February 24, 2024

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Vietnam Promotes Security For Digital Payments

The Vietnamese government is looking to make the nation a cashless society with new methods of electronic payments being deployed widely. However, security risks come hand in hand with new technologies and applications. The use of mobile wallets and payment apps in the country in recent years has seen a surge, according to a press release. Over 85% of consumers have at least one electronic payment app and over 42% use mobile contactless payments. Further, 71% of consumers use e-wallets or payment apps at least once a week.

Mobile transactions are forecast to increase by 400% in the country by 2025, thanks to the booming digital economy. This trend could be accelerated by the effects of the unexpected COVID-19 outbreak and the government-approved pilot application, ‘mobile money’, that allows the use of mobile phone credit to pay for small-value goods and services.

According to statistics from the Department of Telecommunications, by the end of 2020, Vietnam had 132.5 million active mobile subscribers accounts (with a population of less than 100 million). Therefore, the mobile-money service is expected to quickly spread cashless payment across the country, even to rural, remote, and isolated areas. Together with cashless payment systems such as e-wallets, credit cards, and banking services, Vietnam is on its way to becoming a completely non-cash society in the near future.

Over the past few years, people have increasingly been receiving malicious messages from cybercriminals disguised as banks. The message usually says suspicious transactions related to the customers’ accounts were found and tells them to login into their accounts using a link provided in the message, failing which their accounts will be locked. The release quoted an industry expert saying that the increase in society’s reliance on e-wallets and mobile banking apps invites greater interest from cybercriminals who are almost always after money and confidential data. As a result, there is an increase in sophisticated smishing and phishing attempts targeted at mobile banking users.

More of these incidents are expected in the future, hence it is important to secure devices and be aware of the risks online as the world embraces a digital society. Phishing is a social engineering technique used by cybercriminals to steal information or money from a user’s PC, laptop, or smartphone. The Vietnamese government, alongside its drive for a cashless society, has also been actively spreading awareness and conducting campaigns against threats lurking online. With the right cybersecurity measures and correct cyber habits, Vietnamese can securely conduct financial transactions online.

OpenGov Asia had reported earlier that Vietnam’s digital economy will likely reach US$52 billion in value by 2025. With the gross merchandise value (GMV) of its Internet economy accounting for over 5% of the country’s GDP in 2019, Vietnam is emerging as the most digital of all economies in the region. Last year, the Vietnamese internet economy continued to record double-digit growth, at 16% year-on-year, the highest in Southeast Asia. All sectors except travel continued to grow in 2020, of which transport and food, and online media grew 50% and 18% compared to 2019. Only online travel dropped 28% in terms of GMV but is expected to grow 25% by 2025. This year’s seismic consumer and ecosystem shifts have advanced the Internet sector in unimaginable ways, putting it in a stronger position than ever.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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