Suggestions for the Research and Collaboration between VNU-UEB and SBV to Promote Fintech Ecosystems in Vietnam

These were the main topics that Mr. Ngo Van Duc who is Deputy Head of the Department of Banking Inspection and Supervision at The State Bank of Vietnam (SBV) had discussed with VNU-UEB’s faculties at the online seminar entitled of "Developing Management and Legal Models to Promote Fintech Ecosystems in Vietnam," on May 31, 2021.

The seminar belongs to the Monday Finance series held on a weekly basis by the Faculty of Finance and Banking, VNU-UEB.

In the recent years, the global financial market has witnessed an enormous development of Fintech solutions following the 4th Industrial Revolution.

Because Fintech is a relatively new, constantly developing, and rapidly innovating, legal and management regulations have been insufficient and/or failed to meet needs of the market development.

As a result, building a legal framework to promote the development of Fintech businesses is suitable with the Government of Vietnam's policy and orientation on the creation of a favorable legal and business environment for innovative start-up activities.

Mr. Duc presented what approaches SBV had adopted in building legal and management models for the promotion of Fintech ecosystems in Vietnam; he also discussed, connected, and suggested certain research and collaboration directions. He emphasized that:

* Government agencies such as SBV, the Ministry of Information and Communications should establish an environment to trial regulatory sandboxes so as to further improve and develop Fintech solutions in line with market needs and legal frameworks.

* The State Bank of Vietnam should:

(1) Investigate and improve several legal frameworks, such as the legal frameworks for correspondent banking models, electronic money, and banking policies to be in line with the context of the 4th Industrial Revolution.

(2) Issue policies, regulations to encourage the development of innovative and creative payment solutions, technologies towards the financial universalization in Vietnam.

(3) Build a decree on controlled testing mechanism for Fintech activities in the banking sector.


Ngo Van Duc's bio

Ngo Van Duc is Deputy Head of the Department of Banking Inspection and Supervision - SBV, which is one of the state-level management focal points in Fintech in Vietnam that acts as an assisting team to the SBV Steering Committee on Fintech. He is a scholarly researcher on Fintech who has participated in many SBV and ADB funded studies.

Moreover, he is also a trainer who provides lectures for many programs on Fintech and innovative start-ups. Noticeably, he is a VNU-UEB alumnus himself.

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Khanh Tin (Tran.)

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