In order to implement the digital transformation strategy and improve security and safety in payment activities, the State Bank of Vietnam (SBV) officially launched a service to support tracing the status of payment accounts and suspicious e-wallets through the SIMO System. Nam A Commercial Joint Stock Bank (Nam A Bank) is one of the pioneering units selected to deploy this service early from May 25, 2026.
The deployment of this service is to implement Plan No. 02/KH-NHNN of the Governor of the SBV issued on February 13, 2026 on scientific, technological, innovation and digital transformation tasks in 2026 of the Banking sector.
What is the SIMO system?
The SIMO system is an information system to support management, supervision and prevention of fraudulent risks in payment activities, and is a platform for receiving reports from banks, foreign bank branches and payment intermediary organizations.
This is a key technology solution developed and managed by the SBV, closely coordinated with relevant agencies, considered a national-level "digital shield" of the banking industry to push back cybercrime.
The system compiles a list of payment accounts and e-wallets suspected of fraud, deception or law violations to issue timely warnings to users.
Comprehensive protection shield and outstanding benefits for customers
When officially put into operation, the integration of the SIMO system will bring outstanding benefits, Nam A Bank customers are directly and immediately protected at the time of making money transfer transactions. Specifically, this "shield" brings peace of mind to customers as follows:
First, the system will warn and prevent risks in real time: If the target account or e-wallet is on the suspicious list of the SIMO system, the transaction screen will immediately display a warning. Based on this reminder, customers can proactively stop the transaction, check the information to minimize financial loss risks.
Second, eliminate information "blind spots": Previously, it was very difficult for customers to self-verify whether a strange account was fraudulent or not before pressing the money transfer button. With the industry-wide data interconnection mechanism, Nam A Bank customers inherit a continuously updated data set from management agencies and other financial institutions, helping to make the destination information of cash flow transparent.
Third, customers will transact safely at all touch points: Customers are not restricted by security space. Thanks to serious investment in terms of technology and personnel, Nam A Bank ensures the system operates smoothly 24/7 to be ready to serve from May 25, 2026. Customers can look up and transact safely and synchronously from Open Banking Digital Bank, OneBank 365+ Digital Transaction Point to the transaction counter.
Fourth, maximize personal information security: The system always strictly ensures security and protects personal data in accordance with regulations of management agencies. Therefore, customers are both safe to transact and completely free from worrying about personal information leakage.
A representative of Nam A Bank said: "In the context of increasingly sophisticated and complex online scams, protecting customers' assets is no longer a separate task of each unit but requires the cooperation of the entire industry. The fact that Nam A Bank was chosen by the SBV to deploy the SIMO system early is a testament to its technological capacity, comprehensive risk management system as well as proactive spirit to optimize the experience, bring peace of mind to customers, and contribute to building a healthy, safe and sustainable digital payment ecosystem".
