Banks racing to catch digitization

Vietnam has seen a digital wave in the finance-banking industry, with many lenders investing significantly in digitisation, experts have said.


The COVID-19 pandemic might have had a severe effect on the economy, but it has helped accelerate banks’ digitisation, experts said.

With many people looking for new options to deal with their financial affairs, digitisation of services and e-payments are becoming crucial, and banks, seizing the trend, have been embarking on the use of technology 4.0 and modernising their business models.

Digital technologies come with lower costs but offer wider coverage than traditional models.

According to a survey last year by auditing firm PwC Vietnam, Vietnam was among the countries with the fastest rate of growth in mobile payments. The number of users had seen a sharp increase to 61 percent from just 37 percent the year before.

The country now has 70 credit institutions and payment intermediaries like e-wallets providing payment services online and through phone apps./.