World Bank to help SBV build shared database for banking industry

On April 8, the SBV held a conference with representatives of banks, major financial institutions, and related departments and agencies. The conference marked the first step in a project to build a shared database for the banking industry. KPMG Vietnam is responsible for consulting and implementing the project.

Speaking at the conference, Pham Thanh Ha, Deputy Governor of the SBV, said, “The SBV is building a database for the banking industry towards digital transformation. The initiative aims to implement a resolution issued by the Politburo on December 22, 2024, on breakthroughs in science, technology, innovation, and national digital transformation. Against the backdrop of strong digital transformation, data plays a strategic role in improving state management efficiency. For the banking industry, there is an urgent need for a shared database that is synchronised and connected with ministries, branches, and national databases. This will help improve the efficiency of forecasting, management, and data security at credit institutions.”

In addition to technical aspects, the project will create a legal framework for a coordination mechanism while increasing operational capability to ensure the safe and transparent management of the database.

The World Bank will work closely with the SBV to ensure that the project meets the expected quality and aims. The bank noted that in the banking industry, the control stage comprises many different activities, from anti-money laundering to licensing and monetary policies. With a shared database, the regulatory body will no longer look at each individual activity but will be able to understand how all of these constituent aspects interact, enhancing prediction and management efficiency.

Pham Do Nhat Vinh, head of financial services at KPMG Vietnam, said, “Alongside our in-depth research and understanding of central banks, KPMG has also researched the models of other central banks in the region. This, coupled with an execution team from diverse markets like the UK, Hong Kong, and India, will bring in-depth insights of big data structure to the project. KPMG also needs valuable and detailed input from banks and credit institutions in Vietnam on the need to use this database, the points that need to be changed, and the desired tools to have the closest perspective during the implementation of the project.”

As a consulting unit, KPMG believes that this project will bring great benefits not only to the SBV but also to many related government agencies.

VietBank signed a strategic partnership agreement with KPMG in Vietnam on February 25 to launch the 'Transformation and Project Management Office Support' initiative.

Minister of Finance Nguyen Van Thang met with Mariam Sherman, World Bank division director for Vietnam, Cambodia and Laos in Hanoi on March 21 to discuss upcoming projects using official development assistance (ODA).

The European Investment Bank (EIB), the financing arm of the European Union, and the State Bank of Vietnam (SBV) on March 12 announced commitments to deepening their cooperation on sustainable finance through technical assistance under the EIB’s Greening Financial Systems (GFS) programme.