Ministry of Science and Technology of the Socialist Republic of Vietnam

06/03/2020 | News release | Distributed by Public on 06/03/2020 02:38

Covid 19 - A push to promote cooperation in applying science and technology in the field of financial services

The Covid-19 pandemic, which took place since early 2020, has caused many negative impacts on all aspects of economic and social life at the global scale, and the financial services market is not out of these impacts. Financial services activities have faced many difficulties, even on March 6, the stock market all over the world was temporarily closed. Governments in many countries have been launching solutions to support this market. In addition, one of the fundamental solutions that financial institutions apply to escape from recession and crisis is to promote IT applications and digitally transform their service delivery activities. Most notably, in March of this year, the New York Stock Exchange (NYSE) took an unprecedented step through the temporary closure of the exchange to counter the spread of the Covid-19 virus, transferring to pure electronic trading for the first time since it opened in 1792. Meanwhile, Singapore also introduced a series of measures to reduce the impacts of COVID-19 on businesses and the economy. In addition to the three stimulus packages covering more than S$ 60 billion, the Singapore government also passed the COVID-19 Act of 2020. The Singapore Exchange (SGX) has set a plan to use data and AI to help traders to trade faster and more efficiently.

What should the insurance service providers, securities traders as well as banks in Vietnam need to do to quickly get out of difficulties and stabilize development in a new normality ? This question is partly answered at the Financial Services Forum and Future Banking Conference through the topics groups: Developing insurance and Securities trading services on a digital platform.

There were about 400 participants joined in the event, of which at the Hilton Opera Hanoi Hotel were about 180 delegates and 200 delegates from domestic and international connection points. Participants were Finance - Securities experts, consultants, investors, researchers, IT engineers, representatives of state management agencies, banks, IT enterprises, Fintech ... .. The whole program was broadcast online to all the guests.

At the Forum, the delegates heard the presentations related to the above topics and discussed, evaluated and proposed models and solutions to develop securities business services in Vietnam market . At the same time, people were updated with advanced information technology achievements to modernize the securities business, improve operational efficiency, transparency and minimize risks ...

Held in conjunction with the Forum, the Future Banking Conference also addressed another aspect of digital transformation, that is, banks expanding their connections with Fintech companies thereby diversifying products and banking services, improving customer experience. Many Vietnamese banks have determined that successful development of an open bank model will really create a competitive advantage for the banks.

Photo: Overview of the event at the end of Hanoi Hilton Opera Hotel (VISTIP)

Photo: Participants attend the event (VISTIP)

In addition to the form of a semi-focused online videoconferencing, which allows more participants to join in than the traditional method, this event's highlights are its topics and content. The event gave participants a lot of useful information and suggested solutions for applying science and technology, especially advanced technologies of the Industrial Revolution 4.0 (blockchain technology, artificial intelligence ...) in the field of banking and financial services … such as the open banking model, the development of non-cash payment, etc.

Especially, the cooperation between banks, funds ... with enterprises in the field of information technology, startups / startups in the field of science and technology - information technology -were raised and actively discussed by all speakers and participants. This is an inevitable cooperation, mutually beneficial but in the current period of Vietnam, there is a great need for support from state management agencies to create momentum and promote this trend of cooperation.

Below are some typical presentations at the Event:

1. Presentation on 'Influence of Covid-19 pandemic from global scale to Vietnam, government support solutions and forecasts' presented by Mr. Vu Viet Ngoan, Former Leader, Economic Advisory Group of Prime Minister. Through this discussion, the situation of Vietnam's economy in the first quarter of 2020, a number of economic relief solutions packages of the Vietnamese and international governments, the vision and prospects after the pandemic were shared by the speaker.

2. Presentation 'Fintech and Stock Market' presented by Mr. Nguyen Thanh Long, Chairman, Hanoi Stock Exchange (HNX). The presentation had some notable information such as redefining the content and about the current situation of developing fintech applications in the stock market, and solutions to promote fintech in the developed stock market.

3. Presentation 'Application of Artificial Intelligence (AI) to improve the performance of financial and banking industries' - presented by Mr. Le Hong Viet, Chief Technology Officer, FPT Corporation. Mr. Viet introduced the latest technology trends for digital banking and financial transformation such as eConomy Principle, Digital Transformation in the banking value chain, Comprehensive Artificial Intelligence Platform. , Smart Conversation Platform, Virtual Assistant PBX ...

4. Presentation 'Model and experience in developing open banks at Vietinbank' - deliveried by Mr. Tran Cong Quynh Lan, Deputy General Director, Industrial and Commercial Bank of Vietnam , stated current development trends of open banks , advantages and difficulties in deploying open banking and implementation experience at VietinBank.

5. Presentation 'Data Sharing - Challenges and Recommendations' was presented by Mr. Nguyen Minh Duc, Director of Data, Military Bank - MBBank. Through the presentation, speaker gave some remarkable information about the current situation of data sharing in the banking and financial industry from management policies, legal corridors, data quality, and availability of banks. and financial institutions.

6. Presentation 'Leading technology for investors' by Mr. Tran Thang Long, Head of Analysis Department, Securities and Investment Bank of Vietnam Development Company presented the Strategy and applying information technology of BSC in the coming time to cope with the negative impacts of the COVID-19 pademic and create a long-term development platform.

7. Presentation 'Data sharing mechanism in banking cooperation with fintech to develop open banks' - of Ms. Pham Chau Loan, Deputy Head of Electronic Banking Services of Vietcombank, presented the Proposal instructions for information exchange standards, mandatory APIs, data coding standards, or API design standards. The speaker also suggest the consideration of establishing an intermediary center to perform the task of appraising, certifying, licensing and inspecting third parties allowed to use the bank's Open API ...