Banks have undergone digital transformation in a much shorter time frame in the wake of COVID-19, with both the sector and customers profiting greatly from the process, Dung said.
Secretary-General of the Vietnam Banks’ Association (VBA) Nguyen Quoc Hung said the banking industry is a pioneer in digital transformation. Many major banks, such as VP Bank, Techcombank, MB and HD Bank, have begun the process relatively early, reaping very encouraging results, he noted, adding that the Current Account Savings Account (CASA) has expanded 40 – 50%, resulting in a considerable surge in profit for the banks.
Economist Dr. Pham Xuan Hoe highly spoke of the central bank’s efforts to push for the digital transformation progress, saying it has acted promptly to enhance regulatory framework, with the adoption of policies in payment intermediaries and credit cards, among others.
Citing the fact that 95% of payment and deposit transactions are made digitally, Hoe said that is why Vietnam, a developing country, has been regarded by a number of international organisations as one of the best performers in digital banking.