Vietnam's banking sector will have to develop more useful and modernservices to meet future challenges, and the application of informationtechnology and security systems will play a more important role in thefuture, experts said at a conference on Dec. 9.
Speaking at the opening ceremony of Vietnam 2010 Banking conference andexhibition in HCM City, Nguyen Van Giau, Governor of the State Bank ofVietnam (SBV), said: "Developing more useful banking services, wideningthe use of the new Point of Sale (POS) for plastic money, and seekingmore idle capital in rural areas are new trends in the bankingindustry."
Other experts spoke on ways to push upnon-cash payment in Vietnam, encouraging Vietnamese consumers to adoptthe new POS plastic money system for shopping.
In arecent survey carried out by the State Bank of Vietnam's HCM Citybranch, 70 percent of banks said they needed better technologyinfrastructure for linking the POS machine with other partners.
"The success of POS would depend mainly on the service owners,especially if they don't want banks to have records of their salestransactions so as to avoid paying more taxes," said Bui Quang Tien,director of SBV's Payment Department.
High POS feesbetween banks and the cost of promoting the service were also slowingthe uptake of transactions using the machines.
"Vietnam's high growth rate, deeper financial integration, high ratio ofyouth population, and improved living standards as well as the highability to use technology will boost POS use in the near future," Tiensaid.
The nation's banking sector took one majorstop towards promoting non-cash payments by connecting the POS systembetween banks in HCM City on Dec. 9. Hanoi had established a similarlink in September.
Representatives of several bankssaid they were paying attention to developing other non-cash paymentservices like mobile banking, internet banking and home banking.
At present, there are 28.6 million ATM cards, 46,000 POS machines and11,000 ATMs in Vietnam. The issuance of plastic money, including debitand credit cards grew by 150-200 percent a year during the 2006-10period, but the transactional amounts via the POS system was still verylow at around 5 percent.
Experts also spoke on riskmanagement and security in retail banking, which they said was the mostsignificant factor for the industry.
The conference,which ends on Dec. 10, was organised by the State Bank of Vietnam'sInformation Technology Department and the International Data Group. Itwas attended by international and national banks, finance institutionsand IT companies, such as Polaris, EMC, APC, AgriBank, Vietin Bank andBKAV./.
Speaking at the opening ceremony of Vietnam 2010 Banking conference andexhibition in HCM City, Nguyen Van Giau, Governor of the State Bank ofVietnam (SBV), said: "Developing more useful banking services, wideningthe use of the new Point of Sale (POS) for plastic money, and seekingmore idle capital in rural areas are new trends in the bankingindustry."
Other experts spoke on ways to push upnon-cash payment in Vietnam, encouraging Vietnamese consumers to adoptthe new POS plastic money system for shopping.
In arecent survey carried out by the State Bank of Vietnam's HCM Citybranch, 70 percent of banks said they needed better technologyinfrastructure for linking the POS machine with other partners.
"The success of POS would depend mainly on the service owners,especially if they don't want banks to have records of their salestransactions so as to avoid paying more taxes," said Bui Quang Tien,director of SBV's Payment Department.
High POS feesbetween banks and the cost of promoting the service were also slowingthe uptake of transactions using the machines.
"Vietnam's high growth rate, deeper financial integration, high ratio ofyouth population, and improved living standards as well as the highability to use technology will boost POS use in the near future," Tiensaid.
The nation's banking sector took one majorstop towards promoting non-cash payments by connecting the POS systembetween banks in HCM City on Dec. 9. Hanoi had established a similarlink in September.
Representatives of several bankssaid they were paying attention to developing other non-cash paymentservices like mobile banking, internet banking and home banking.
At present, there are 28.6 million ATM cards, 46,000 POS machines and11,000 ATMs in Vietnam. The issuance of plastic money, including debitand credit cards grew by 150-200 percent a year during the 2006-10period, but the transactional amounts via the POS system was still verylow at around 5 percent.
Experts also spoke on riskmanagement and security in retail banking, which they said was the mostsignificant factor for the industry.
The conference,which ends on Dec. 10, was organised by the State Bank of Vietnam'sInformation Technology Department and the International Data Group. Itwas attended by international and national banks, finance institutionsand IT companies, such as Polaris, EMC, APC, AgriBank, Vietin Bank andBKAV./.
