Scientific seminar “Legal framework for digital banks in Vietnam”

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EY - Scientific seminar “Legal framework for digital banks in Vietnam”

The seminar was organized to address the opportunities and challenges, advantages and disadvantages of developing digital banking in Vietnam in the future, and identify how to design a legal framework to encourage development in this area while avoiding confusions for governing authorities.

December 19 2017, the State Bank of Vietnam (SBV) organized the scientific seminar "Legal framework for digital banks in Vietnam" under the chairmanship of SBV Deputy Governor Mr. Anh Kim Nguyen. Participants at the workshop were leading representatives of SBV’s departments, representatives of Ministry of Public Security, Ministry of Justice, and commercial banks, as well as banking and financial experts.

This seminar was organized to address the opportunities and challenges, advantages and disadvantages of developing digital banking in Vietnam in the future, and identify how to design a legal framework to encourage development in this area while avoiding confusions for governing authorities.

Ms. Duong Nguyen, Partner of EY Vietnam, Financial Services Leader participated and moderated the discussion on analysis and solutions for difficulties regarding the legal framework in Vietnam. According to her in an interview, "The expansion of legal framework for banks to develop more on digital banking will also save banks money as they will not have to find locations or hire employees to operate their branches. Instead, customers can trade through non-physical banking. This will be a great savings not only for banks but also for all."