Experts said the 4^th Industrial Revolution generates both opportunities and challenges as technological advancements have changed the structure and operational methods of banking and financial services.

Vo Dinh Tri, a lecturer at the IPAG Business School Paris and a member of the Association of Vietnamese Scientists and Experts, said Vietnam’s banking sector should further integrate and meet international banking standards. “Banking technology development requires data transfer compatibility at international standards, for example standard file encryption to ensure confidentiality. Once we have integrated into the global system, we have to follow the common norm.”

Vice Governor of the State Bank of Vietnam Nguyen Kim Anh said entities in the banking and financial sector have to change their mindset, improve their capacity, and actively participate in the 4^th Industrial Revolution, there by helping to narrow the development gap between the Vietnamese banking sector and the world.