Securities regulator buys digital signature services

The Viet Nam Post and Telecommunications Group (VNPT) has started to supply a digital signature service to the State Securities Commission (SSC).

The signing ceremony for the agreement between VNPT and SSC was held yesterday in Ha Noi.

VNPT and SSC committed to a long-term co-operation in setting, supplying and using digital signature services on stock e-transactions. VNPT will supply technical consultancy to SSC during the time it uses the service.

The agreement will be divided into two phases.

In the first phase, the service will be applied in transactions between SSC and securities companies.

It will then be expanded in the second phase to include securities investors.

“Using digital signatures was one of SSC’s,” said SSC’s chairman Vu Bang.

Digital signatures would help the commission strengthen its supervision of document exchanges, he said.

“It will boost investors’ activities as it provides simpler, quicker and safer transactions at a lower cost,” he added.

SSC and VNPT handed over digital signature authentications to 20 securities companies at the ceremony.

Last year, VNPT became the country’s first digital signature service provider after the Ministry of Information and Communications granted it a licence to provide the service in Viet Nam.

To date, the service has interested a large number of companies and organisations in Viet Nam. Recently, the General Department of Taxation and the General Customs Department of Viet Nam have applied the service in various e-transactions.

A digital signature or digital signature scheme is a mathematical scheme that demonstrates the authenticity of a digital message or document. A valid digital signature gives the recipient proof that the message was created by a known sender, and that it was not altered in transit.

Digital signatures are commonly used for software distribution, financial transactions, and in other cases where it is important to detect forgery and tampering. Digital signatures are often used to implement electronic signatures, a broader term that refers to any electronic data that carries the intent of a signature, but not all electronic signatures use digital signatures. — VNS

Tags: Vietnam digital signature services