Page 31 - VET352

BIZ GUEST

We have partnered with leading PSPs in
Vietnam, such as NAPAS, VNPAY, and
MoMo, to integrate all of their payment
options (VietQR, ATM cards and bank
transfers, international cards such as Visa
and MasterCard, VNPAY QR, and MoMo
e-wallet) into a single payment gateway.
The growth of e-commerce is very much
interlinked with the rise of digital payments,
and it is therefore no surprise that their
growth has taken place at an almost similar
pace. The growth of e-commerce and e-
marketplaces is redefining business models,
creating new revenue streams and providing
efficient and convenient ways of doing busi-
ness. In general, we see large corporations
establishing their own proprietary e-com-
merce platforms with matured technology,
a receptive attitude towards doing business
online and the robust digital payment infra-
structure available now. Those who are PHOTO: STANDARD CHARTERED VIETNAM
ahead on this journey are exploring the
introduction of third party sellers on their
own platforms and essentially running a
marketplace to drive further sales with com-
plementary or enriched product offerings.
Modern technology is simplifying “Know
Your Business” (KYB) checks and verifica- At Standard the ongoing implementation of the National
tions, and normalizing digital onboarding. Digital Transformation Program and joining
We have supported many of our clients Chartered, we put our the RPC, etc., involves a need to continue
globally on their digital transformation jour- clients and their businesses focusing on and investing in several areas
ney, whether for their own proprietary plat- at the center when designing to take advantage of the growing opportu-
forms or to operate as a connector, and we nities, especially with the focus now shifting
are keen to further work with them to struc- holistic solutions that will to cross-border e-commerce, i.e. continu-
ture or co-create embedded banking solu- allow them to Collect, Hold, ously developing digital infrastructure and
tions that meet their needs across Collect, and Pay in a more e!cient, logistics infrastructure and reviewing and
Hold, and Pay and the financing cycle. amending laws and regulations.
As the pace of business increases and e- faster, and secure manner.” In conclusion, an inclusive digital
commerce and online models are adopted economy requires inclusive financial serv-
across many industries and geographies, Mr. Sylvester Kinuthia ices for Vietnam and ASEAN’s digital
treasurers increasingly face real-time Head of Transaction Banking, generation. Digitalization offers the poten-
demands on cash and payments manage- Standard Chartered Vietnam tial to make finance more inclusive. To
ment. The growth in cross-border commerce achieve this, multi-stakeholder collabo-
and market coverage is also driving treasurers on November 14, 2022, in Bali, was estab- ration is required to further digitalize
to look for ways to more easily execute lished to strengthen and enhance collabo- Vietnam’s financial services, improve dig-
cross-border transactions. The inevitable ration in payment connectivity through ital and financial literacy, and enhance
trend that will follow is the growth in cross- the development of faster, cheaper, more security and safety in digital financial
border e-commerce and cross-border digital transparent, and more inclusive cross-bor- services. These three elements comple-
payments, and this will create a lot of oppor- der payments. The goal of the RPC is to ment each other and will contribute to a
tunities for business growth, but at the make inter-country payments more seam- more vibrant, inclusive, and sustainable
same time will demand substantial invest- less, convenient, and affordable, allowing digital economy in Vietnam and across
ment and a great deal of multi-stakeholder individuals and businesses to conduct the region.
collaboration to realize the potential. transactions across the ASEAN region with The world will only become more and
In Vietnam, the State Bank of Vietnam ease. The expansion is also expected to more digitally inter-connected in the
(SBV) joining the Regional Payment Con- benefit small and medium-sized enterprises future. To succeed in the face of change
nectivity (RPC) initiative in early 2023 (SMEs), which are crucial to the region’s and disruption, corporate treasurers also
demonstrates the government’s intent and economic growth. By connecting their pay- need to accelerate their move towards
focus on developing a digital ecosystem ment systems, ASEAN member states can digitization. This becomes easier by work-
that contributes significantly to the growth increase trade, investment, and remittances ing with financial institution partners
of the economy and that is aligned with within the region. These are expected to like Standard Chartered that have a wide-
the National Digital Transformation Pro- widen financial inclusion and significantly spread regional network, local expertise,
gram by 2025 with a vision to 2030. The contribute to the overall advancement of and market-ready technology solutions
RPC initiative, which was initiated by the the ASEAN economic community. to provide the necessary support for both
central banks of Indonesia, Malaysia, the While Vietnam has shown great progress local and multinational organizations to
Philippines, Singapore, and Thailand on and positive intent through the exponential operate effectively and efficiently now
the sidelines of the G20 Leaders’ Summit growth of digital payments and e-commerce, and in the years ahead. %

en.vneconomy.vn MARCH 2024 | VIETNAM ECONOMIC TIMES | 45