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

    PRA and FPC Finalize Changes to Leverage Ratio Framework in UK

    The Prudential Regulation Authority (PRA) published the final policy statement PS21/21 on the leverage ratio framework in the UK. PS21/21, which sets out the final policy of both the Financial Policy Committee (FPC) and PRA

    October 08, 2021 WebPage Regulatory News
    News

    CFPB Proposes Rule on Small Business Lending Data Collection

    The Consumer Financial Protection Bureau (CFPB) proposed to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) under Section 1071 of the Dodd-Frank Act.

    October 08, 2021 WebPage Regulatory News
    News

    PRA Decides to Maintain O-SII Buffers for Another Year

    The Prudential Regulation Authority (PRA) decided to maintain, at the 2019 levels, the buffer rates for the Other Systemically Important Institutions (O-SII) for another year, with no new rates to be set until December 2023.

    October 08, 2021 WebPage Regulatory News
    News

    FSB Report Assesses Implementation of Recommendations on Stablecoins

    The Financial Stability Board (FSB) published a progress report on implementation of its high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements.

    October 07, 2021 WebPage Regulatory News
    News

    APRA Updates Loan Serviceability Expectations for Home Lending

    In a letter to the authorized deposit taking institutions, the Australian Prudential Regulation Authority (APRA) announced an increase in the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.

    October 06, 2021 WebPage Regulatory News
    News

    CPMI and IOSCO Consult on Guidance on Stablecoin Arrangements

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are consulting on the preliminary guidance that clarifies that stablecoin arrangements should observe international standards for payment, clearing, and settlement systems.

    October 06, 2021 WebPage Regulatory News
    News

    EBA and EIOPA Set Out Work Priorities for 2022

    The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have set out their respective work priorities for 2022.

    October 05, 2021 WebPage Regulatory News
    News

    MFSA Issues Reporting Updates and Guidance for Banks

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0, in addition to the reporting module on leverage under the common reporting (COREP) framework.

    October 05, 2021 WebPage Regulatory News
    News

    EC Publishes Decision on List of Equivalent Third Countries Under CRR

    The European Commission (EC) published the Implementing Decision 2021/1753 on the equivalence of supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (575/2013).

    October 04, 2021 WebPage Regulatory News
    News

    EC Rule on Contractual Recognition of Write-Down and Conversion Powers

    EC published the Implementing Regulation 2021/1751, which lays down implementing technical standards on uniform formats and templates for notification of determination of the impracticability of including contractual recognition of write-down and conversion powers.

    October 04, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7552