Featured Product

    SBV Discusses Credit Risk Measures, Cyber Risk, and Digital Strategy

    February 07, 2022

    The State Bank of Vietnam (SBV) announced its decision to continue to focus on implementing a number of credit risk management measures in 2022, in response to the economic difficulties resulting from the COVID-19 pandemic; these include directing credit institutions to continue creating favorable conditions for affected debtors and to continue to implement government-introduced credit programs and policies. In another development, SBV notes that, at the Bank for International Settlements (BIS) general meeting of Governors in January 2022, it was highlighted that the Vietnamese authority's Cyber Security Development Strategy for 2021–2025 identifies the priority goal of building a professional and modern cyber-security and safety foundation; the theme of the BIS meeting was "Central banks' priorities in responding to and managing cyberspace risks.” Moreover, SBV issued Directive No. 02/CT-NHNN, which directs relevant entities to accelerate the digital transformation and ensure the information technology security for banking operations.

    The following are additional highlights of these recent developments:

    • The SBV Cyber Security Development Strategy for 2021–2025 includes proactively identifying and promptly resolving any cyberspace safety and security incidents, ensuring the information safety and security, supporting effectively the specialized operations of SBV, and assisting the supervision and responses to any information security incidents in the banking sector. To achieve this goal, SBV will actively promote cooperation, create networks, share more information on cyber-security in a quick and timely manner, share and support the development of governance activities enhancing the cyber resilience and recovery of the information systems, and participate in the cooperation mechanisms and discussions on cyber security and safety.
    • With respect to the Directive on digital transformation, SBV requests all SBV entities, credit institutions, and foreign bank branches and the intermediary payment service providers to focus on implementing the specific tasks and measures. These include proactively implementing the tasks and measures as stipulated in the Digital Transformation Plan of the Banking Sector, improving awareness about the role and advantages of the digital transformation, and enhancing the cooperative activities, experience sharing, research and application of digital technology to banking operations. SBV also encouraged credit institutions and intermediary payment service providers to develop and implement their own frameworks of risk management as well as to regularly review and assess risks to have contingent plans and timely response solutions. Credit institutions are encouraged to proactively research and deploy digital technology and solutions in design, products, and services in line with the SBV vision about digital transformation in the banking sector. SBV requests credit institutions to working closely with the relevant authorities to combat crime and fraud in the cyberspace as well as to promptly report to SBV about any security-related issues.


    Related Links (in English and Vietnamese)


    Keywords: Asia Pacific, Vietnam, Banking, Covid 19, Cyber Risk, Credit Risk, Digital Transformation Plan, Regtech, SBV

    Related Articles

    CFPB Finalizes Rule on Small Business Lending Data Collection

    The Consumer Financial Protection Bureau (CFPB) published a final rule that sets out data collection requirements on small business lending, under section 1071 of the Dodd-Frank Act.

    March 30, 2023 WebPage Regulatory News

    BCBS to Consult on Pillar 3 Climate Risk Disclosures by End of 2023

    The Bank for International Settlements (BIS) published a summary of the recent Basel Committee (BCBS) meetings.

    March 23, 2023 WebPage Regulatory News

    FINMA Approves Merger of Credit Suisse and UBS

    The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.

    March 21, 2023 WebPage Regulatory News

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News

    US Congress Report Examines Data Privacy and Cybersecurity Regulations

    The U.S. Congressional Research Service published a report on banking, data privacy, and cybersecurity regulation.

    March 13, 2023 WebPage Regulatory News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News

    EU to Conduct One-Off Scenario Analysis to Assess Transition Risk

    The European authorities recently made multiple announcements that impact the banking sector.

    March 10, 2023 WebPage Regulatory News

    APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.

    March 07, 2023 WebPage Regulatory News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8810