FinTech Start-ups and Banking: Inevitable trend in future
The cooperation between FinTech and banks will be the inevitable trend in Vietnam for the future, which plays an essential part in banks’ operating system.
In recent years, with the development of technologies, FinTech (are businesses that leverage new technology to create new and better financial services for both consumers and businesses. It includes companies of all kinds that may operate in personal financial management, insurance, payment, asset management, etc.) companies have been fast developing in Vietnam.
The cooperation between FinTech and banks will be the inevitable trend in Vietnam for the future.
|
According to General Director of McKinsey & Company Vietnam – Marco Breu, the development of Vietnam’s economy & technology has opened new doors of development for FinTech. “In average more than 50% people interviewed in our survey are open and willing to use digital payment. In the upcoming 10 – 15 years, the model of traditional banks will not much use left, and is replaced with the the cooperation between banks and FinTech”.
Some opinions at the conference said that banks do not consider FinTech as competitors, but partners with the purpose of better serving customers. According to representative from the Vietnam Prosperity Bank (VPBank), VPBank has cooperated with FinTech in 3 main activities, including payment, and especially is digital payment. Secondly, VPBank is cooperating with the companies providing large database such as retailers and telecommunication companies, and thirdly, to cooperate with related partners creating new experiences for customers in banking activities. In the coming time, banks will facilitate cooperation with some FinTech companies, so that customers will have more information with regard to their financial status and better managing their financial situation.
At present in Vietnam, there are many FinTech start-ups to provide instruments for banks, providing information, evaluating consumption trend, so that banks will have the foundation and reference for credit loan. Besides, FinTech companies also offer digital services in improving the way individual lending and managing money, supporting fund for start-ups.
However, this is a new field and fast developing, meanwhile, the current legal framework in Vietnam to stipulate the operation and orienting the future development of FinTech is still lacking and incompatible with the context of digitalization and industrial revolution 4.0, which is currently only focusing on payment issue.
Chairman of board of FinTech project in Vietnam – Nguyen Quang Huy said, when banks apply technologies in their transactions, it will increase transparent of the money flow, safe and convenient for customers.
At present, there are currently some issues with regard to legal framework, such as the government’s plan of reducing transaction in cash, increasing online payment, but lacking direction on implementing plans into life. Vietnamese start-ups have not efficiently cooperated banks, so that SBV and commercial banks should propose legal corridors ad solutions for Vietnamese start-ups in relation with finance & banking to have environment for development.
SBV has set up objectives of developing and finalizing legal frameworks for FinTech operation, with an aim to be compatible with the context of digitalization.
11:37, 2025/02/23
Government-backed waste management startups to be launched
By 2030, each province will have at least five models of senior-led waste collection and sorting.
15:59, 2025/02/16
Hanoi makes remarkable leap in the DTI ranking
Hanoi has been rolling out initiatives to accelerate digital transformation.
22:13, 2025/02/12
Hanoi develops e-commerce database
The database allows for identifying which tax collector supervises each taxpayer.
18:35, 2025/02/09
Hanoi to pilot multiple digital transformation models
Hanoi will step up efforts to build a modern, proactive administrative structure, and improve the legal system.
21:17, 2025/01/13
Government to set aside 3% budget for sci-tech development: Party Chief
Policies to remove barriers to scientific and technological development and maximize creativity must be finalized by 2025.
16:50, 2025/01/09
Hanoi aims to maintain its second-highest EBI ranking
Hanoi laid out a goal to expand consumer market through e-commerce channels and promote cross-border transactions to help businesses export.
- Hanoi honors outstanding faces in innovation, digital transformation
- Land deed digitization accelerated in Hanoi
- Vietnam's capital boosts iHanoi usage by citizens
- Technology, innovation identified as key drivers for Hanoi's growth
- Hanoi intensifies efforts to achieve its digital goals by 2025
- Second Hanoi Technical Innovation Contest launched