What Does Innovation in the Banking Sector Entail?

Article 5 Circular 17/2019/TT-NHNN stipulates that initiatives in the Banking sector are new solutions created or improvements to previous solutions applied during the implementation of tasks, bringing practical benefits (economic efficiency or social benefits), improving productivity, quality, and work efficiency, including:

Illustration (source: internet)

- Management solutions are methods of organizing and operating the work of the managing entity upon the managed object to achieve certain work objectives;- Technical solutions are technical methods and means aimed at solving a specific task;- Operational solutions involve advising, proposing methods to implement tasks that help the managing entity solve work effectively;- Solutions applying scientific, technical, and new technological advances are methodologies, methods, and measures applying a known technical solution to practical banking activities.

On the other hand, the scope of impact of initiatives in the Banking sector is stipulated by this Circular as follows:

- Initiatives with high efficiency and nationwide impact are new solutions created or improvements to previous solutions, applied in the Banking sector, bringing practical benefits nationwide;- Initiatives with efficiency and impact within the Banking sector are new solutions created or improvements to previous solutions, applied and bringing practical benefits to the Banking sector;- Initiatives with efficiency and local-level impact are new solutions created or improvements to previous solutions, applied and bringing practical benefits to the activities of the unit.

See additional regulations in Circular 17/2019/TT-NHNN effective from December 16, 2019.

Thu Ba

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