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Together with banks in the Roadmap for VCCS Migration

At present, financial and banking institutions in Vietnam are facing up to many challenges with a view to enhancing the security for cardholders and financial transactions. In 2017, there were many card frauds occurred, causing serious socio-economic damage. Not only that, banks deal with the warning of international card scheme that issuers have to bear the risk of issuing their magnetic stripe cards. In compliance with the requirements of the State Bank of Vietnam (SBV), Vietnamese banks must complete the migration from magnetic stripe cards to chip cards under VCCS project by 2020.

With its 19 years of experience in developing and implementing card programs for the financial and banking sector, MK Smart understands the challenges and problems of banks in migrating to chip cards in accordance with SBV regulations. MK Smart and Infineon co-organized the workshop “Success Factor for VCCS Migration” on the morning of March 13 at Pullman Hanoi Hotel and March 15 at Riverside Palace Tp.Ho Chi Minh, to help banks migrate successfully in short period with optimal cost and satisfying all standards promulgated.

Encapsulated in a half-day seminar, experts from MK Smart and Infineon select the core issues directly related to the deployment of banks in the context of only 3-year left for the migration as regulated by the SBV, including:
• Review of the Roadmap and regulations of the SBV on the migration to chip cards in accordance with VCCS
• The role of MK Smart and Infineon in supporting banks to migrate
• Highlights of Infineon Chip products for contactless payment cards and multi-function payment cards
• Flexible migration solution packages based on budget of banks (Software; Hardware Systems and Services).
• Commitment of MK Smart and Infineon in consulting – providing and supporting banks to implement the VCCS migration.

MK Smart and Infineon expect that after the seminar, financial institutions will have more choices in accordance with their budget and card issuance capacity so that Vietnam banks could successfully migrate from magnetic stripe card to chip card under VCCS by 2020.


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