Cross-border credit information exchange important for investment
governor of the State Bank of Việt Nam Nguyện Thị Hồng delivers speech at
the APEC seminar on cross border credit information exchange in Ninh Bình
on Tuesday. – Photo vov.vn
NINH BÌNH – Cross-border credit information exchange plays an
important and necessary role in promoting the quality and efficiency of
investment and business activities for 21 member economies in the Asia
stated by experts at a seminar on Tuesday on this issue.
the APEC seminar on cross border credit information exchange in Ninh Bình,
deputy governor of the State Bank of Việt Nam Nguyễn Thị Hồng said extensive
globalisation required APEC members to connect their credit information
networks to ensure equality and transparency in investment co-operation and
diminish information discrepancy risk.
exchange of credit information will open up great opportunities for credit
institutions in expanding co-operation, sharing experiences and obtaining
reliable information to facilitate investment and business activities, as
well as credit access for people in each country,” Hồng said.
has been on the agenda of many international financial conferences and attracted
special attention from the APEC region. Its implementation, however, is held
back by the differing legal principles in the member countries, especially in
regulations concerning credit information, cross-border information exchange
and customer privacy protection.
Hồng said in
recent years, Việt Nam has actively participated in regional and
international conferences on this topic and expressed its desire to enhance
co-operation and exchange of credit information.
reflected the country’s determination to undertake its commitments to open up
and integrate deeper with the world’s economy,” the central bank’s official
in 21 APEC member countries, ASEAN and ASEAN+3 have discussed the need of
exchanging credit information, creating key elements for establishing a
successful mechanism of cross-border credit information exchange, including
legal framework and database, and outlining a draft on the memorandum of
understanding on data dictionary.
important content for a developing country such as Việt Nam on its path to
build a legal framework and standards on credit information activity,
including cross-border sharing of credit information and regulations on
customer privacy protection.
The seminar took place on the sidelines under the
framework of the APEC Senior Finance Officials Meeting (SFOM), which will
take place on May 18-19 in Ninh Bình. – VNS