BIS pledges support for Vietnam in banking infrastructure development, digital transformation

Hanoi – The Bank for International Settlements (BIS) will continue to accompany and support the State Bank of Vietnam (SBV) in investing in payment and financial infrastructure development and promoting digital transformation, contributing to improving risk management in the local banking sector, stated BIS General Manager Agustin Carstens.

Carstens made the statement at a meeting with Politburo member and Chairman of the Party Central Committee’s Economic Commission Tran Tuan Anh in Hanoi on September 21.

Welcoming Carstens on his first visit to Vietnam as BIS General Manager, Tuan Anh thanked the organisation for its support for the SBV in joining and familiarising itself with BIS cooperation mechanisms. After three years of membership, the SBV has proactively participated in BIS activities and implemented its recommendations in the banking sector.

He proposed that BIS continue to enhance its role in developing payment and financial infrastructure in the Asian region, including Vietnam, which will help countries involved quickly access new technologies, ensure smooth payments between nations and territories, and safeguard the global cybersecurity and financial system.

Agreeing with his host’s proposals, Carstens commended Vietnam’s effective economic management and inflation control given global challenges. He also hailed the Vietnamese Party and State for their policies in stabilising the macro economy, enhancing international integration, and promoting digital transformation and innovation.

The general manager expressed his wish to strengthen cooperation between BIS and Vietnamese agencies in general and the Economic Commission in particular.

More than 55 per cent of chief information officers in Vietnam are more inclined to embrace an “adopt and build” approach in their digital banking transformation, above the Asia-Pacific average of 48 per cent.