On November 11th, SAVIS and its technology partner, WSO2, participated in a seminar to introduce and share experience in deploying technology solutions to accelerate the digital transformation process in the banking industry, organized by the Information Technology Department of the State Bank of Vietnam in Ho Chi Minh City.
The seminar was organized by the Information Technology Department of the State Bank of Vietnam (SBV) in Ho Chi Minh City in collaboration with domestic and international technology enterprises.
Intending to introduce and share experiences in implementing technology solutions to help promote the digital transformation process of the banking industry, the speakers brought to the discussion speeches about Redefining future technology applications for the Banking sector (Mr. Han Quoc An, Techdata Company); Overview of applications of Green Lake solutions and cloud computing (Mr. Bui Cong Minh, HPE Company); Red Hat technology and its value to the banking sector (Mr. Khuong Trong Van, Red Hat Company); The necessity of cyber security intelligence and digital risk prevention (Mr. Le Duc Anh, vCyber Company). Notably, the discussion had Mr. Joy Pradeep, solution architect of WSO2 – SAVIS’ technology partner, share his thoughts on Commercializing banking APIs for rapid growth with Open Banking solutions.
Mr. Hoang Nguyen Van – Chairman of the Board of Directors of SAVIS, has shared his enthusiasm about digital signatures, electronic signatures, and secure electronic transactions in Finance – Banking.
In the sharing, Mr. Hoang Nguyen Van emphasized that open banking is an inevitable trend. Creating Open API ecosystems brings many opportunities but challenges to the banking industry, especially in the security issue of digital signatures and electronic seals.
Accordingly, he also pointed out the increasing situation of cheating and forging digital signatures on time-sensitive documents and records such as financial and banking transactions. With standard digital signatures, the displayed generation time is withdrawn from the signing device or server, which simple tools can easily change. As a result, documents can be forged, or fraudulent, leading to the failure to prove the document’s effective date when digitally signed if a dispute occurs. Moreover, expired digital certificates cannot verify the document’s signing time and integrity because of the lack of evidence. The paper then loses its legal value and its ability to become a piece of evidence.
The increasing demand for digital signatures requires more secure digital signature solutions that help identify and authenticate the signer accurately, ensure data integrity and prevent denial. To solve this problem, we need more modern digital signing technologies attaching Timestamp, LTV/LTANS, replacing the commonly-used basic digital signatures.
With Timestamp, documents, contracts, and financial transaction documents can be validated even after the digital certificate expires. Advanced digital signature technology for long-term validation LTV/LTANS helps prolong the time of document validation, regardless of the lifetime of the digital certificate, which is the optimal solution for electronic storage for five years, ten years, twenty years, or forever.
Currently, SAVIS is the first and only organization capable of simultaneously providing two critical services in digital signing: TrustCA Timestamp and TrustCA Remote Signing.
At the same time, SAVIS is the Vietnam’s first Qualified Trust Service Provider (QTSP) in terms of digital signing services, secured electronic seals according to Remote Signing model, and HSM digital signing, following EU eIDAS regulations. Consequently, the digital signing services provided by SAVIS are widely accepted in Vietnam and the EU market for cross-border trade.
The international acceptance of Vietnam’s trust service providers will help solve the big bottleneck of the digital financial, digital banking, open banking ecosystem, aiming towards market expansion and integration into the international market. SAVIS’s digital signing service ecosystem brings unity and interconnection in securing the identification and authentication process, creates a synchronized electronic transaction market according to a common technical standard, and reduces transaction overload and interruption due to the parties rejecting each other’s results.
SAVIS’s digital signature solution system is a significant development step for the digital signature market, and is the foundation for the digital transformation of the banking industry, contributing to the completion of the Open banking model following the 4.0 trend.
SAVIS hopes that the sharing at its seminar will raise technology awareness and speed up the banking industry’s digital transformation process.
Take a look at some highlights from the event: