The digital transformation in Vietnam is likely to intensify in 2022, unlocking previously untapped potential, especially within the financial services sector. Moreover, 2022 is a critical year for the digitalisation of financial products/services, as the habit of using digital ones has become widespread since the pandemic. Open Banking is one of eight fintech trends that will reshape the banking industry, which has become one of the most important global trends in the banking ecosystem yet in Vietnam.
Core trends suggest the insurance industry is not immune to tech-based disruptions. Technology-enabled insurance (insurtech) is requisite; There’s a growing push to create an “integrated customer experience,”. As such, it’s important that insurers engage in digital ecosystems—and especially digital marketplaces focused on specific customer needs.
Digitalisation within the securities industry has been focused mainly on enhancing customers’ experience, i.e., online account-opening, fast and proactive processing of payment and trading online. Succeeding in digitalisation requires securities firms to o rethink every aspect of how they operate to adapt to the market’s needs while maintaining their inherent position, creating a driving force toward financial inclusion.
In this regard, the Financial Services and Open Banking Forum 2022 holds the subject of:
Developing a digital financial ecosystem in Vietnam – Flexible adaptation, growth, and breakthrough innovation
The forum conveys 01 Keynotes concentrating on improving innovative products/services on the digital platform with a presentation from the leader of the Department of the Insurance Supervisory Authority, The Ministry of Finance; securities firms, insurance companies, investment firms, consultants and IT units. Next is the Open Banking conference with the high-level panel discussion on developing an Open Innovation Start-ups ecosystem to help diversify digital financial products and services. Some of the key topics covered in the forum include:
- The challenges and opportunities transforming Financial Services in Southeast Asia
- Completing and reforming policies to facilitate the digital transformation of insurance businesses in Vietnam
- Optimising non-life insurance products for the digital era, enhancing customers’ experience
- Changing trends in life insurance product development and personalisation on digital platform
- Improving efficiency and lowering operating costs in the financial services sector through smart automation solutions
- Models of investment funds development in Vietnam/the world and recommendations for Vietnam
- Overview of the open banking model and the current situation in Vietnam
- Challenges and solutions to implementing digital banking toward the premise of a sustainable financial system
- Technological advances help diversify consumer financial products and services
- Developing an open innovation start-ups ecosystem, diversifying digital financial services and products
THE FINANCIAL SERVICES AWARDS 2022 – a ceremony to present the outstanding financial service providers such as securities firms, insurance companies, and investment funds that have demonstrated outstanding achievement and made significant contributions to the industry’s development. The Voting Council is composed of delegates from government agencies, ministries, associations, and financial, banking, and information technology specialists.
The Exhibition will run concurrently with the forum, which introduces the latest information technology advancements for the financial industry’s digital transformation, including artificial intelligence, cloud computing, and big data. Around 400 attendees are expected to attend the forum in 2022.