Industry 4.0 has positive impacts on Vietnam’s banking sector

The Hanoitimes – The Industrial Revolutionary 4.0 has fundamentally changed the business model and managed banks following the digital banking trend. Advances of the Industrial Revolution 4.0 play an important role in the practical application of banking practices from an international perspective and Vietnam’s reality.The State Bank of Vietnam (SBV), the country’s central bank, is aware of the importance, potentials and strong impact of science and technology on banking activities, said Deputy Governor of SBV Nguyen Kim Anh at a seminar in Hanoi on August 21. The bank has actively implemented many activities in the sector, aiming to carry out the tasks under the Prime Minister’s directive on strengthening the access capacity to the Industrial Revolution 4.0, he added. The seminar on “Development and application of scientific and technological achievements in the banking sector” was held by the SBV in collaboration with the Ministries of Planning and Investment, and Science and Technology.   Scene at the seminar. Photo: Trung Kien Vietnamese Prime Minister Nguyen Xuan Phuc has officially approved the development strategy of Vietnam’s banking sector to 2025, with orientation to 2030. In this strategy, the development and application of science and technology in the banking sector is identified as the key solution in the banking strategy in the time ahead, Anh stressed. The application of the technologies in this revolution will help banks improve their profitability and ensure high availability for the system in order to meet the customers’ demand for e-banking services. This will help domestic banks develop… [Read full story]