Recently-enacted Resolution 52 outlines policies to help reinvigorate the country’s relationship with Industry 4.0 tech Privately-held LienVietPostBank and its South Korean partner last week joined hands to bring Vi Viet, the bank’s flagship digital bank model, to South Korea for a test run of QR code payment deployment. Based on the bank’s study, the move does not impinge on current relevant regulations on risk management, loan limits, or international settlements. However, in a recent talk with VIR, Nguyen Dinh Thang, chairman of LienVietPostBank, raised his concerns over the potential compliance risks in the case of wider service deployment, as current regulations on digital banking, e-wallets and Electronic Know Your Customer (eKYC) remain unclear. The eKYC process is one in which approved entities require a digital ID system to authenticate or verify their customers’ identities and, in some cases, retrieve basic information about them. “We expect that the State Bank of Vietnam (SBV) will present more concrete guidance in this field. To banks, besides cyberattacks, one of the largest challenges is the compliance risk,” Thang said. The executives of many local commercial banks believed that Vietnamese lenders are by no means inferior to their foreign peers when it comes to technology…. Read full this story
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