LienVietPostBank Jointly Building E-Government and Smart City

Fulfilling its commitments to jointly building e-government and smart city services of Bac Ninh province, LienVietPostBank offers a diverse ecosystem of smart digital banking products and services, and best banking service experiences for customers. Our reporter has an interview with Mr. Huynh Ngoc Huy, Chairman of LienVietPostBank's Board of Directors, about this matter.

LienVietPostBank has cooperated with the government of Bac Ninh province to build e-government and smart city services, marking the first cooperation of LienVietPostBank with a local government. Could you please tell us about its successes?

Given its technological and financial strength, in September 2018, LienVietPostBank signed a cooperation agreement with the Bac Ninh Provincial People’s Committee to work with the provincial government on building e-government and smart city services. The cooperation fields include developing electronic payment and digital banking for a cashless society, with a focus placed on connecting payment systems for online public administrative services and developing non cash payment for essential services; (ii) developing infrastructure, deploying telecommunications and information technology applications; and (iii) digitalizing economic and commercial activities in the locality.

To date, the two-side cooperation has initially achieved certain successes. LienVietPostBank completed connecting the payment system with the Bac Ninh Public Administration Center, coordinated with Bac Ninh province to provide Level 4 online public services and provide payment solutions to promote non cash payment for public administrative services; completing connection of online payment with essential services in the province such as electricity, water, education, insurance, telecommunications, television and internet; building a network of non-cash service points, points of sale in the province, developing QR code payment; cooperating with the Department of Information and Communications, other relevant agencies and enterprises to pay salary through bank accounts and at the same time encouraging local agencies, organizations and enterprises in the province to pay salary are via bank accounts and online transactions.

In particular, LienVietPostBank continued to carry out its network development strategy and deploy a variety of banking products and services, lay a stepping stone for developing digital banking services to realize the goal of becoming a leading retail bank of Vietnam on the principle of serving all customers from the countryside to the city. In October 2020, LienVietPostBank officially launched LienViet24h digital bank, and gradually replaced Vi Viet to provide customers with 3-in-1 online digital banking services (integrated with nonphysical Vi Viet card, internet banking, mobile banking and card services) with smart utilities such as more than 200 payment services, including payment for Level 4 public administrative services and essential services in Bac Ninh; online saving/borrowing; interbank fast money transfer; and remote user identification through facial recognition (eKYC) to meet all customers' needs on a single application.

In the context of today's strong digital transformation, powered by eKYC identification solutions and modern technologies, LienViet24h supports Bac Ninh people, especially workers in industrial zones and residents living far from administrative centers, with many opportunities to access mainstream financial services anytime, anywhere without restriction of space and time. Besides, LienViet24h accompanies agencies to complete criteria of the National Comprehensive Financial Strategy, increase the rate of people opening e-payment accounts in a way that is convenient and suitable for their needs, thus creating livelihood opportunities, investment turnover and savings in society, promoting sustainable economic growth and fostering digital economy development in the province.

In addition, LienViet24h is built on an open platform, enabling easy integration with the system and database of businesses and service providers. This generates cooperation opportunities with businesses in Bac Ninh province in order to provide local people with essential services right on LienViet24h application in the most convenient way (e.g. e-commerce, entertainment, goods/service shopping).

After Bac Ninh province, has this cooperation model been scaled up by LienVietPostBank in other localities?

Beside Bac Ninh, LienVietPostBank signed continued cooperation agreements with authorities of Hau Giang and Phu Yen provinces to promote non cash payment, provide a payment platform for Level 4 online public services and offer banking technology, encouraging people to open accounts and make electronic payments. In addition, LienVietPostBank is discussing and working with other localities across the country to launch the National Comprehensive Financial Strategy and the National Digital Transformation Program to 2025, with an eye to 2030.

How has LienVietPostBank provided financial support products, applied technology in management and digital banking for domestic and foreign businesses?

For domestic businesses, LienVietPostBank offers a wide range of financial products and services, including digital banking services, and other banking and non-banking services. LienVietPostBank not only invests and applies modern technology to provide banking products and services (such as LienViet24h application - an upgraded version of Vi Viet) but also develops digital support solutions to increase convenience for customers, such as online payment and sales management solutions; human resource management and salary payment solution; tuition fee collection management solutions, and information technology application for interagency service delivery.

Furthermore, LienVietPostBank cooperated with foreign organizations such as BC Card Company of South Korea to develop cross-border payments, helping Vietnamese people traveling to South Korea to use LienViet24h for QR code-enabled payment at merchant points that are tax-free stores and major shopping centers in South Korea, without having to carry credit cash or credit cards.

The Bac Ninh Investment Promotion Conference is an opportunity for businesses to express their opinions, as well as seek to cooperate with domestic and foreign business communities. So, what will you share about LienVietPostBank products and services with the conference?

With a strong technological and financial foundation, LienVietPostBank wishes to work together with central and local agencies and businesses to develop strategic projects and deploy digital transformation in socioeconomic development activities, carry out criteria of the National Digital Transformation Program - digital government development, enhancing competitiveness to attract investment, improving operating performance (such as developing Level 4 online public services; digitizing document inspection, monitoring and management processes for authorities; forming a data platform for key economic industries based on data provided by State agencies and Internet of Things (IoT) infrastructure. At the same time, the bank increased the share of people with electronic payment accounts in localities across the country.

In addition, for domestic and foreign business cooperation, LienVietPostBank always wishes to exchange, cooperate and accompany both domestic enterprises and foreign enterprises in Bac Ninh province to find new solutions, apply modern technology to help digitize the economy and the society, increase convenience for customers and improve business performance.

Without doubt, Bac Ninh is one of the most dynamic economies and the most favorable business investment environments in Vietnam. (According to the Provincial Competitiveness Index Ranking in 2019, Bac Ninh province scored 70.79 points to rank No. 4 nationwide, climbing 11 places in the ranking). With comprehensive solutions designed to draw more FDI funds, an important driving force for positive contributions to local growth and socioeconomic development, LienVietPostBank hopes the Bac Ninh Investment Promotion Conference will bring more opportunities for further cooperation and investment for stronger socioeconomic development of Bac Ninh province in particular and Vietnam in general.

Thank you very much!

Source: Vietnam Business Forum