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Bank and "fight" Fintech


According to experts, to promote e-banking and Fintech development in the banking sector requires new law-making thinking to create a legal corridor that allows customers to be able to deal with banks at all times. , Everywhere, rather than having to make transactions at traditional bank branches.

Fintech is probably no stranger to those who keep a close watch on the financial sector in recent years. It is frequently mentioned in seminars, meetings ...

Short for financial technology, Fintech is used by all companies that use the internet, mobile phones, cloud computing and open source software. The goal is to improve the efficiency of banking and investment.

Fintech companies are divided into two groups. The first group is consumer service companies, providing digital tools to improve the way individuals borrow, manage money, fund startups. The rest are back-office companies that support technology for financial institutions.

In the context of the forthcoming Fourth Industrial Revolution in almost all fields, the extensive development of Fintech companies in the world as well as in Vietnam is vivid expression. Of the tide.

Through Fintech, access to financial services - banking is enhanced, adding value to customers using the service. Also by the advantage of development on information technology platform does not need transaction network as banks, so the products and services provided by Fintech businesses have been attracting a large number of customers; Especially people living in rural areas, remote areas, islands ... are often more difficult in accessing banking services.

Since 2008, the SBV has piloted many enterprises that are not banks providing payment services. There are currently 50 Fintech projects being implemented as of June 2016 in a number of different areas, thus forming a Fintech ecosystem in Vietnam. Of which, SBV has officially licensed 20 organizations providing payment services.

Most recently, the Governor of the State Bank of Vietnam (SBV) issued Decision 382 to set up a Steering Committee and a team to assist the SBV's Fintech sector in developing a regulatory framework that would facilitate Fintech businesses. Vietnam's birth and development...

Requires new law making to create a legal corridor
At the Vietnam Business Forum in mid-2017, the Banking Working Group (with 30 members of foreign banks present and operating in Vietnam) said they are very pleased with the Government's promulgation. The non-cash payment strategy until 2020 and the decision of the Governor of the State Bank of Vietnam to establish the Steering Committee of Fintech.

"In order to strengthen the digitalisation program in Vietnam, we recommend that the Government, the SBV and relevant ministries review legislation, technology policies, systems and housing. Provide services to address security, security, intellectual property, consumer protection issues and create a level playing field, and provide appropriate and justified rules. Cards when really necessary to encourage innovation, innovation in the banking sector, "proposed banking team.

In addition, to foster the development of e-banking and Fintech in the banking sector requires new lawmaking thinking to create a legal corridor that allows customers to be able to deal with the bank anytime, anywhere. Where, instead of having to trade at traditional bank branches, it allows banks to be directly connected to the government's citizen identification data centers and credit bureaus to get them. Customer recognition and online credit history analysis. At the same time, the judicial system and judicial authorities must recognize electronic documents, electronic data, electronic signatures, etc., to minimize transaction papers between banks and clients. groin.

At present, many governments around the world have had very strong solutions to promote the development of e-banking and Fintech such as India, Singapore, China, USA. In the international market, the working group wishes to support the SBV and the Government of Viet Nam in promoting Fintech, comprehensive financial solutions and e-banking in Vietnam.

Earlier, Lesly Goh, director of financial services in the Asia-Pacific region, said that building the right track from the beginning would help develop the Fintech service easily and effectively. As in the case of India, it is quite effective in applying digital technology. Thanks to this application, in a short time, the central bank of India has kept a database of over 1 billion people. Then give the banks. This is an effective solution that motivates people to use banking services ...

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