Banks’ Digital Transformation: Where Does Vietnam Stand?
According to Visa’s Consumer Payment Attitudes Study 2022, over 70% of Vietnamese consumers are generally receptive to open banking, especially fintech and non-bank service providers that can open an account for them using their existing data with banks. Illustrative image Vietnamese banks are among the earliest in the world to make the digital transformation, VNA citied experts. Speaking at the Financial Services – Retail Banking Forum in Ho Chi Minh City last week, Vu Viet Ngoan, former chairman of the National Financial Supervisory Commission, said the habit of using digital products had become more prevalent than ever in Vietnam. More than 30% of the population uses banking apps, second globally only after China (41%), according to Ngoan. Vietnam’s banking and financial sectors would continue to play a key role in establishing a “fully digitized, human-centered system”. He also pointed out that the digital transformation in the country would be an important process...