Vietnam Banks Association builds collaboration with Infinity Blockchain Labs
Dealing with something as precious as money requires great attention to security, transparency and efficiency. Banks have therefore been at the forefront of adoption and implementation of new technologies that ensure safe fund management and transfer. The blockchain stands as the obvious next step for transforming banking systems and Infinity Blockchain Labs (IBL), the premier blockchain R&D company in Vietnam will lead domestic adoption. Recent discussions between the company and Vietnam Banks Association (VNBA) is the first step towards making the country’s financial institutions world leaders in blockchain use.
Vietnam Banks Association
VNBA is a voluntary, professional organization of banking and credit institutions in Vietnam. Currently consisting of 39 commercial banks, 2 joint-venture banks, and 11 finance companies, it gathers and motivates its members to cooperate and support one another in their operations. Representatives from the institutions exchange information, expertise, research and technology and collaboratively disseminate information to the outside world. The group enhances the individual members’ abilities to converse with regulators and establish beneficial regulatory policies while aiding in the protection of rights and solving disputes. Since its founding in 1995, the Hanoi-based association has been instrumental in developing Vietnam’s financial sector. It has helped expand bank services, introduce new systems and further establish its members’ trusted relationship with government entities and clients alike. Vietnam’s sustained, significant economic development in large part relies on the efforts and accomplishments of the VNBA.
IBL’s Role in Blockchain Implementation
Blockchain technologies have been gaining great attention across all industries, though none more so than finance. Industry insiders are aware of the potential for the technology to transform the ease and efficiency with which they can transfer funds and data as well as verify identities and ensure security. These insiders however, often lack the technical know-how required for implementation. IBL, Vietnam’s largest blockchain R&D lab and leader of workshops, contests, courses, and incubating partnerships, is making proactive efforts to fill that role. IBL is currently in discussion with the VNBA regarding ways the team of expert researchers, developers and educators can assist adoption. As the first and only blockchain technology company to be formally invited into the group, IBL will guarantee that members have access to the greatest blockchain knowledge and resources in the country.
Through previous and ongoing education courses established at Vietnam’s top universities, IBL’s Asian Blockchain Education Lab (ABEL) has distinguished itself as the premier source of blockchain information and training in Vietnam. With the assistance of ABEL-authored materials, IBL will be able to explain to the VNBA the great potential that blockchain holds for all areas of their operations as well as teach the practical steps for adopting it. Additionally, IBL will help conduct research and development of services and products specifically applicable to members’ needs.
Blockchain, Banking and Vietnam’s Future
With IBL’s assistance and the power of the VNBA, Vietnam’s banks and finance institutions can become global standard-setters for blockchain implementation. Taking advantage of the technology’s power to achieve unparalleled security, transparency and optimizations, the country can become a leader in future-wave financial services. These advances will easily integrate with and accelerate other industries currently developing blockchain solutions such as AgriTech, SmartTech and IoT (Internet of Things). The pending partnership between IBL and VNBA and increased role of the blockchain signals a bright future for the country’s economic landscape.
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