Unleashing the Power of AI in Finance: ACCA’s Visionary Summit “Catalysing Innovation With AI”

This event aimed to support businesses in maximizing the potential of artificial intelligence (AI) in the rapidly growing global and Vietnamese digital economy. Notably, the event was graced by the presence of the Lord Mayor of the City of London, Mr. Michael Mainelli, a Senior Member of ACCA.

Representing ACCA at the event were Mr. Ren Varma, Director of ACCA Southeast Asia; Mr. To Quoc Hung, Country Director of ACCA Vietnam; and Mr. Pham Quoc Hung, Deputy Chairman of the ACCA Vietnam Member Advisory Committee and Deputy General Director of Grant Thornton Vietnam. The British Consulate General in Ho Chi Minh City was represented by Ms. Alex Smith, the Consul General, and the Director of Trade. The event also witnessed the participation of leading finance and technology experts, including Mr. Phan Vu Hoang, Deputy General Director of Deloitte Vietnam; Mr. Ngo Hoang Ha, Deputy General Director and CFO of Techcom Securities; Ms. Nguyen Thi Phuong, Consulting Director of FPT IS; and Ms. Nguyen Ngoc Lan Anh, Director of Technology and Operations at Standard Chartered Bank, along with numerous ACCA members who are senior leaders in the fields of accounting, auditing, finance, and technology in Vietnam.

Mr. Ren Varma, Director of ACCA Southeast Asia, delivering the opening remarks

In his opening address, Mr. Ren Varma, Director of ACCA Southeast Asia, emphasized the significance of AI in the accounting field. He stated, “At ACCA, AI is embraced as a potential business enabler that helps accountants save time and costs, bringing sustainable value to businesses. The remarkable development of AI has been reshaping the way businesses operate. Therefore, ACCA has proactively upgraded its training program to equip accountants with skills and knowledge about AI, along with a strong foundation in professional ethics. The application of AI in accounting processes will free accountants from repetitive tasks, allowing them to focus on more strategic and creative endeavors. Consequently, this will enhance the value of their work and elevate the position of accounting in the context of digitalization.”

The Lord Mayor of the City of London, Mr. Michael Mainelli, addressing the event

Following Mr. Ren Varma’s remarks, the Lord Mayor of the City of London, Mr. Michael Mainelli, commended ACCA’s pioneering role in embracing and applying AI while underscoring the importance of AI in the financial and accounting sectors. The Lord Mayor shared, “Vietnam’s growth rate has outpaced most ASEAN countries in the past decade, with significant contributions from UK-based businesses and organizations, including ACCA, in developing financial services, businesses, and the overall economy.”

The speakers sharing their insights at the event

During the event, guests had the opportunity to listen to and interact with leading finance and technology experts from Deloitte Vietnam, Techcom Securities, FPT IS, and Standard Chartered Bank. They shared insights on the benefits of AI, practical application experiences in Vietnam, and models to harness the superior potential of AI for sustainable development.

Mr. To Quoc Hung, Country Director of ACCA Vietnam, delivering the closing remarks

In his closing remarks, Mr. To Quoc Hung, Country Director of ACCA Vietnam, expressed his sincere gratitude to the guests, partners, ACCA members, speakers, and the Lord Mayor of the City of London for their valuable time and contributions to the event. He affirmed, “AI presents more opportunities than challenges for Vietnamese businesses. It significantly impacts business operations by enabling people to handle and analyze vast amounts of data, generate content such as reports, and facilitate daily communication. However, the role of accountants in ensuring transparency, accountability, and professional ethics remains irreplaceable with the use of AI.” Lastly, he encouraged everyone to leverage ACCA’s network and research resources on AI application to develop their businesses, contributing to a better Vietnam and world.

After nearly three hours of productive discussions, the event concluded successfully. Through this event, the guests not only gained a comprehensive understanding of AI and its value in the accounting and financial sectors but also had the opportunity to network with industry leaders, potentially fostering new partnerships and projects in the future.