In this context, Vietnam should soon have a controlled testing mechanism for Fintech activities. It is expected that from 2021, the SBV will receive applications and approve Fintech tests in 7 areas, including peer lending.
The State Bank of Vietnam (SBV) is drafting a Decree on Controlled Testing Mechanism for Financial Technology Activities (Fintech) in the banking sector, submitting to the Prime Minister for approval.
According to the State Bank of Vietnam, the revolution of digital technology, Internet and smart mobile phones took place at the end of the twentieth century and the beginning of the twenty-first century that affected and comprehensively changed the socio-economic life of these countries. global, especially for important areas like finance and banking. In particular, Fintech plays an important role in promoting national financial universalization by increasing access to financial services for a part of people who do not have a bank account or have difficulty accessing. traditional financial - banking services. The appearance and development of Fintech have made financial management agencies of countries facing challenges and difficulties in management and supervision such as the risk of money laundering, financial support terrorism, risks related to security, safety, information security, illegal use of personal information.
Although not directly related to banking operations, the recent handling of Uber and Grab's participation in the transportation market in Vietnam has shown profound lessons for the financial industry. - the bank on responding to rapid changes in technology. In this context, Vietnam should soon have a Controlled Testing Mechanism Framework for Fintech activities. The SBV said that it is expected that from 2021, it will officially receive applications and approval for Fintech banks and solution providers to participate in the Fintech operation testing mechanism in the banking sector. According to the draft Decree being developed, the areas of Fintech participating in Fintech Testing Mechanism include Payment, Credit, Peer-to-peer (P2P Lending), Customer Identification Support, Programming Interface open applications (Open API), Innovative technology application solutions such as Blockchain, Other services supporting banking activities (credit scoring, savings, capital mobilization ...)
The testing period for Fintech solutions is 1-2 years depending on the specific solutions and fields, counting from the time the Prime Minister approves the testing. Depending on the specific Fintech solutions, the SBV will discuss with the testing organization to decide the scope for the operation of the solutions, including at the same time or one of three factors: geography, transaction limit, and the number of customers participating in the service. After the end of the testing period, the organizations participating in the test must develop a summary report, including the information: test output, testing and evaluation indicators of success or failure. of solutions and test results; incident reports and customer complaints handling and lessons learned from testing. The State Bank based on the summary report and supervision process to submit to the Prime Minister the next solution, including stopping the test, certifying the test completion, or extending the experiment.