On October 10th, 2017, the State Bank of Vietnam (SBV) in collaboration with Microsoft Corporation successfully organized a Workshop on “Some issues of electronic money, virtual currencies and cloud computing.”
SBV representatives attending the meeting included officials from Payment Department, Monetary Policy Department, Legal Department, Office of Communications, International Cooperation Department, Banking Strategy Institute, Information Technology Department, and members of SBV Steering Committee for Fintech, and Mr. Nguyen Toan Thang – General Secretary of Vietnam Banks Association (VNBA). On the Microsoft side, there are representatives from Financial Services Industry of Microsoft Asia Pacific region and representatives from Microsoft Vietnam.
Preside over the Workshop, Mr. Pham Tien Dung – Director General of Payment Department of the State Bank of Vietnam welcomed and thanked Mrs. Lesly Goh – FSI Lead at Microsoft Asia Pacific for attending and sharing valuable experiences.
Mr. Pham Tien Dung said that the Industrial Revolution 4.0 is spreading and affecting almost all sectors of the economy, bringing many opportunities as well as challenges in banking operations. The emergence of electronic money, virtual currencies has created many opportunities and challenges in monitoring the cash flow, risk arising in payment and operational security of the banking system, especially when the trend of non-bank institutions apply information technology in their financial activities is growing rapidly. “This is a difficult problem for regulators, policy-makers,” said the SBV’s Director General of Payment Department.
In the framework of the Workshop, experienced professionals in the field of IT and payment from Microsoft Corporation presented three key issues, including: (i) Trends in virtual currency for central banks; (ii) Payment virtual currency use case & adoption; and (iii) Enabling digital transformation through the cloud.
Mrs. Lesly Goh – FSI Lead at Microsoft Asia Pacific shared valuable experiences at the Workshop
Introducing virtual currency/ crypto-currencies, Mrs. Lesly Goh – FSI Lead at Microsoft Asia Pacific said: “Crypto / virtual currency is a digital currency set up on the basis of block chain technology, which operates on a distributed ledger – a record of all transactions, which is updated and archived by participating members of the system. Block chain technology allows users to perform secure payment transactions and deposit virtual currency anonymously and not through a third party.” The FSI Lead also shared the findings of a survey by the Cambridge Center For Alternative Finance for Central Banks that up to 82% of banks now want to use block chain technology in monitoring virtual currency / crypto-currencies, 55% of banks want to use block chain for payment processing… At the same time, Microsoft representatives also presented a number of modern technology applications that Microsoft is researching and developing, as well as giving recommendations to the SBV for the latest IT application in banking operations.
Photographs of delegates attending the Workshop
At the Workshop, delegates actively participated in exchanging, discussing and updating knowledge, practical experiences and international practices from experts in order to research, develop and complete the SBV mechanism and policies in general and the payment sector in particular.
At the end of the Workshop, Mr. Pham Tien Dung expected the SBV will continue to receive cooperation and supports from Microsoft Corporation in many fields, especially in the field of payment in the coming time.