Retail banking towards cashless payments and online lending

Here, experts and senior leaders in the industry had the opportunity to enthusiastically discuss the positive impact of public policy on non-cash payment behavior and made many recommendations for the development of cashless payments. of retail banking in Vietnam in the future.

Ms. Vu Phuong Nga, Deputy Director of Moca Technology and Services Joint Stock Company, commented that the Government’s policies, such as Directive No. 22/CT-TTg, are catalysts for promoting non-payment of payments. use of cash flourished. People have taken advantage of non-cash payment methods to buy goods safely during the epidemic season. Above all, business households and small and medium-sized enterprises have also begun to switch to online forms of payment.

This context and behavior is the explanation for the tremendous growth in the number of cashless transactions via Moca e-wallet on Grab app, the number of new users increasing, the rate of cashless payments. The face of store partners has also grown continuously.

Reflecting more clearly the progress of the retail banking industry in general since the pandemic, the General Statistics Office’s report for the first 6 months of 2021 shows that the profit of the banking industry still grows strongly despite the impact of the pandemic. epidemic. Even in the first 9 months of 2021, many banks said they had achieved 88% of the year’s profit before tax plan.

In addition to policy, the speakers all said that in the next few years, the banking industry in general and retail banking in particular will continue to develop according to the main trends, including: improvement of legal regulations management towards streamlining banking procedures; promoting the development of digital finance, digital banking, non-cash payment; increasing cooperation and connection between banks and payment services to form a financial ecosystem; increase investment in technical infrastructure and technology to reposition distribution channels to save costs…

At the end of the session, the speakers also focused on making many recommendations around the improvement of the legal corridor, suggesting models and solutions for the development of retail banking in Vietnam. .

From a banking perspective, Ms. Bui Thuy Hang, Leader of the Monetary Policy Department, State Bank of Vietnam said that the State Bank is currently implementing and coordinating with other credit institutions to research research, supplement and perfect the legal framework for lending via electronic means. Ms. Hang added: “Regarding the proposed plan, I think that perfecting lending methods through electronic means is a new direction. This is also a channel with a legal basis for banks to have able to carry out retail banking activities, specifically the application of information technology in the implementation of these activities.”

Discussing the legal framework to promote account security, Ms. Doan Hong Nhung, Head of Customer Policy and Retail Products Department of Vietcombank, proposed to promote the permission of the banking industry to connect and exploit information at the National Database. CCCD database, information on CCCD card chip to serve the verification of customer identification information in service provision. He explained: “This not only facilitates increasing accuracy in the process of verifying customer accounts, but also significantly reduces the risk of post-checking problems, reduces information errors in the database. databases, while making it easier for ecosystems to connect with each other.”

Besides, Moca has expressed its recommendation on consumer orientation to pay for services in a non-cash form. “Over the past year, banks and fintech companies have done a great job in promoting cashless payments for services such as taxes, customs, electricity and water, etc. according to the Government’s public policy. public services such as health care, education, etc. We hope that the inter-sectoral agencies, together with the state bank and payment stages together encourage people to use more non-cash forms, ” emphasized Ms. Nga.


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