More than 100 senior leaders and experts from Vietnam’s leading financial institutions last week took part in a seminar on Artificial Intelligence application in Vietnamese retail banking in Hanoi, organised by Trusting Social and the Vietnam Banks Association. The challenge for financial institutions is accessing, and retaining, the vast numbers of people classed as financially invisible With the attention of leading bankers, investors, and fintech entrepreneurs, as well as the media, Trusting Social CEO Nguyen An Nguyen unveiled the latest Artificial Intelligence (AI) developments in lending and retail banking. The spotlight of his talk included the current advancement in AI and how this technology brings new credit opportunities, better credit experiences, and drastic changes to retail banking in the country. Nguyen also shared his view on the underlying problem of in-house credit scoring methodologies, which leads to lengthy paperwork and results … [Read more...] about Touting AI as retail banking’s future
Web and mobile application development
IT application ensures high-quality 2019 census: Deputy PM
Deputy Prime Minister Vuong Dinh Hue chaired the first meeting of the national steering committee on national census on November 19. (Photo: VNA) Hanoi (VNA) – Capitalising on the Fourth Industrial Revolution’s advantages and applying information and technology (IT) are significant to running a streamlined and high-quality national census in 2019, Deputy Prime Minister Vuong Dinh Hue has said. The official, who is head of the national steering committee on national census, made the statement while chairing the first meeting of the committee on November 19. As advanced technologies create both convenience and systematic risks, he asked the Ministry of Information and Telecommunications, the Ministry of Public Security, the General Statistics Office of Vietnam (GSO) and the Ministry of Planning and Investment to anticipate risks and ensure information safety. The population and housing census is executed every 10 years, with the country’s fifth scheduled for … [Read more...] about IT application ensures high-quality 2019 census: Deputy PM
BUSINESS NEWS IN BRIEF 11/11
Vietnam’s rice exports hit 5.2 million tonnes in ten months Vietnam shipped abroad 264,000 tonnes of rice in October this year for 136 million USD, pushing the total figures so far this year to 5.2 million tonnes worth 2.6 billion USD, up 1.7 and 14.1 percent year-on-year. China remained the leading importer of Vietnamese rice with a growth rate of 24 percent. Strong rises were also seen in many other markets, such as Indonesia, Iraq, the Philippines, and Malaysia. Average rice prices in the first nine months of 2018 reached 503 USD per tonne, up 13.7 percent year-on-year. The highest price was recorded for Jasmine rice with 575 USD per tonne, followed by Japonica with 526 USD per tonne. The export of medium- and high-quality rice increased, while that of low quality types reduced, now accounting for just 2 percent of the total export volume. [Video: Vietnamese rice now top quality on the international market] On October 18 this year, the Philippines closed its bidding and … [Read more...] about BUSINESS NEWS IN BRIEF 11/11
YOLO digital bank expected to make a breakthrough in mobile financial service
Director of YOLO Shameek BhargavaViet Nam News VPBank recently launched a digital bank called YOLO in which users can access not only daily services such as taxis, movies, hotel bookings and food and beverage orders, but also banking services including savings and loans associated with Master Card. Director of YOLO Shameek Bhargava talks with local media about the unique digital banking platform that VPBank is proud to add to the market Can you tell us about the background of the digital bank? The idea of forming YOLO originated from the desire to create a digital platform capable of reaching and serving millions of new customers quickly – a digital banking platform that has the potential to thrive and break through what we see as the traditional banking model. With such big ambitions, we have used a completely new, independent technology platform that is different from current banking platforms which use the traditional core banking system. This platform allows us to grow … [Read more...] about YOLO digital bank expected to make a breakthrough in mobile financial service
Ecommerce on the rise as customers go mobile
Smart phones have been the medium for 72% of the total hits on e-commerce websites, while 53% of online shopping transactions have been conducted via mobile platforms. According to Appota’s report on Vietnam’s mobile application market in the first half of the year, the number of online shoppers in Vietnam is estimated at 35.1 million, generating more than US$2 billion in revenue. That figure is predicted to reach 43.9 million with revenue surpassing US$4 billion by 2022 The statistics show that the number of people goods purchasers through Facebook, accounted for 67% of online shopping in 2016 and that figure rose to 83% in 2017. The report indicates that the millennial generation (18-35 age group) has made up 82% of shares of Vietnam’s e-commerce market. This is the most important segment for retailers and online service providers. HCM city has the biggest online shopping market with 38%, trailed by Hanoi (17%), Can Tho (3%), Da Nang (3%) and Hai Phong (1%) … [Read more...] about Ecommerce on the rise as customers go mobile