SBV sets new course to board Industry 4.0 in banking sector

Nguyen Kim Anh, Deputy Governor cum chairman of the Fintech Steering Committee at the State Bank of Vietnam The Fourth Industrial Revolution is already having massive impacts on business and society, and is shaping up to be an area where businesses can produce tangible results. Vietnam, as one of the fastest-growing nations in the region, has also been integrating deeply into the world economy and achieved many successes in recent years, with aspirations to rise higher in the global value chains. The digital transformation is reaching a tipping point when technologies radically change the business model and user experience, leading to a fundamental disruption of the industry. We have seen such digital journeys and disruptions play out across a number of industries, from retail and media to telecommunications, in a kind of sorcerer's apprentice scenario. Yet until recently, one industry has managed to mostly withstand the turbulence: banking. Through employing digital channels or novel business models, incumbent banks can enter new geographies or market segments that would be prohibitively expensive targets using traditional approaches. Vietnam boasts immense potential for digital transformation thanks to its young and tech-savvy population with 56 million people of working-age and 72 per cent being smartphone… Read full this story

SBV sets new course to board Industry 4.0 in banking sector have 219 words, post on vir.com.vn at January 28, 2020. This is cached page on xBlogs. If you want remove this page, please contact us.