Currently, according to statistics from the World Bank, Vietnam – with 71.3 million adults (over 15 years old) and per capita income of $2,062 in 2018 – is among low average income countries. The new development of comprehensive finance in the early stages has, however, remained limited in outstanding achievements. In particular, the proportion of people with low bank accounts, particularly people living in rural areas, low-income people and women; the proportion of people who have access to financial and banking services is now 45.8 million/ 92.6 million, accounting for 63% of the population who owns a bank account and has access to at least 1 financial service. Regarding cashless payment activities, Vietnam currently has 30 licensed payment intermediaries, most of which are e-wallet organizations (27), electronic payment gateways (26), and collection and payment support (26), electronic money transfer (9). Besides, payment activities of commercial banks prove to be very strong with the application of advanced technology. QR code payment has been developed by a number of commercial banks, with a total of 24 banks in progress and 50,000 points accepting QR code payment. However, in general, there existed shortcomings in non-cash payment activities. Part of the reason is that the financial technical infrastructure system is mainly concentrated in centers or big cities yet it has not reached rural and remote areas. The borrowing rate through official financial organizations is relatively high, however, the unofficial borrowing forms are still at large; digital finance is underdeveloped and the number of people using digital financial services is quite humble. Fintech development has been witnessed but it mainly focused on consumers’ payment activities rather than cover high-ranking payment services. Although the introduction of the Internet has contributed to the development of payment solutions in Vietnam, the utility of accounts for payment remains lower than other countries in the region and in the world since most transactions are paid in cash.
In this context, the event of Vietnam Retail Banking Forum 2019 will focus on the theme: “DEVELOPMENT OF DIGITAL BANKING CONTRIBUTES TO THE PROMOTION OF COMPREHENSIVE FINANCE”. Within the forum’s framework, in addition to exchanging orientations, proposing technological solutions and policies, the experience of developing digital banking domestically and internationally, thereby supporting banks to develop comprehensive financial services and enhance more experience in attracting customers. Therefore, banking specialists and information technology experts will be open to share their experience in developing payment services. It is expected that the forum will also bring more useful and updated information regarding the situation of non-cash payment activities in 5 ASEAN countries and recommendations for banks, fintech companies or interconnected banks, fintech Vietnam and fintech companies from the United States under the support of the US Embassy ... Besides, within the event, IDG Vietnam and Vietnam Banking Association will also announce the results of the Vietnam Outstanding Banking Award 2019. It is expected that the representatives of the top 20 banks in Vietnam will participate in the Vietnam Retail Banking Forum and the Vietnam Outstanding Banking Award Ceremony 2019.