Featured Product

    SBV Approves Plan for Digital Transformation of Banking Sector by 2025

    June 17, 2021

    SBV issued Decision No. 810/QD-NHNN approving the plan for digital transformation of the banking sector by 2025, with orientation toward 2030, along with the questions and answers (Q&A) on the plan. The overall goal of the plan is to comprehensively renovate the management activities of SBV in the direction of modernity, thus fully meeting the government criteria on digital transformation and realizing the goal of financial inclusion and sustainable development. This plan addresses the increase in knowledge about digital transformation in the banking industry, the details on building and perfecting the legal framework to facilitate the digital transformation process in the banking industry, and the development of digital infrastructure. The Decision takes effect from the date of signing.

    The plan suggests establishing the Banking Sector Digital Transformation Steering Committee to perform the functions and tasks of researching and proposing guidelines, strategies, mechanisms, and policies to create a legal environment to promote the digital transformation process and direct the implementation of the plan. The Banking Sector Digital Transformation Committee will be headed by the Governor of SBV. Functions, tasks, working regulations, and composition of the Steering Committee shall be decided by the SBV Governor. In addition, SBV notified that Paypal (a company operating in the field of e-commerce) conducted a survey on the current state of cybersecurity and safety in Association of Southeast Asian Nations (ASEAN) fintech sector. On the basis of the survey, Paypal made recommendations for the sustainable development of the ASEAN fintech ecosystem and strengthening the ability to prevent and combat cyber threats. These recommendations are related to developing legal regulations on cybersecurity for the fintech sector, adopting strong cybersecurity policies at the regional level in line with global security standards, promoting regulatory sandbox in the region for knowledge sharing and risk management, establishing an overall training program to raise awareness of people and businesses about cybersecurity, and encouraging public-private partnerships in research, recruitment, and information- sharing. 

    In a separately issued statement, SBV notified that credit institutions and foreign bank branches are required to instruct their branches and transaction offices to implement preventive measures in response to COVID-19 pandemic. Credit institutions are required to continue to implement measures to support and remove difficulties for COVID-affected customers, such as rescheduling debt payment, exempting and reducing interest/fees, providing new loans, in line with the circulars published in March 2020 and April 2021. Each credit institution, based on its financial capacity and capabilities, shall consider whether to reduce the lending interest rates, reschedule debt payment, and implement other support measures as well as publicize their interest rates and other support measures and policies.

     

    Related Links (in Vietnamese)

    Keywords: Asia Pacific, Vietnam, Banking, Fintech, Digital Transformation Plan, Technology Risk, COVID-19, Credit Risk, Cyber Risk, Loan Moratorium, Regtech, SBV

    Featured Experts
    Related Articles
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    News

    SNB Updates NSFR Forms and FINMA Consults on Operational Risk Circular

    The Swiss National Bank (SNB) published Version 1.2 of the reporting forms (NSFR_G and NSFR_P) on the net stable funding ratio (NSFR) of banks, along with the associated documentation.

    May 10, 2022 WebPage Regulatory News
    News

    US Agency Publications Address Basel, Reporting, and CECL Developments

    The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances

    May 09, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8191