Global Business and Finance Review | 2026
Authors: Nguyen P.T.; Nguyen T.H.
DOI: 10.17549/gbfr.2026.31.5.167
Journal: Global Business and Finance Review
Year: 2026
Publisher: People and Global Business Association
Document Type: Article
Open Access: All Open Access; Gold Open Access
Cited by: 0
Purpose: This paper analyzes the impacts of digital transformation on central bank operations, drawing on the policy frameworks of the Bank of Thailand and the State Bank of Vietnam to further clarify these effects. Design/methodology/approach: A qualitative research approach based on secondary data was employed in this study to elucidate the effects of digital transformation on the structure and operations of central banks worldwide, with specific focus on those of Thailand and Vietnam. Additionally, a comprehensive comparative method was used to analyze the similarities and differences in the digital-transformation policies of the two central banks under examination. Findings: This study has identified several principal impacts of digital transformation on central bank operations, namely: (i) impacts on the implementation of procedural, operational, and administrative protocols; (ii) impacts on the conduct of monetary policy; (iii) impacts on monetary instruments; (iv) impacts on banking system supervision; and (v) impacts on consumer protection policies. Furthermore, the findings reveal that Thailand has introduced clear policies to advance technological integration in its central banking activities-such as the launch of a central bank digital currency pilot project and the adoption of suptech for supervisory functions-whereas comparable initiatives in Vietnam remain at the research stage. Research limitations/implications: This paper investigates the impacts of digital transformation on central banks; however, the empirical evidence is confined to Thailand and Vietnam. Future research should broaden its scope to include central banks across the region and worldwide to more clearly delineate these effects and to uncover additional impacts of digital transformation on central bank operations. Originality/value: The findings of this paper carry significant implications for the policy formulation of central banks-especially those in Southeast Asia-against the backdrop of an accelerating digital transformation within the banking sector. © The Author(s).
CBDCs; Central Bank; Digital Transformation; Impact