FPT suggests 4.0 technologies to tackle pain points of Finance industry

Attending Vietnam Digital Finance seminar – exhibition on State budget management, FPT has presented numerous solutions and new technology platforms to tackle major issues and develop digital finance based on Big Data and AI.

The seminar is themed “Promoting digital transformation and comprehensive modernization of Finance industry” with multiple in-depth talk sessions. This is an opportunity for state leaders, policy makers, and IT experts to discuss current trends of digital transformation.

According to Mr. Nguyen Dai Tri, Director of Department of Financial Informatics and Statistics, digital transformation has created opportunities but yet triggered challenges for the Finance industry. Playing essential role in the economy, digital transformation in finance industry will be one of the key factors promoting national digital transformation and creating a driving force for growth in other areas.

Mr. Tri also expects IT companies to catch up with new trends, suggest solutions with decent adoption of advanced technologies (Big Data, AI, Blockchain, IoT) to all aspects of the Finance industry.

FPT IS presents technology solutions to senior leaders of the Government and Ministry of Finance.

Attending the seminar, FPT Information System Corporation (FPT IS), a member of FPT Corporation, deeply understands the role of the Finance industry in seeking appropriate solutions. Regarding management of budget revenue documents, Mr. Duong Tat Toan, Technology Director of Government Sector of FPT IS, suggests agencies and organizations adopt Blockchain to manage the process in a more effective way.

“Blockchain technology, acting as a Decentralized Ledger, will connect all involved parties in a single chain of transaction. Transaction information is aggregated into a single ledger, keeping parties updated in real time for effective and timely business processing. Accordingly, FPT IS has developed Blockchain-based products and adopted into management of tax payment documents: from prescribed tax amount generated at Tax or Customs authorities, to information of payment-collecting banks, accounting information at the State Treasury”, said Mr. Toan.

Mr. Duong Tat Toan, Technology Director of Government Sector of FPT IS suggests agencies and organizations adopt Blockchain for management of budget revenue documents.

To tackle data issues, Mr. Le Viet Thanh – Deputy Director of Data Platform & Analytics Center of FPT IS – emphasizes the importance of developing relevant strategies, visions, as well as plans. Data is a valuable asset that needs to be properly managed, exploited and optimized throughout the organization, especially in public finance sector. Adopting technology platforms, including Big Data, AI to handle data problems is a major trend not only in Vietnam but also around the world.

“With deep understanding and more than 20 years accompanying the finance industry, FPT IS suggests companies and organizations give high priority to Big Data and AI to maximize data value. FPT IS has researched and developed FPT Data Platform (FPT.dPlat) solution, providing a complete ecosystem to collect, process, discover and exploit data based on open sources as well as diverse, feature-rich utilities to optimize costs, performance, and security”, said Mr. Thanh.

Mr. Le Viet Thanh, Deputy Director of Data Platform & Analytics Center of FPT IS, emphasizes the importance of Big Data and AI in data management.

In addition, FPT IS also recommends plans to adopt Big Data and AI solutions to handle specific problems of the Finance industry, such as: Tax management for new business types; Determination of taxable amount for state agencies; Risk management; Processing massive tax documents for taxpayers and budget-related entities; Securities transaction monitoring and financial crime prevention…

Over nearly three decades of operation, FPT IS has been accompanying the Finance industry to deploy many core and total solutions, including self-developed solutions as well as those integrated with products of world’s leading technology firms. Currently, FPT IS is focusing on developing senior experts who equip themselves with in-depth knowledge as well as excellently grasp the latest technology trends, to consult and handle pain points of the Finance sector in particular and the socio-economic sectors in general.

Also at the seminar, FPT Smart Cloud, another member of FPT Corporation, has presented two solutions to accelerate transformation for the Finance industry: Comprehensive AI platform to maximize operational efficiency for the Finance industry (FPT.AI), and Cloud-based platform promoting innovative digital transformation (FPT Cloud).