Today (September 12), the State Bank of Vietnam (SBV) coordinated with the Asian Development Bank (ADB) to hold the seminar “Fintech Ecosystem Development: Lessons learned and recommendations aimed at sustainable development in Vietnam”.
According to the SBV statistics, currently there are 30 non-bank organisations in the country that have been licensed by SBV to provide intermediary payment services. 24 banks have deployed QR Code payment service with more than 50,000 QR code accepting points. 76 organisations carry out Internet payment services. 44 organisations deploy mobile payment services. Fintech transaction turnover via Internet Banking and Mobile Banking reaches trillions of dong.
Despite the rapid development, the legal corridor for Fintech in Vietnam is still incomplete, although in the last two years, SBV has made great efforts to research and come up with new regulations.
At the moment, Fintech expects SBV to introduce a pilot regulation in some areas such as electronic customer identification (e-KYC), open application programming interface (open API) and lending peer-to-peer. So far, the proposal of the Regulatory Sandbox for Fintech activities in the banking sector has not been issued, although the SBV’s view is to promote mutually beneficial cooperation between banks and Fintech.
The information exchanged at the seminar will be a valuable source of input for state management agencies in general and SBV in particular in the process of developing and proposing solutions to improve the ecosystem of Fintech in Vietnam, creating favourable conditions for Fintech enterprises in Vietnam to develop, in accordance with the government’s policy and orientation of a future digital economy.
