Vietnam owns special advantages for fintech development: ADB economist
Vietnam owns special advantages, especially in the IT sector, which can be a basis for the development of financial technology (fintech) towards financial inclusion, according to Dominic Mellor, senior economist of the Asian Development Bank (ADB).
Governor of the State Bank of Vietnam (SBV) Le Minh Hung (Photo: VNA)
Hanoi (VNA) – Vietnam owns specialadvantages, especially in the IT sector, which can be a basis for thedevelopment of financial technology (fintech) towards financial inclusion,according to Dominic Mellor, senior economist of the Asian Development Bank(ADB).
He made the remark at the Fintech Vietnam Forum2018 in Hanoi on May 30, noting that the ADB is always ready to assist the SBVin both encouraging fintech development and perfecting legal framework in thefield.
At the event, participants shared fintechdevelopment trends in the time ahead and management measures in this field insome countries.
Governor of the State Bank of Vietnam (SBV) LeMinh Hung said fintech and banking can contribute to financial inclusion,poverty reduction, social equality and sustainable economic development. Overthe past years, the central bank has actively held dialogues with fintechbusinesses to remove obstacles in a timely manner and help them enter themarket.
Since 2008, the SBV has permitted many companiesto provide payment services on a trial basis to meet market demand. Aftersetting up a relatively clear legal framework, it has officially licensed 27intermediary payment service providers.
A steering committee on fintech was alsoestablished by the SBV in March 2017 to devise solutions to facilitate thedevelopment of fintech enterprises in Vietnam, he noted, adding that many bankshave cooperated with fintech companies to provide relevant services, which hasbeen a growing cooperation trend in recent years.
The development of fintech and cooperationbetween fintech firms and banks are considered prerequisites for promotingVietnamese users’ access to financial and banking services.
SBV Deputy Governor Nguyen Kim Anh, head of thesteering committee on fintech, noted the central bank will ask for the PrimeMinister’s permission to build a regulatory sandbox framework for fintechbusinesses and start-ups to test their new products and services under theSBV’s supervision, thus minimising risks for clients and relevant sides.
Through the Mekong Business Initiative, theFintech Vietnam Forum was co-organised by the ADB, the Australian Government,and the SBV.-VNA
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Governor of the State Bank of Vietnam (SBV) Le Minh Hung (Photo: VNA) 
