hand in hand with a fintech

Fintech represents a market of 93 million consumers with more than 50 million Internet subscribers and 35 million smartphone users. Significant potential in Vietnam which is a great advantage for attracting foreign investors.

Currently, Vietnamese banks are investing heavily in IT infrastructure, but also in software and applications of innovative solutions. The desire to align with digitization trends to provide simple, smart and automated products and services to digital banking.

Customers buy goods and pay QR code.

Photo: Manh Tu / VNA / CVN

This favorable co-operation between banks and financial engineering companies is the mainstay of financial market development and Vietnamese banks.

In 2016 M_Service, owner of MoMo Electronic Wallet – one of the most popular applications in Vietnam – received $ 28 million from Standard Chartered Private Equity and Goldman Sachs International Bank. In November 2018 she had 10 million buyers, 10 times more than in 2016.

In 2017, the Shinhan Bank in Vietnam formalized its partnership with MoMo e-wallet to distribute the foreign transfer service. A service that allows users to pay their bills, send money or buy goods to more than 110,000 locations in the country.

Since the beginning of the year, the Vietnam Bank for Commercial Investment and Development (BIDV) and the Military Industry and Telecommunications (Viettel) co-ordinated the provision of financial and banking services (registration for open savings accounts, credit registration, credit card issuance, etc.) on the ViettelPay platform – the Vietnamese digital bank.

The Influence of Revolution 4.0 has led to changes in the financial market infrastructure, including payment systems. Nevertheless, the main consequence of this revolution in the banking sector is the increased risk of computer attacks due to open, continuous and multidimensional relationships.

Diêu Thuy / CVN

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