Hanoi (VNA) – Amid the implementation of Politburo Resolution No. 57-NQ/TW on breakthroughs in science and technology development, innovation, and national digital transformation, Vietnam’s financial and banking sector is stepping up digitalisation efforts with notable initial results.

Hundreds of millions of customer records have been standardised, nearly 155 million verified through biometric authentication, and millions of risky transactions flagged in a timely manner. These figures indicate that digital transformation is not only about speed but also about enhancing transparency and system-wide security.

Accelerating digital transformation

Le Hoang Chinh Quang, Director of the Information Technology Department at the State Bank of Vietnam, said the sector has proactively implemented tasks under the Prime Minister's Decision No. 06/QD-TTg, which approves a national scheme on developing resident data applications, electronic identification, and electronic authentication for national digital transformation in the 2022–2025 period, with a vision to 2030. A key focus is leveraging the national resident database, the VNeID system, and chip-based citizen ID cards to clean customer data and ensure accurate identification.

Implementation has been carried out on a large scale. The Anti-Money Laundering Department has standardised 154 million accounts and 36 million customer records. The National Credit Information Centre has verified approximately 57 million records and standardised nearly 44.5 million. Across credit institutions and payment intermediaries, nearly 155 million customer profiles have undergone biometric verification, helping eliminate fraudulent accounts and improve data reliability.

At the same time, 57 credit institutions and 39 payment intermediaries have deployed chip-based ID card application via mobile platforms, 63 institutions adopted via in-branch devices, and others are integrating the VNeID system. These efforts are gradually shaping a digital banking ecosystem grounded in standardised data and accurate identification.

Digital infrastructure has also been continuously upgraded, affirmed SBV Deputy Governor Pham Thanh Ha. The interbank electronic payment system operates smoothly and securely while the financial switching and clearing system managed by the National Payment Corporation of Vietnam (Napas) has expanded integration with other sectors, enabling public service payments in health care, education, and transportation. ATM and POS networks now cover most localities nationwide.

Vietnam has also completed cross-border QR code payment connections with several regional countries like Thailand, Cambodia, Laos and China, and is expanding further. A diverse digital ecosystem is delivering increasing convenience to users, with most basic banking services now available online and many banks reporting over 95% of transactions conducted via digital channels.

Proactive response to high-tech fraud

Alongside digitalisation, ensuring security and safety in payment activities has become increasingly urgent, particularly as cybercrime grows more sophisticated.

Authorities are implementing comprehensive measures, including strengthening legal frameworks, enhancing supervision, and applying advanced technologies in fraud prevention, said Le Van Tuyen, Deputy Director of the SBV's Payment Department.

In particular, new regulations have tightened requirements for verified account ownership, mandated biometric authentication for many online transactions, and increased penalties for misuse of payment accounts. The central bank is also intensifying coordination with relevant ministries and sectors, especially in linking resident data and verifying mobile subscriber information against bank accounts to prevent identity fraud.

A notable development is the launch of SIMO (System for Intelligent Monitoring and Oversight), which supports risk monitoring and fraud prevention in payment activities. The system enables participating institutions to report suspicious accounts and share information across the network.

As of April 12, more than 3.7 million customers had received warnings via the system, with over 1.2 million transactions halted or cancelled following alerts, involving nearly 4.17 trillion VND (158.3 million USD).

These initial outcomes suggest that the financial and banking sector is laying a solid digital foundation in line with national policy directions. However, further efforts are required to refine institutions, upgrade infrastructure, and develop high-quality human resources in the years ahead./.