State Bank of Vietnam’s Decision 2345 mandates that all online financial transactions exceeding VND 10 million per transaction or a daily limit of VND 20 million from July 1, 2024, must be authenticated using biometric identification that matches the data stored in the customer’s chip-enabled ID card issued by the police.
With a recent surge in online fraud and sophisticated scam tactics, ensuring the safety and security of online payments is imperative. In response, several banks have proactively upgraded their technological infrastructure to support biometric identification and streamline the identification process, aligning with the State Bank’s requirements.
 Banks taking the initiative to enhance their technology infrastructure and support customer biometric identification, in line with the State Bank’s directives.
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Vietnam Public Joint Stock Commercial Bank (PVcomBank) is taking a proactive approach to ensure a seamless implementation of the new regulations. They are matching the biometric data of customers opening new accounts online (eKYC) with the National Population Database. Currently, PVcomBank guarantees the security of all online financial transactions through their Internet Banking/Mobile Banking channels by employing Smart OTP authentication, mitigating potential risks.
In preparation for the upcoming mandate, PVcomBank is also refining its systems and upgrading its technological infrastructure. Starting July 1, customers conducting financial transactions exceeding VND 10 million per transaction or a daily limit of VND 20 million through the PVConnect digital banking application will be required to authenticate using biometrics. To register their biometric data from the chip-enabled ID card and match it with the National Population Database, customers need to use mobile devices with NFC (Near Field Communication) technology. Additionally, when performing transactions on a new device with the PVConnect app installed for the first time, customers will also need to authenticate using biometrics.
If customers have transaction requirements exceeding VND 10 million or a daily limit of VND 20 million before completing the biometric data registration process by July 1, they can still conduct these transactions at any PVcomBank branch nationwide. However, to ensure convenience and security, customers are encouraged to promptly update their biometric identification data using their chip-enabled ID cards through the bank’s system.
PVcomBank’s system is prepared to connect with the National Population Database through the PVConnect digital banking application.
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A PVcomBank representative shared: “Our technology infrastructure is in the final stages of enhancement, and we are about to introduce a tool to assist customers in registering their biometric identification, which will match the data stored in their chip-enabled ID cards issued by the police. All these processes can be conveniently performed through our PVConnect application.”
PVConnect, the bank’s new and improved digital banking application, offers a significant technological upgrade. Not only does it facilitate compliance with the new regulations by enabling customers to verify their identities using their chip-enabled ID cards and the National Population Database, but it also prioritizes user experience. PVConnect ensures that all financial transactions are swift, convenient, and user-friendly. Designed with a focus on practicality, PVConnect delivers a smoother experience for customers while providing easy access to a diverse range of financial products and services. This marks a significant step forward in PVcomBank’s comprehensive digital transformation journey, underscoring its commitment to becoming a modern financial institution that offers diverse financial solutions to its customers.
