The State Bank of Vietnam published an account of a ceremony marking the 20th anniversary of its Payment Department and the department’s receipt of the Second Class Labor Order. Governor Nguyen Thi Hong highlighted the unit’s role in shaping payment policy, developing payment infrastructure and promoting modern payment methods as part of the banking sector’s digital transformation. The update outlined the department’s work on the legal framework for non-cash payments, digital transformation and innovation mechanisms, as well as the supervision of systemically important payment systems and measures to strengthen payment security. It highlighted the SIMO information system for managing, supervising and preventing payment fraud, which entered operation in mid-2025, and reported that as of 11 December 2025, 122 of 147 institutions had successfully reported to SIMO, covering 592,000 records of suspicious payment account or e-wallet data and supporting warnings to 2.13 million customers; more than 670,000 customers stopped or cancelled transactions after receiving alerts, relating to over VND 2.57 trillion of transactions. The article also cited rapid growth in non-cash payments and digital channels since 2005, including broad adoption of QR code payments, more than 222 million personal accounts and over 87% adult bank account penetration.
State Bank of Vietnam 2025-12-12
State Bank of Vietnam marks 20 years of its Payment Department, awards Second Class Labor Order and updates on SIMO fraud monitoring
The State Bank of Vietnam celebrated the 20th anniversary of its Payment Department, highlighting its contributions to payment policy and digital transformation. The department's SIMO system, operational since mid-2025, has processed 592,000 records of suspicious payment data, aiding 2.13 million customers in preventing fraud. Non-cash payments have grown rapidly, with QR code adoption and over 87% adult bank account penetration.