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and perfecting the legal framework to promote
the development of e-banking services on the
basis of modern technology such as cloud
computing, mobile devices, large data analysis
and social networking... Continuing to promote
cooperation, utilize capabilities of financial
technology companies to develop and provide
convenient, fast and affordable banking services
to the majority of the population.
Thirdly,
focusing on information security.
The general trend is that the participants in
comprehensive financial promotion are not noly
traditional financial service providers (banks
and non-banks) but also Fintech. This raises the
challenge of managing, monitoring and risking
information security, system security. Therefore,
with the state management function of the
banking system, the State Bank should build a
sound and sound legal environment to ensure
the safety of financial services and ensure the
interests of consumers...
Fourthly,
continously promote cooperation
with international organizations to promote
comprehensive finance. As the focal point, the
SBV should further strengthen its participation in
comprehensive international financial programs
and forums, promote comprehensive financial
cooperation within APEC, ASEAN and its
partners. To mobilize and utilize technical and
financial resources to successfully implement a
comprehensive financial system in Vietnam.
References:
1. Document off 4th FIDN Conference on “Financial Infrastructure
Reform”
2. Ministry of Finance (2017); The APEC Vietnam 2017 Joint Finance
Ministerial Statement;
3. Ministry of Finance (2017); The APEC 2017 Financial Inclusion Report
4. Source from websites: mof.gov.vn, apec.mof.gov.vn, sbv.gov.vn...
people and businesses in developing household
business, micro, small and medium enterprises,
value chains, and scientific and hi-tech based
agricultural production. The introduction of
new and diversified financial solutions in this
area will create more favorable opportunities
for people and businesses to access suitable and
affordable products and services. In this respect,
we highly appreciate the recommendations
from international development partners,
particularly the ABAC, the Foundation for
Development Cooperation (FDC) and the Better
Than Cash Alliance (BTCA), to further promote
financial inclusion and digital payments toward
the goal of sustainable agriculture and food
security in member economies. Encourage
member economies, on a voluntary and non-
binding basis, to take into consideration these
recommendations in order to contribute to
the agriculture restructuring and sustainable
development.
APEC Finance Ministers also recognized
the importance of financial infrastructure,
particularly credit information, secured
transaction and insolvency systems as well as
trade and supply chain finance. APEC Finance
Ministers also call on World Bank, IFC, ABAC
and other development partners to continue
supporting APEC economies in implementing
initiatives to further improve financial
infrastructure development in the region and
promote the cooperation on credit information
to support cross border trade and investment.
In the coming time, to promote comprehensive
financial development, the following issues need
to be addressed:
Firstly,
it is necessary to upgrade the
technology infrastructure compatible with
the digital finance platform. At the same time,
Vietnam should establish policies to improve
the quality of human resources for operating
and mastering the more complex system and
database date.
Secondly,
the practice of digital technology
to achieve a comprehensive financial goal is an
indispensable trend. In order to accelerate the
application of digital technology, to promote
comprehensive finance in Vietnam, in the
coming time, the SBV should continue reviewing
APECFinanceMinisters also call onWorldBank,
IFC, ABAC and other development partners
to continue supporting APEC economies in
implementing initiatives to further improve
financial infrastructure development in the
region and promote the cooperation on credit
information to support cross border trade and
investment.
