FPT creates the Make in Viet Nam platforms, accompanying the Banking sector in promoting the digital ecosystem

At the 2024 Digital Transformation Event of the Banking sector with the theme “Expanding the digital connectivity and developing a digital ecosystem”, FPT IS and FPT Smart Cloud showcased a comprehensive technology ecosystem towards the key goal to expand the digital connectivity and develop a digital ecosystem for the Banking sector.

This is the biggest event of the year on the digital transformation of the Banking sector, chaired by the State Bank of Vietnam (SBV), jointly organized by the Banking Times, Payment Department and related units. Prime Minister Pham Minh Chinh as well as leaders from other ministries and branches were present at the event. From the Banking sector, Governor of the State Bank of Vietnam Nguyen Thi Hong, Deputy Governor of the State Bank of Vietnam Pham Tien Dung and leaders of leading banks and credit institutions also attended the event.

With the theme “Expanding the digital connectivity and developing a digital ecosystem”, the event focused on exploring modern technology products and services related to the development of the digital ecosystem, open banking, connecting banks and businesses through smart financial services and biometric authentication to comply with Decision No. 2345/QD-NHNN on the implementation of measures to ensure safe and sound online payments and bankcard payments as well as Project 06.

At the event, the Prime Minister said: “The focus is to promote the development of the digital economy, in which the Banking sector, as the lifeblood of the economy, has a daily impact on most sectors of the economy and all aspects of its activities, people, and businesses.”

The Prime Minister clearly stated three future goals of digital transformation of the Banking sector: creating the most favorable conditions to enable people, businesses, and public non-business units to have the best access to banking services, reduce costs in terms of time, material, and compliance costs for these parties and the banking system itself, and effectively control risks by preventing and repelling corruption, negativity, trouble, and harassment.

Understanding the Government’s vision and the key problems posed by the sector, introduced and presented to Prime Minister Pham Minh Chinh, and leaders of ministries and branches at the exhibition, Mr. Tran Dang Hoa – Chairman of FPT IS announced: “In the context of the digital economy, with the important task set by the Banking sector: Expanding the digital connectivity and developing a digital ecosystem will face some big challenges.

Prime Minister Pham Minh Chinh visited the Made by FPT solutions booth.

The first challenge includes fraud prevention and implementation of Decision No. 2345/QD-NHNN. Currently, 76% of scams are aimed at financial fraud. With 11 billion non-cash transactions, and this number continuing to rise, ensuring transactions are authenticated safely, quickly, and effectively is a necessity.

The second one is ensuring that the speed of the digital economy is constantly promoted. With the potential for the digital economy to account for 25% of GDP by 2030 and a total import-export turnover of USD 683 billion, recording a trade surplus for eight consecutive years, it is necessary to have foundations for banks and organizations to speed up trade, minimize costs, time, processes, and difficulties for businesses and banks,” Mr. Hoa affirmed.

Specifically, in the thematic session “Solutions to check, compare and authenticate customer biometric information under the implementation of Decision 2345/QD-NHNN”, Mr. Vu Anh Duc – Deputy Director of Digital Identity Platform Center, FPT IS analyzed: “In this day and age, there are numerous biometric identification measures available, including: Voice, fingerprint, iris, or palm-vein. However, following the implementation of Decision No. 2345 on July 1, which biometric identification measures will be selected? What is the best solution for that problem?”

FPT IS expert proposed a solution to authenticate identities with 100% accuracy.

At the event, the FPT IS expert proposed that banks and credit institutions choose facial biometric data as the identification measure. The application of facial biometric identification will solve some key problems. Firstly, it actively promotes the use of data stored in the chip of the citizen identification card under Project 06, which not only updates and clarifies current customer data but also offers nearly perfect effectiveness against counterfeiting. Secondly, it ensures convenient implementation and faster processing. Thirdly, it requires a small investment in devices with simple cameras. Finally, it facilitates flexible platform integration, serving different banking functions.

Accordingly, with the FPT.IDCheck solution, FPT IS is accompanying the Ministry of Public Security to strongly promote Project 06 in the finance and Banking sector with millions of transactions verified directly with Ministry of Public Security data. FPT.IDCheck is a useful tool that helps businesses and organizations digitize the user’s identity authentication experience for services including opening new bank accounts, applying for consumer loans, making bank transfers and withdrawals, and more. More than 20 major banks and financial institutions in Vietnam so far trust and use the service, including: Sacombank, ACB, VIB, TPBank, WooriBank, JACCS, VietCredit, etc.

With the goal of expanding the banking ecosystem and promoting trade, FPT IS has developed the TradeFlat digital financial ecosystem to provide a comprehensive end-to-end transaction platform that fully solves the problem of commercial financing. TradeFlat is now cooperating with national platforms in Japan and New Zealand, and has pledged to reduce the entire processing time from 7 to 10 days to only 1 to 0.5 days. TradeFlat can connect with 15 platforms in the region, which will likely contribute to innovations in supply chain finance, domestic electronic guarantees, and domestic and international L/C procedures. These connections will provide Vietnam’s digital economy with extensive access to the global value chain.

FPT’s technology solution suite was introduced at the exhibition area.

In addition, to address the overall problem of digital transformation in the Banking sector, FPT IS has researched and developed a sustainable digital transformation framework based on six key areas: (1) building a standardized core system (FPT.Finex); (2) modernizing information technology infrastructure; (3) managing banking data on the FPT Cloud; (4) optimizing customer experience with FPT.AI, Utop, and Lendvero; (5) ensuring absolute information security with the security solutions suite FPT.EagleEye; and (6) optimizing operational management through RPA solution akaBot, paperless office suite (FPT.eContract, FPT.eSign, FPT.eInvoice), and the comprehensive digital transformation suite in HR – FPT HR DX (FPT.eLearning, FPT.iHRP, PeopleX Hiring).

In particular, many Made by FPT solutions apply new technology to help maximize operational efficiency in the Banking sector. Typically, akaBot plays an important role in improving operational efficiency. It has been shown to help banks achieve 300% Return on Investment (ROI) in just three years while also assisting them in progressively achieving their long-term CIR optimization targets. FPT.AI solution helps banks fully automate customer care channels, and improve operational capacity with the power of Generative AI. In addition, FPT provides high-performance GPU cloud services for artificial intelligence development – AI/ML Stack on the FPT Cloud platform. Leveraging the outstanding computing power of NVIDIA’s world-class H100 GPU, the solution speeds up AI applications for financial institutions, leading to breakthrough improvements in productivity and customer experience.

Based on 30 years of experience accompanying Vietnam’s Finance and Banking sector with digital transformation, combined with existing advantages that come with the Made by FPT ecosystem, and a team of experts meeting international standards, we wish to accompany Vietnam’s Finance and Banking sector to take advantage of the power of technology, create sustainable development power, and continuously expand opportunities to connect with the global digital economy.