FPT IS expert proposes comprehensive data management strategy for financial sector
Mr. Pham Quang Nhat Minh, Director of AI R&D Center at FPT IS, recently participated in the conference session “Transforming Business Processes and Information System in the Financial Sector in the Digital Age” held during the Vietnam Digital Finance 2024 event. Alongside leaders from ministries and enterprises, the FPT IS expert shared initiatives on comprehensive data management strategy for the financial sector, driven by the power of technology.
Vietnam Digital Finance 2024 themed “Transforming financial sector business processes and information systems in the digital age.”
Vietnam Digital Finance 2024, hosted by the Ministry of Finance and co-organized by the Department of Financial Informatics and Statistics, the National Institute for Finance, and IEC Group. With the theme of “Transforming financial sector business processes and information systems in the digital age”, the event aimed to offer a complete picture of digital transformation strategies in the financial industry. It also provided opportunities for participants to share experience in digital transformation, data utilization, information infrastructure modernization, risk management, monitoring and detection of cyber threats in the financial sector in general and the securities sector in particular.
In his opening remarks, Deputy Minister of Finance Bui Van Khang emphasized the urgent need for digital transformation in finance and budgeting. He highlighted three key focus areas: institutions, technology, and human resources. Institutions are the first priority, while technology and human resources form the foundation for the growth.
The Deputy Minister also noted the financial sector’s emphasis on improving digital infrastructure, refining digital data, accelerating the development of digital applications and services, as well as cyber security. New technologies like AI and Big Data are deployed to support core activities, such as public finance, tax, customs, and financial markets, while enhancing public services, including online public services and applications facilitating interactions with citizens and businesses.
To clarify the above challenges, during the conference, experts shared their experiences and discussed trends in digital transformation, especially in the financial sector. Adoption of new technologies such as big data analytics, artificial intelligence, blockchain, and the Internet of Things, were then proposed for financial management and operations.
Mr. Pham Quang Nhat Minh – Director of AI R&D Center spoke at the conference session.
At the conference session, Mr. Pham Quang Nhat Minh, Director of AI R&D Center at FPT IS, presented a comprehensive perspective on data management strategy and the application of AI in the financial industry. He explained that AI technology is built on data and algorithms. If the input data is not of good quality, then the AI model will be not complete. Data and AI is interdependent. Hence, data is a strategic asset, critical for effective management, policy making, and enhancement of organizational competitiveness. Thus, establishing a comprehensive data management strategy and developing a modern data infrastructure has become an urgent need for the financial sector.
The FPT IS expert proposed key actions including: (1) Integrating multi-source data: For example, at the Ministry of Finance, it is necessary to connect data from the General Department of Taxation, General Department of Customs, State Treasury, State Securities Commission, and other relevant sources; (2) Standardizing data: When integrating such multi-source data, it is necessary to apply international standards on data governance to ensure consistency, accuracy, and ease of sharing; (3) Applying Big Data Analytics and AI: These technologies should be used to process and analyze large volumes of data to support decision-making and policy development, while creating additional value for citizens, businesses, and the government; (4) Ensuring data safety and security; (5) Building a data-sharing platform between ministries; and (6) Improving staff capabilities in data analysis and data-based decision-making.
As a technology partner with over 30 years of experience in supporting the Finance and Banking sector through digital transformation, FPT has developed a sustainable digital transformation strategy framework grounded in cutting-edge technologies like AI, data, and Cloud computing. This strategy addresses six key areas: (1) Building a core system that meets the industry standards; (2) Modernizing IT infrastructure; (3) Managing banking data on cloud computing platforms; (4) Optimizing operational management; (5) Enhancing customer experience; and (6) Ensuring highest level of information security. FPT is committed to collaborating with the Vietnamese financial sector to adopt these new and core technologies for breakthroughs in operations and sustainable development.
