Sharing mechanism needed for fintech development

   2019-05-18 01:05

Israeli and Vietnamese firms discussing opportunities for co-operation at Thursday’s seminar. — VNS Photo A “regulatory sandbox” and a sharing mechanism are needed for the development of Viet Nam’s fintech industry, experts said at a seminar on Thursday. According to Nguyen Thanh Binh, acting discipline lead at the economics and finance department of RMIT University, the existing legal framework is unclear and does not cover the development and penetration of new technological products in Viet Nam. The Government needed to develop a regulatory sandbox – a space where new financial technology products are developed and tested – to reassure customers, Binh told reporters. A regulatory sandbox would help Vietnamese fintech companies and start-up businesses hasten their development, he said. The fintech sector has a lot of potential to change the country’s banking-finance industry, according to Binh. Fintech companies will introduce new technological finance instruments that help customers secure loans, pay debts and carry out transactions. With a population of nearly 100 million, most of whom are young and technologically savvy, Viet Nam is a worthwhile market for fintech companies. Another problem for the Vietnamese fintech sector was the lack of co-operation between commercial banks, Nguyen The Hien, sales director at the HCM City-based telecommunications firm VHT, told Viet Nam News. The problem among banks was that they do not share the customer data with application developers, he said. “Customers are not allowed to connect their different bank accounts to one application, so they have to use different applications for different… [Read full story]







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