Technical assistance launched to boost financial inclusion in Vietnam
The ADB-supported project is crucial to helping advance the access to finance of small- and medium-sized enterprises (SMEs) and women-owned and -led organisations.
Leaders of the two sides ink deal on the technical assistance. (Photo: VietnamPlus)
Hanoi (VNA) ♛- The Asian Development Bank (ADB) and the State Bank of Vietnam (SBV) on October 25 kicked off a technical assistance project worth 5 million USD funded by the Swiss Government. The scheme aims to nurture financial technologies (fintech) serving the improvement of financial inclusion in Vietnam.
The event also saw the presence of a high-level delegation from the State Secretariat for Economic Affairs (SECO) of Switzerland.
This funding, along with a 2 million USD contribution from the Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR), financed by the Government of Japan, will support the expansion of climate and inclusive finance in the country.
Financial barriers in Vietnam are beyond the scope of individuals and particularly affect microenterprises and MSMEs. Those owned by women suffer from even more adverse impact, with an estimated financial shortfall of 1.2 billion USD.
The technical assistance is crucial in helping advance financial access for SMEs and women-owned and -led SMEs (WSMEs). The assistance supports the SBV in developing and implementing the regulatory framework for strengthening the digital finance sector, ensuring safe market conduct and a thriving ecosystem.
Addressing the kick-off ceremony, SBV Deputy Governor Pham Tien Dung said the central bank highly values the technical assistance project and considers this an important support for the creation of a favourable environment for fintech development. This, in turn, will help improve the quality and diversification of fintech services and products for people and businesses, thus contributing to the national financial inclusion.
It will also substantially help promote green growth through the development of and contributions by green banking and green finance, he went on.
ADB Country Director for Vietnam Shantanu Chakraborty said in Vietnam, fintech is the key to boosting convenient and innovative solutions to access unbanked or underbanked clients. This includes SMEs, and improves financial efficiency and security.
The ADB’s technical assistance is expected to substantially help promote green growth through the development of and contributions by green banking and green finance. (Photo: VietnamPlus)
Following earlier fruitful collaboration with the SBV, the ADB is excited to join efforts in further fostering the digital banking transformation in Vietnam’s fast-growing market, he noted.
The assistance contemplates training opportunities on fintech and green banking best practices for SBV staff. It targets 25% female participation and consulting services to WSMEs on preparing green loan applications. Additionally, it will build capacity for relevant government ministries and members of fintech and banking associations and assist selected commercial banks in developing digital banking.
This technical-assistance programme further expands Switzerland’s comprehensive supports to strengthen Vietnam’s financial sector. Through fostering Vietnam’s fintech industry and digitalisation of the banking sector, the programme offers new opportunities for SMEs to improve their access to financing, said Swiss State Secretary for Economic Affairs Dominique Paravicini.
Headquartered in Bern, SECO is the Swiss Confederation’s centre of expertise for all core economic policy issues, including economic cooperation and development. It implements Switzerland’s economic and trade policy measures for the benefit of developing countries. Its mandate is to facilitate economic growth and sustainable prosperity in its partner countries.
The ADB, established in 1966, is owned by 68 members, including 49 from Asia and the Pacific./.
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Leaders of the two sides ink deal on the technical assistance. (Photo: VietnamPlus)
The ADB’s technical assistance is expected to substantially help promote green growth through the development of and contributions by green banking and green finance. (Photo: VietnamPlus)
