Sacombank and the Ministry of Public Security’s RAR Centre sign an agreement in HCM City on March 12.— Photo courtesy of Sacombank

HCM CITY — Sacombank and the Ministry of Public Security’s Research and Application Centre for Resident Data (RAR Centre) have signed an agreement to deploy electronic authentication services on the Sacombank Pay app through the ministry’s VNeID platform.

So, in addition to the existing solutions that involve chip-embedded citizen identity cards and NFC-enabled phones, the bank’s customers can now update their biometric data directly on the app, eliminating the need for a physical identity card, with the provisos that they should have completed level-2 identity verification on VNeID and updated to the latest version of Sacombank Pay app.

This feature is especially useful for customers using phones not enabled for NFC.

Updating biometric data enhances security for money transfers and digital payments, helping prevent fraudulent transactions and scams while optimising daily transactions for customers.

Speaking at the signing ceremony, Colonel Ngô Như Cường, deputy director of the Police Department for Administrative Management of Social Order (C06), said: "The implementation of electronic authentication services via VNeID will not only facilitate financial transactions for citizens but also enhance security, protect personal information and reduce fraud risks in online transactions."

He expressed the hope that both parties would continue to innovate and develop additional products and services related to population data, identification and authentication technology to serve as a crucial foundation for enhancing payment systems, driving socio-economic development and providing practical, secure benefits for both individuals and businesses.

Sacombank started collecting biometric information and authentication of customers using their chip-embedded citizen identity cards at its counters and via mobile app since July 2024.

Over 3.5 million customers have registered for biometric authentication, and nearly 40 million transactions have been authenticated biometrically, or 94 per cent of all its transactions.

The partnership with the RAR Center marks a significant milestone in expanding authentication methods, allowing it to accelerate biometric registration for more customers in the near future, contributing to achieving key objectives outlined in the Government’s Project 06 on developing the application of population data, e-identification and authentication for national digital transformation 2022-2025 period, with a vision to 2030, the bank added. — VNS