The inter-bank transfer model with Blockchain technology has been successfully tested. However, the representative of The State Bank said that: “Blockchain is not the real concern of Vietnamese banks at the moment”.

Three banks in Vietnam has started to test the banks transfer with Blockchain Tech.

According to Mr Nguyen Hung Nguyen, Deputy General Director of Technical department of The National Payment Corporation of Vietnam (NAPAS), NAPAS and three banks including VietinBank, VIB and TPBank has tested bank transfer model using Blockchain Tech.

Mr Nguyen Hung Nguyen said that testing the use of Blockchain in retail payments could help increase transparency in transactions, reduce costs and risks in trading.

The primary purpose of testing is feasibility and practicality. In addition, the testing also helps NAPAS and banks evaluate the ability of solution deployment in the large area as well as pilot implementation, testing of other modern technologies in the banking community and NAPAS.

After 4 weeks of pilot implementation, the main operations of transaction processing, control are all done.

The Banks shouldn’t apply Blockchain in this moment

Mr. Pham Tien Dung, Head of Payment of the State Bank of Vietnam said that the biggest impact of Industry 4.0 on the banking and finance sector is that it will fundamentally change the business model of banks follow the digitalization trend and strong application of technology achievements of this revolution. Blockchain will be the most suitable application for transferring money in banks. However, Mr Dung also emphasized that "Blockchain is not a real concern of banks at the moment. In my opinion, Blockchain can solve many problems, but for banks, which operation to apply Blockchain is still matter that we need to be cafrefully calculated. One more, there is no legal corridor for new technologies like Blockchain in Vietnam".