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Deputy Governor of the State Bank of Vietnam (SBV) Pham Tien Dung said the banking sector must protect not only financial systems but also users, building a common “shield” across the entire digital finance ecosystem. He emphasized the need to move beyond reacting after incidents occur by strengthening early detection, early warning, early prevention, and coordinated rapid responses.
Speaking at the Digital Trust in Finance 2026 forum in Hanoi on May 12, 2026, under the theme “Building digital trust in finance in the AI era,” Pham Tien Dung highlighted progress in Vietnam’s digital banking transformation and the growing urgency of safeguarding trust as artificial intelligence accelerates change.
The SBV deputy governor said that in recent years Vietnam’s banking sector has achieved significant results in digital transformation. Electronic banking services and digital payments have expanded alongside electronic customer identification, biometric authentication, mobile banking, e-wallets, and broader financial ecosystems.
He noted that people can now open accounts, transfer funds, pay bills, save, borrow, and access many financial services using a mobile device. He also cited that many banks have more than 95% of transactions conducted through digital channels.
Pham Tien Dung provided figures on payment system capacity and daily activity, saying the Napas system can process more than 40 million transactions per day at peak, while the entire banking system handles about 800 trillion dong per day. He added that this corresponds to roughly 40 to 50 billion USD transferred daily through the payment system.
On account authentication, he said Vietnam has about 88% of adults with bank accounts, and these accounts have been authenticated using the national population database. He added that without authentication, customers cannot transact online.
Pham Tien Dung said that as digital banking develops, ensuring safety, security, and user protection has become more urgent. In the AI era, he argued, technological change is rapid, but trust must be built in a persistent, consistent, and responsible way.
“AI determines the speed of development, but digital trust will determine the limits of financial growth,”
the deputy governor said, adding that without trust in the safety of digital transactions, protection of personal data, and transparent, fair, and responsible financial decision-making, technological achievements cannot deliver their full value.
He described trust as a strategic infrastructure for the digital economy, requiring protection and construction through institutions, technology, risk governance, and cross-sector coordination.
According to Pham Tien Dung, artificial intelligence is creating major opportunities for banking, including improving operational efficiency, automating processes, personalizing services, supporting credit scoring, enhancing customer care, detecting unusual transactions, preventing fraud, and combating money laundering.
At the same time, he said AI also introduces new risks, including personalized deepfakes, identity spoofing, algorithmic bias, black-box models dependent on third parties, and the risk of automating decisions that significantly affect customers without adequate controls.
He added that in banking, risks extend beyond technology systems to include user behavior, personal data, transaction flows, interconnected platforms, and criminals exploiting public trust to commit fraud.
Pham Tien Dung said the SBV, as the regulatory authority, continues to support innovation that drives digital transformation, but innovation must go together with safety. He said development should be accompanied by risk control, and customer convenience should be matched with protection.
He said the SBV has focused on strengthening the legal framework and safety standards for online banking services. It has promoted biometrics in coordination with the Ministry of Public Security under Project 06 to clean customer data and strengthen anti-fraud measures, including actions against junk accounts and non-customer accounts.
He also said the SBV has directed credit institutions to upgrade IT infrastructure, strengthen information security governance, and ensure business continuity.
Regarding AI, the deputy governor said the SBV’s approach is to promote responsible AI within a risk-governed framework emphasizing data protection, transparency, accountability, and customer-centricity. He stated that AI can support encouragement and warnings but cannot replace human and institutional responsibility.
Pham Tien Dung stressed that protecting digital financial trust cannot be the responsibility of individual banks, securities firms, e-wallets, or technology platforms alone. He said it must be a collective responsibility across the ecosystem.
He called for mechanisms to share risk warnings, coordinate actions on suspicious accounts, and enable early fraud detection while ensuring that data sharing complies with data protection and information security laws.
“On behalf of the State Bank, we pledge to continue working with ministries and sectors, credit institutions, payment intermediaries, tech firms, and society to advance digital transformation, responsible AI adoption, protect users, and strengthen trust in the financial banking system,” the deputy governor affirmed.
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