Forum discusses development paths for fintech in Vietnam

Wednesday, 2018-05-30 18:03:59
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SBV Governor Le Minh Hung speaking at the forum (Photo:
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NDO – The Vietnam Financial Technology (Fintech) Forum was held in Hanoi on May 30 by the Asian Development Bank, the Australian Government, and the State Bank of Vietnam (SBV) to seek ways to boost the development of fintech businesses in the country.

Participants at the forum shared their opinions on the development trends of fintech in the coming time and current management measures in the industry in several countries.

According to SBV Governor Le Minh Hung, fintech and banking can together contribute to universalising access to financial services access, reducing poverty, promoting social justice, and facilitating sustainable economic development.

Since 2008, the SBV has held dialogues with fintech businesses to remove obstacles to their operation and help them enter the market, he said.

The Steering Committee on Fintech was launched by the SBV in March 2017 to advise the central bank governor on offering solutions to foster the fintech ecosystem.

The committee has completed a review of the fintech ecosystem in Vietnam, suggested key verticals within the fintech landscape, and established direct dialogue channels with fintech companies, which are expected to create a close connection between state management agencies and fintech companies.

ADB economist Dominic Mellor said that Vietnam offers advantages for developing fintech industry, pledging that ADB is willing to support the SBV in encouraging the establishment of fintech companies in Vietnam and in building a legal framework for the industry.