The application of Blockchain technology into the digital transformation of the Vietnamese financial and banking system has posed many opportunities and challenges for all subjects in the economy.

Blockchain is a revolutionary technology because it can be applied to transactions involving a value from currencies and goods to real estate. Blockchain can also prevent fraud because every transaction is stored and distributed on a public ledger that can be viewed by anyone. In theory, as this technology becomes ubiquitous, anyone with the Internet can transact using Blockchain. Financial companies, commercial banks, healthcare organizations, and even a few governments are currently experimenting with Blockchain systems for many different purposes.

Blockchain technology will solve current limitations in payment transactions such as high fees, cumbersome procedures, limited cross-border payments, poor identity and security. In addition, Blockchain also applies in agriculture for traceability, application in the medical field to store medical records, retrieve and look up information, identify patients, protect genetic information. Or in education, Blockchain is also used to digitalize test scores, dissertations, diplomas, and student information to help prevent fraud in learning and exams.

In order to clarify issues related to Blockchain technology as well as exchange the actual digital transformation process of the banking and financial system, on April 10, 2021, the School of Banking coordinated with Global Company - AgriTech, K-Group Vietnam Joint Stock Company, NIIT Information Technology Institute in Vietnam and Yuanta Securities Joint Stock Company held a seminar with the topic "Blockchain Technology and Digital Transformation". The seminar attracted more than 300 students, lecturers and representatives of commercial banks, securities companies.

Dr. Hoang Hai Yen - Head of School of Banking delivered the opening speech at the Seminar.

With more than 30 years of experience in technology development for various fields such as education management, digital transformation, business development, and corporate marketing, Mr. Pavitra Mukherjee (representative of NIIT in Vietnam - one of the global training and education companies in India in the field of information technology, technology solution consulting) shared the basics of Blockchain technology and technical characteristics of this technology.

 

Mr. Pavitra Mukherjee gave a presentation at the Seminar

During the program, Mr. Tran Thien Duyen - CEO of Kivachain Technology Corporation, CEO of Fiona Technology Joint Stock Company, and project director of K-Group Vietnam Joint Stock Company provided information about the application of Blockchain technology in the banking and finance sector.

In addition, the challenges and future prospects of Blockchain technology were also shared by Mr. Lu Vincent The Hung - founder of Global-AgriTech company to all guests attending the seminar. With more than 20 years of experience working in US Nestle and nearly 10 years of consulting for technology startups in the US, Canada, Dubai and Vietnam, he stated that: “Blockchain will be a technology of the future and Vietnam has many advantages in applying this technology”.

Mr. Lu Vincent The Hung gave a presentation at the Seminar

Yuanta Securities Joint Stock Company has been implementing a successful digital transformation with the deployment of an online account opening system through eKYC - an easy, fast and secure online identity solution. Yuanta applies modern artificial intelligence technology with OCR (Optical Character Recognition) system that allows automatic identification of customer information; Face Matching allows checking if two face images belong to the same person or not; Liveness Detection (detecting real people) helps identify, compare information and images, ensure high accuracy, can completely replace face-to-face meeting with customers. Mr. Nguyen The Minh - Research Director of Yuanta Securities Vietnam Joint Stock Company said: “Yuanta has successfully developed Yswinner, Ysfuture, Ysradar and Ystele systems to support transactions for investors and the media, update the fastest information about the market developments at home and abroad, provide assessments and comments on stocks from the company's analysts.”

Mr. Nguyen The Minh gave a presentation at the Seminar

The seminar received many questions from lecturers, students and attendees about issues of approaching Blockchain technology, the government's support for the technology application development process. These are also limitations of Blockchain-based transactional applications. At the same time, the School of Banking also signed a MOU with K-Group Vietnam Joint Stock Company and TUY.AI Research and Training Joint Stock Company on implementing the business semester, constructing and developing technology courses, sharing professional activities, coordinating to research and develop products and services related to Fintech, Blockchain, artificial intelligence and other technology activities.

Sign MOU cooperation between representatives of School of Banking and TUY.AI company

Sign MOU cooperation between representatives of School of Banking and K-group company

During this event, the NIIT representative in Vietnam also awarded a full scholarship for the Fintech using Blockchain course worth VND14 million to students of the Banking Faculty. After joining the course, students will also have the opportunity to work at Fintech corporations in Vietnam and Japan.

NITT Academy awarded scholarships to 01 fortunate student

Summarizing the seminar, Dr. Phan Chung Thuy - Deputy Head of School of Banking affirmed: “In the coming time of the School of Banking, subjects of technology application combined with strengthening connection with the team will be put into teaching the commercial bank and securities company personnel are in charge of digital transformation so that they can exchange practical experiences and introduce high-quality human resources of the faculty to these units”.

Some photos at the Seminar 

An overview of the hall at the Seminar "Blockchain and digital transformation"

Discussion between speakers and guests at the Seminar

Discussion between speakers and guests at the Seminar

Souvenir photo with guests attending the seminar

Author: MSc. Cao Ngoc Thuy - Dr. Nguyen Huu Huan

News, photo: School of Banking, Department Marketing and Communication, Scientific Management - International Cooperation Department.