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Friday,  Dec 15,2017,22:56 (GMT+7)

SBV backs Fintech development

Thuy Dung and Le Anh
Wednesday,  Nov 29,2017,22:11 (GMT+7)
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SBV backs Fintech development

Thuy Dung and Le Anh

HANOI – The State Bank of Vietnam (SBV) will issue pilot regulations on the establishment and development of financial technology (Fintech) enterprises, a senior official said at the launching ceremony of the Fintech Challenge Vietnam (FCV) program on November 28.

At the ceremony, SBV deputy governor Nguyen Kim Anh said SBV has received Deputy Prime Minister Vuong Dinh Hue’s permission for the issuance of pilot regulations on the sector.

Anh said Fintech firms have asked if their technological products and services would be applied in real life as the current regulations are unsuitable to their development.

Meanwhile, the central bank is responsible for managing Fintech firms, creating favorable conditions for these firms to develop their creative ideas, issuing regulations and dealing with possible problems.

Fintech enterprises are not rivals to banks but their partners, and such enterprises will help bring banking products and services to more customers, Anh added.

FCV organized by SBV is aimed at spurring innovation in financial services and promoting greater financial inclusion in Vietnam.

The program focuses on Fintech solutions that can offer financial services to the underserved and unbanked.

FCV is an opportunity for Fintech companies inside and outside of Vietnam to cooperate with banks to pilot and develop solutions that will improve financial services in e-payments, e-KYC (Know Your Customer), Open APIs, Blockchain and peer-to-peer lending.

Successful applicants will continue participating in a two-month incubation and mentoring program to fine-tune their business models.  They will also take part in a competitive “Pitch Session” where they will present their financial technology solutions to banking and financial experts and investors. The best products and services will be demoed at the 2018 Vietnam Fintech Day.

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