Analyst Pin-board: Potentials and Challenges for Digital Banking in Vietnam
In Vietnam, the banking industry is considered to be one of the leading sectors in the application of advanced technology. New services and applications in this sector are heavily based on new technology. In the context of digital economy, digital banking lies at the heart of the service proposition and competitive advantages of banks. This trend is reinforced by the project to develop non-cash payment for the period of 2016-2020 of the Vietnamese government, which aims to lower the proportion of cash in circulation/M2 to 10% by end of 2020 (currently at 11.5%). Thus, digital banking has been promoted strongly in Vietnam during recent years. Data from the SBV said that as of end 2018, the inter-bank electronic payment system processed 137,594 transactions, worth VND 73 Mn, equivalent to 13 times of GDP
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