This is the information emphasized by Mr. Pham Anh Tuan - Director of the Payment Department, State Bank - at the Workshop " cross-border payments and online loans: Digital utilities for business and consumption" organized by Lao Dong Newspaper in coordination with the State Bank of Vietnam (SBV).
Mr. Pham Anh Tuan assessed the theme of the workshop as very practical, associated with the digital transformation process and the development of the country's digital economy, and at the same time, also in line with the major policies of the Party and the Government.
Through the presented contents, it can be seen that connecting cross-border payments is an inevitable trend, an objective practical need to meet the payment needs of people and businesses in the context of international integration and the Government's orientation for developing the digital economy and digital society. To promote connectivity, it is necessary to have the synchronization of modern technical infrastructure, a complete legal framework, safety, security, inter-sectoral coordination and extensive international cooperation.
As a state management agency in the field of currency and banking activities, the State Bank will continue to implement synchronous policies and solutions to promote cross-border payment connectivity in the region and the world, meeting the needs of quick, safe and convenient payment of people and businesses" - Mr. Pham Anh Tuan assessed.
According to Mr. Pham Anh Tuan, in the past, the SBV has reviewed, issued within its authority (or submitted to competent authorities) to issue legal documents regulating lending activities by electronic means, ensuring the safety and efficiency of lending transactions on digital platforms.
The SBV issued Circular No. 06/2023/TT-NHNN dated June 28, 2023 amending and supplementing Circular No. 39/2016/TT-NHNN dated December 30, 2016 regulating the lending activities of credit institutions to customers (Circular 39); in which, supplementing regulations on lending activities by electronic means.
The addition of regulations on lending by electronic means in Circular 06 is in line with the digital trend, legal regulations on credit institutions, laws on electronic transactions and related laws; thereby promoting credit institutions to apply technology and digital transformation to the lending process; providing safe and convenient services, bringing practical benefits to people and businesses accessing loans from banks.
The regulations on lending by electronic means in Circular 39 have created a legal corridor for credit institutions to actively promote the implementation of this profession. Currently, the SBV is studying and reviewing the draft Circular amending Circular 39; in which it is expected to amend a number of regulations on lending activities by electronic means to continue creating conditions for credit institutions to lend by electronic means to ensure safety, efficiency and facilitate access to bank credit capital - Director of the Payment Department informed.
In addition, according to Mr. Pham Anh Tuan, on April 29, 2025, the Government issued Decree No. 94/2025/ND-CP regulating the controlled testing mechanism in the banking sector, in which for the first time it is allowed to test the peer-to-peer lending model (effective from July 1, 2025).
The SBV has issued decisions guiding the implementation of the Decree, thereby creating conditions for the peer-to-peer lending model to be operated and verified in a real environment but still ensuring strict control. This is a necessary step to expand new capital supply channels, be flexible, convenient, transparent, promote comprehensive finance, and support people's access to finance.
Developing science and technology, innovation and digital transformation is a major policy of the Party, State and Government, in which Resolution 57/NQ/TW dated December 22, 2024 of the Politburo on breakthroughs in the development of science, technology, innovation and national digital transformation (Resolution 57) is one of the "four strategic ministries" - prominent as a call for the digital transformation revolution.
In that context, Mr. Pham Anh Tuan said that in addition to perfecting the legal corridor and upgrading the technology infrastructure to ensure connectivity, synchronization, and safety, it is very important to ensure network security, data protection in the payment sector, and ensure the legitimate rights of users of banking and financial services in the online environment. Accordingly, credit institutions need to continue to invest in upgrading security infrastructure, regularly updating new technology solutions, and building a cybersecurity monitoring system using artificial intelligence (AI).
In particular, with the expansion of international payment connections and online lending, network safety and data protection problems become more complicated due to the need for connection between multiple systems with different security standards.
The State Bank of Vietnam and financial institutions in Vietnam need to strengthen international cooperation, proactively share network intelligence and build a mechanism for coordinating cross-border emergency response. At the same time, perfecting the legal framework on personal data protection and compliance with international standards is a necessary condition.
At each credit institution, building a culture of data security, in which all officers and employees are aware and responsible for protecting the privacy of customers, plays a key role. Training and raising awareness of cybersecurity and data protection need to be implemented periodically throughout the system" - Mr. Pham Anh Tuan said.
