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. |
>>> Click
here to see the news in Vietnamese.