SBV approves plan for digital transformation by 2025

SBV approves plan for digital transformation by 2025

The plan is expected to comprehensively renovate the management activities of the SBV in a modern direction, on the basis of effective application and exploitation of achievements of the fourth industrial revolution, fully meeting the Government's criteria and indicators on digital transformation.

According to this plan, 100 per cent of the public services of the Bank will be eligible to be upgraded to level 4 by 2025.

One-hundred per cent of level 4 public services are integrated on the national public service portal and 90 per cent of work records at the SBV are processed and stored online.

At least 50 per cent of inspection and supervision activities of the SBV are carried out through the digital environment and the information system of the Bank.

For credit institutions, foreign bank branches must have at least 50 per cent of banking operations allowing customers to perform completely online.

In particular, the plan also sets a target of at least 50 per cent of adults using electronic payment services and at least 70 per cent of customer transactions made through digital channels.

At the same time, the SBV expects at least 60 per cent of credit institutions to have revenue from digital channels of over 30 per cent.

At least 50 per cent of decisions on disbursement and lending of commercial banks, financial companies for small loans and consumer loans of individual customers are made in the direction of digitisation and automation.

And at least 70 per cent of work records at credit institutions are processed and stored digitally.

By 2030, the SBV set a goal that at least 70 per cent of its inspection and supervision activities are carried out through the digital environment and the information system of the Bank.

At least 70 per cent of banking operations allow customers to perform completely digitally.

To implement this strategy, the SBV has proposed a plan to promote communication activities, modernise the payment infrastructure, and review and propose amendments and supplements to documents to create favourable conditions for banking digital transformation.

On the other hand, the SBV also proposed to have preferential policies, attract high-quality human resources with knowledge and degree in information technology and skills in digital transformation, as well as regularly deploying training programmes to foster knowledge and skills on digital transformation for human resources in the banking industry.

At the same time, the SBV also recommended amendments and supplements for undergraduate and postgraduate education programmes in banking - finance on professional contents associated with digital transformation

The decision took effect on May 11.

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