Banking sector should accelerate the application of IT to enhance competitiveness and information security

May 20, 2016 | 09:20 am GMT+7

That was the statement of Deputy Minister of Information and Communications Nguyen Thanh Hung at Banking Vietnam 2016 with the theme: "Innovation and transformation - Key factors for banks improving operational efficiency and competitive advantage in the new context of integration" held in Hanoi on May, 19 th , 2016.


Banking Vietnam 2016 is organized by the State Bank in collaboration with the International Data Group (IDG). Attending the event were Mr. Le Manh Ha, Deputy Chairman of the Government Office, Mr. Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam, representatives of commercial banks in Vietnam, representatives of Vietnam and international technology firms.
Speaking at the event, Deputy Minister Nguyen Thanh Hung said this year's conference theme was really suitable in the context of growing liberalization of banking and financial services in Vietnam and Vietnam participated in new generation of free trade agreements (TPP).
Deputy Minister said, the economic integration was expected to bring Vietnam's economy in general and the banking sector in particular to many "breakthrough development opportunities." However, along with the pressure of fierce competition from foreign banks with strong financial strength and efficient risk management capabilities, to take the initiative in the process of integration, domestic banks need to quickly enhance their management capacity, apply advanced technologies to be able to provide diversified banking services with good quality, such as mobile banking, digital banking, multichannel banking, etc.
According to Deputy Minister Nguyen Thanh Hung, the banking industry has always been rated as one of the best IT applied industry in Vietnam. IT is creating huge challenges, changing the traditional ways of doing business, however also causing serious problems to information security for the banking sector. As the body of state adminstration, MIC will always accompany as well as cooperate and support the banking sector in the application of IT, ensuring the information security.
Alongside with the Conference, the highlighted Banking Technology Expo brought visitors unique hands-on experience with the latest technology solutions in every segment of banking industry. Leading technology corporations gathered to showcase their state-of-the-art products and solutions in Banking Infrastructure, Core Banking Transformation, Cloud Computing, Big Data, Risk Management, Cyber security, Customer experience, Online and mobile banking, etc.