Smart eContract – Smart and secure contracts at all times
In today’s era of information technology, traditional contracts are gradually being replaced by electronic contracts due to their convenience, intelligence, and speed. There’s no need for in-person meetings or waiting for physical documents to be delivered—all contract processes are handled within a single management system. What is an electronic contract? Legal value of electronic contracts An electronic contract, as defined in Article 33 of the 2005 Law on Electronic Transactions, is a contract established in the form of a data message, executed through electronic means, magnetic devices, cloud computing, or digital technology. Electronic contracts offer an optimal solution, allowing businesses to sign contracts remotely, anytime, anywhere—especially during the complexities of the COVID-19 pandemic. However, to fully capitalize on this tool, businesses must understand the legal framework for signing and executing electronic contracts. From a legal standpoint, electronic contracts hold the same value as paper contracts and cannot be denied simply because they are in data message form. Additionally, an electronic contract must meet the following criteria: What advantages do electronic contracts have over traditional paper contracts? Electronic contracts offer significant advantages over traditional paper contracts, particularly during the COVID-19 outbreak. The table below highlights these advantages: Electronic Contract Traditional Paper Contract Process – Online, automated, fully paperless – The offline process is complex and manual.– Involves a lot of paperwork, making storage and management challenging. Form Electronic system, no paper Traditional paper-based documents. Method – Signed via computers, tablets, smartphones – Remote signing anytime, anywhere – Ability to sign multiple contracts simultaneously – Hand-signed with a red stamp on physical paper contracts.– Each contract must be signed and stamped individually. Content In addition to tradition Unlike electronic contracts that may include additional agreements such as technical requirements, electronic signature verification, and integrity/security conditions, traditional contracts generally cover: – Technical requirements – Electronic signature verification – Integrity and security conditions – Contract parties;– Quantity, quality;– Price and payment methods;– Duration, location, and method of contract execution;– Rights and obligations of the parties;– Liabilities for contract violations;– Methods of dispute resolution. Signing method Electronic signature, digital signature Handwritten signatures. Contract storage Centralized, highly secure storage, easy to search for documents – Stored in physical warehouses, posing significant challenges to document security.– Requires substantial space and effort to store paper documents.– Vulnerable to risks such as loss, damage, deterioration, or pest infestations.– Difficulty in locating and retrieving documents.– Security systems are unreliable, making it hard to control and manage. Cost Saves up to 90% in time and costs Completing a contract takes a long time, and costs associated with delivery and storage are high. – No need for printing, shipping, or physical storage – Flexible signing times and locations – Time is wasted waiting for customer responses before continuing with the transaction process.– Heavily dependent on leadership schedules, as signatures often require waiting for their availability.– Significant delays in delivering contracts between parties, with a high risk of loss or misplacement. Smart eContract – A smart and secure electronic contract solution Electronic contracts have many advantages over traditional contracts, but risks remain, such as verifying the signer’s identity, signing time (in cases where digital certificates expire), document accessibility (due to technological changes), and data integrity (modifications after signing). Smart eContract addresses these challenges by integrating advanced security features such as timestamping, AdES advanced signatures, and long-term validation (LTV, LTANS), ensuring the highest levels of fraud protection and legal validity in electronic storage. This solution meets the automation needs of organizations and businesses for electronic contract signing, anywhere and anytime, while complying with Vietnam’s Ministry of Information and Communications Circular No. 16/2019/TT-BTTTT and international eIDAS standards. By automating processes from document creation, signing, storage, to transport and extraction, Smart eContract helps organizations quickly build a paperless working environment that is cost-effective, safe, and maximally secure. Contact us for immediate consultation! SAVYINT is the first provider of remote digital signing services, offering a full range of basic, advanced, and long-term validated digital signing solutions.
SAVYINT and Konsentus accelerate open banking in Vietnam
Hanoi and London, 8 March 2024, SAVYINT and Konsentus have created an operational structure for open banking in Vietnam. SAVYINT, one of the country’s leading providers of digital capabilities, and a key supplier of technology services to the Vietnamese financial services community, engaged Konsentus, a global provider of open banking advisory services and trust infrastructure, to collaboratively create a legal and operational framework for open banking. In support of the country’s vision to develop an advanced and high-quality connected digital society for all individuals by 2030, SAVYINT sought support from Konsentus to create a framework for an innovative and cutting-edge open banking infrastructure to enable further growth and development. Konsentus has worked collaboratively with SAVYINT to: This open banking framework will provide the foundational bedrock for open banking in Vietnam and will allow the market to take the next step towards an open data-sharing ecosystem It puts the nation amongst other market leaders in the region. Konsentus, advisors to central banks, regulators, and market infrastructures, is renown internationally for providing expert support to help jurisdictions shape the future direction of open finance. They work with, and for, the local market to champion accessibility to financial services and drive competition, innovation and financial inclusion. SAVYINT provides trusted digital products, solutions, platforms and services in strict compliance with Vietnamese and international standards. Their transformation solutions support all industry verticals ranging from government and healthcare to BFSI and telco. Mr. Van Hoang Nguyen – Chairman of the Board of SAVYINT “Open banking can enable economic growth and social development. It provides a comprehensive view of all financial data to customers and enables businesses to access a wider range of financial services. Banks cooperate with third-party providers to optimise the user experience when using financial products and services. With open banking ecosystem, consumers can execute direct payments to merchants from their bank accounts, eliminating the necessity for card-based transactions. Konsentus has been a crucial partner in understanding global best practice and defining the appropriate structure for the Vietnamese market. We are sure that what we’ve delivered together is tailored for the market and will set the country up for future success.” Jim Wadsworth, EVP Strategic Market Development, Konsentus “Our international footprint and in-depth understanding of global open banking ecosystems has enabled us to streamline processes and develop a framework tailored to local Vietnamese market requirements. Vietnam is a burgeoning economy but 44% are still unbanked and 70% still live in rural or remote areas. Open banking can support financial inclusion and the broader digital transformation agenda. Konsentus looks forward to supporting Vietnam on its open banking journey.” About SAVYINT SAVYINT is a leading provider of trusted digital products, solutions, and services with deep expertise in PKI systems, digital signature solutions, data encryption/privacy, open banking, blockchain & key management, cybersecurity services and AI and cloud applications… Committed to international standards, SAVYINT delivers top-tier solutions designed to meet the highest security and compliance requirements. Its advanced technical infrastructure supports digital transformation across diverse sectors such as government, healthcare, finance, education, logistics, transportation, telecommunications, and broadcasting. With a strong focus on innovation and security, SAVYINT is a reliable partner for organizations seeking to enhance operational efficiency and data security in the digital era. About Konsentus Konsentus provides specialist advisory services and technology solutions to support the national implementation of open finance ecosystems. Subject matter experts, Konsentus advisors have a proven track record in navigating complex, multi-stakeholder ecosystems and understanding individual regulatory and market requirements. Konsentus’ award-winning technology powers national open finance infrastructures. Modular and scalable by design, our solutions are tailored to individual market requirements, enabling ecosystem participants seamlessly to identify each other and interact within a safe and trusted environment. Founded in 2018, Konsentus is active across 37 markets and counts many of the largest global financial institutions as clients. Konsentus is ISO 27001 certified.
SAVYINT and Wultra strengthen partnership to develop authentication solution
On April 17, 2024, SAVYINT and Wultra entered into a collaboration to develop and implement authentication and compliance solutions for digital banking and financial services, aligning with Decision 2345/QĐ-NHNN. Accordingly, both parties pledge to collaborate closely in fostering the development of cutting-edge authentication solutions that adhere to the stringent security standards and regulations mandated for clients in the Finance, Banking, Insurance, Securities, Healthcare, Digital Media & Broadcasting and Government sectors. Wultra will provide advanced authentication, identity management, data security, and privacy solutions for SAVYINT’s digital solutions and services, encompassing: SAVYINT’s enterprise customers can now leverage the most cutting-edge authentication platform to enhance end-user experiences, safeguard data privacy and minimize e-commerce transaction risks. In addition to these core offerings, SAVYINT is also focused on accelerating the development of innovative platforms and solutions, including: By seamlessly integrating and developing these solutions, SAVYINT and its partners can achieve comprehensive improvement and enhance their business operations. Mr. Ondrej Kupka – A Wultra representative has emphasized SAVYINT’ position as a crucial strategic partner, citing the company’s comprehensive Digital Signature Solution and Open Banking Platform. The representative stressed that this collaboration will benefit both parties and foster market growth. Wultra’s comprehensive authentication solution fully complies with the legal requirements outlined in Vietnam’s Decision No. 2345/QĐ-NHNN. About SAVYINT SAVYINT is a leading provider of trusted digital products, solutions, and services with deep expertise in PKI systems, digital signature solutions, data encryption/privacy, open banking, blockchain & key management, cybersecurity services and AI and cloud applications… Committed to international standards, SAVYINT delivers top-tier solutions designed to meet the highest security and compliance requirements. Its advanced technical infrastructure supports digital transformation across diverse sectors such as government, healthcare, finance, education, logistics, transportation, telecommunications, and broadcasting. With a strong focus on innovation and security, SAVYINT is a reliable partner for organizations seeking to enhance operational efficiency and data security in the digital era. About Wultra Wultra is a global pioneer in authentication, information security, and data privacy solutions. Wultra serves as a digital financial guardian, empowering banks and fintech companies with modern, easy-to-deploy authentication solutions that elevate customer experiences. As a trusted partner with an open-source, developer-friendly approach, Wultra’s solutions can be implemented in weeks, not months. Wultra has established itself as a leading provider of digital banking security in the Czech Republic. The company is actively expanding its international market strategy.
SAVYINT Presents at the “Hanoi – Smart City and Open Banking Ecosystem” Symposium
On the morning of October 2nd, Mr. Hoang Nguyen Van, Vice Director of the Institute of Innovation and Digital Transformation (VIDTI) and Chairman of the Board of SAVYINT, delivered a presentation on the topic “The Benefits and Challenges of Implementing the Open Banking Ecosystem” at the symposium. The “Hanoi – Smart City and Open Banking Ecosystem” symposium was part of the 2024 Vietnam Card Day event series. It saw the participation of the Hanoi City leadership, Deputy Governor of the State Bank of Vietnam, and leading representatives from the financial and banking sectors, coming together to discuss and exchange ideas for a smart, clean, and digital Hanoi. Speaking at the symposium, Mr. Ha Minh Hai, Vice Chairman of the Hanoi People’s Committee, emphasized that in the context of international integration and the development of the fourth industrial revolution, building a smart Hanoi is both essential and urgent. This forms the foundation for improving residents’ quality of life, optimizing urban management, and achieving sustainable, green, inclusive development. Mr. Pham Tien Dung, Deputy Governor of the State Bank of Vietnam, shared similar views, stating that the transition to a smart city and digital transformation in the banking system are closely intertwined, with the emergence of the open banking ecosystem being a key factor. This transformation is linked to the integration of technology platforms, payment solutions, and data sharing to develop a strong digital and open banking ecosystem. Following this, Mr. Hoang Nguyen Van elaborated on the advantages open banking brings and the challenges faced in its implementation in Vietnam. According to Mr. Van, in recent years, as the trend of digital banking has grown, banks have increasingly sought to acquire new customers, reduce operational costs, and foster innovation. These needs have given rise to a new ecosystem—open banking. Third parties have emerged to help banks solve challenges related to increasing customer acquisition, improving service quality, and optimizing ecosystem integration at the most efficient costs. In the open banking ecosystem, all participants benefit. Banks and third parties gain new revenue streams by leveraging each other’s strengths, which in turn fosters the development of innovative products and services. Individual users enjoy personalized services and enhanced data security, while businesses benefit from easier access to banking services, expanded customer and partner networks, and optimized operational efficiency. Despite the numerous benefits, implementing open banking in Vietnam still presents challenges. While Vietnam has introduced personal data protection regulations (Decree 13/2023/ND-CP) and the State Bank of Vietnam’s regulations (Decision 2345/QD-NHNN), there is still a lack of clear standards on technical requirements, open API connectivity, and operational guidelines. After highlighting countries like India, Singapore, and South Korea, which have successfully implemented open banking through strong legal frameworks, Mr. Van stressed, “Only a clear legal framework can create favorable conditions for the open banking ecosystem to thrive and benefit all stakeholders.” Concluding his presentation, Mr. Van proposed a four-step implementation model for banks, starting with initial analysis and assessment, deployment models (legal framework, service models, templates), application of rules and processes, and finally, design and technical standards. This model serves as a guide for banks participating in the open banking ecosystem. Throughout the two working sessions, SAVYINT representatives and experts discussed various issues related to urban management, technology solutions, and enhancing the legal framework for the open banking ecosystem. Building a smart city requires more than technology and expertise—it also demands government support in terms of institutions, laws, and management methods. Particularly in a large city like Hanoi, with its extensive economy and population, these challenges must be carefully considered to ensure comprehensive development. With a wealth of experience both domestically and internationally, SAVYINT continues to research and provide cutting-edge technology solutions in the fields of digital transformation, information security, and fintech. In the emerging field of open banking, SAVYINT offers specialized Open Banking Solutions and Services tailored to the financial sector, meeting both legal and technological requirements while fostering connectivity and building a digital financial ecosystem. With its expertise and technological capabilities, SAVYINT is confident in supporting and advancing open banking in Vietnam.
SAVYINT collaborates with Google Cloud on AI, Blockchain, and Cloud applications serving digital government, digital economy, and digital society
SAVYINT collaborates strategically with Google Cloud to bring cutting-edge technologies such as AI, Blockchain, Cloud, and Fintech from the world’s leading tech giant into Vietnam’s information systems, supporting the development of a digital government, digital economy, and digital society. Google Cloud Platform is a cloud computing service that allows organizations and businesses to build, run, and manage applications on the cloud. Beyond being just a cloud infrastructure, Google Cloud provides a comprehensive suite of services and applications to enable organizations and businesses to migrate to the cloud in the most efficient and secure way. With over 30 years of experience in technology development, data collection, and analysis, Google Cloud has built solutions that help customers accelerate their progress. Google Cloud Platform offers all the solutions and services businesses need to “move to the cloud,” including Hybrid & Multi Cloud, Cloud CDN, Data Cloud, Open Cloud, Generative AI, Machine Learning, Big Data, Data Analytics, and more. AI is at the core of Google’s DNA. Over the past two decades, Google has harnessed the power of AI to organize the world’s information and make it universally useful. AI has enabled Google to solve the most complex challenges. The partnership between a global leader like Google and SAVYINT represents a perfect collaboration, driving the adoption of digital technologies to modernize Vietnam’s digital government, digital economy, and digital society. At a recent meeting between SAVYINT and Google Cloud, Mr. Nguyễn Đức Toàn, Country Director of Google Cloud Vietnam, and Mr. Vamsi, Google’s regional representative, introduced Vertex AI and Google’s LLM (Large Language Models), discussing with SAVYINT the implementation and application of these models within Vietnam’s governmental systems. To support the government and businesses in building secure and robust systems, Google Cloud has integrated Generative AI into Vertex AI. Vertex AI is a machine learning platform that helps developers deploy and maintain AI models more easily. For Vietnam’s government, combining Vertex AI with LLM (Large Language Models), which are deep learning models trained on vast amounts of text data, will create smart, responsive technology solutions for search engines and recommendation systems on current websites and software. These advanced technologies are being applied to develop a comprehensive digital financial and digital economy ecosystem, including foreign affairs portals, investment and tourism promotion gateways, digital platforms for agricultural product consumption, retail, household businesses, digital solutions for healthcare, education, and SMEs, as well as cross-border e-commerce platforms to manage customers, operations, and supply chains. According to Mr. Hoàng Nguyên Vân, Chairman of SAVYINT, with expertise in Open API, Fintech, PKI systems, and chatbots, along with technology partner Google Cloud, SAVYINT is focused on building digital platforms to serve the digital government, connecting citizens, businesses, and state agencies, and developing integrated digital finance, digital healthcare, and digital education systems. The strengthened collaboration between SAVYINT and Google Cloud marks significant progress in improving product quality, aiming to create high-tech solutions.
SAVYINT becomes the first senior partner of nCipher in Vietnam
The nCipher APAC Channel Partner Conference, held from October 22–25, 2019, in Ho Chi Minh City, gathered nCipher’s most important partners from across the Asia-Pacific region. SAVYINT attended the event as nCipher’s first senior partner in Vietnam. nCipher is a market leader in providing Hardware Security Modules (HSM) for key management and encryption, and a subsidiary of Entrust Datacard—a global leader in trusted identity and secure payment solutions. With over 400 partners worldwide and offices in more than 94 countries, nCipher leads the way in encryption technology. The nCipher APAC Channel Partner Conference is an annual security-focused event for the Asia-Pacific region. In 2019, the conference was held in Ho Chi Minh City for the first time, bringing together nCipher’s top regional partners. SAVYINT participated not only as nCipher’s first senior partner in Vietnam but also as a partner of Entrust Datacard, providing Public Key Infrastructure (PKI) systems and Mobile ID/Mobile Signing/Remote Signing solutions, compliant with eIDAS standards from SAFELAYER—Entrust Datacard’s subsidiary in Vietnam. At the event, Mr. Hoàng Nguyên Vân, Chairman of the Board of SAVYINT, shared insights and proposed product and solution development directions for nCipher, based on customer needs and Vietnam’s regulatory framework. He also expressed a desire for nCipher to establish a training center in Vietnam to enable partners and clients to receive regular, easy access to product and technology updates. SAVYINT is currently collaborating with nCipher to offer products such as nShield Connect, nShield Solo, nShield Edge, nShield Cloud, and comprehensive solutions for Code Signing, TimeStamp Signing, across all digital services and applications, including Blockchain, e-Payments, POS, e-Wallets, e-Invoices, e-Signatures, Remote Signing, Mobile Signing, electronic documents, and data encryption. Key digital transformation solutions in Vietnam, including Go Invoice (e-Invoices), Trusted Archive (Big Data-based digitalization and electronic archiving), and SAVYINT BPM Paperless (automated process and digital document management solutions), have been successfully implemented by SAVYINT for major clients in sectors such as Digital Government, Digital Enterprises, Digital Broadcasting, Digital Banking, E-Health, Telecommunications, IoT, and Smart Cities. In the current wave of rapid digitalization, the demand for data security solutions is rising due to stringent global data protection regulations such as the General Data Protection Regulation (GDPR) and the European Union’s eIDAS for secure signing and trusted services. Becoming the senior partner of a global leader in hardware security modules (HSM) like nCipher is a pioneering move for SAVYINT. The collaboration between SAVYINT and nCipher will provide comprehensive integrity and security for critical customer applications and information systems, ensuring full compliance with both Vietnamese and international data security and information protection regulations.