Proposal to regulate the testing mechanism of financial technology (Fintech) in the banking sector

The State Bank of Vietnam is collecting people's opinions on the draft Decree on a mechanism for controlled testing of Fintech activities in the banking sector.

The State Bank of Vietnam (SBV) said that the emergence and rapid development of Fintech has caused national regulators to face many difficulties and challenges in the management work. , monitoring due to the risks of money laundering, terrorist financing, risks related to security, safety, information confidentiality, unauthorized use of personal information...

The task for regulators is to ensure at the same time that the goal is to support innovation, while maintaining the stability and safety of financial markets and supporting economic growth. .

In Vietnam, the company's activities providing Fintech solutions, peer-to-peer lending (P2P lending), new payment models, cross-border money transfers, sharing user data through an open application programming interface (Open APIs),... have no specific legal regulations to regulate.

Therefore, it is necessary to soon develop a regulatory framework in the form of a Decree regulating Fintech activities to promote innovation, limit unfair competition, and prevent illegal acts. on behalf of Fintech, protect the interests of service users; at the same time, the process of operating this framework provides a practical basis for relevant State management agencies to amend and supplement current regulations, complete the legal framework, and issue management regulations in the direction of facilitate and adapt Fintech activities in the banking sector in the coming time.

Promoting innovation in the banking sector based on Fintech technology and solutions application

According to the State Bank of Vietnam, the purpose of the Decree is to prescribe standards and principles for the operation of the Controlled Trial Mechanism for financial technology activities in the banking sector. procedures, approval criteria, control measures for the testing of innovative Fintech solutions participating in the Trial Mechanism.

At the same time, use the information and results of the Trial Mechanism to amend and supplement current regulations, issue new ones, and reform the legal framework of the banking industry in the direction of adapting and creating favorable conditions for the banking industry. Fintech activities.

Promoting innovation in the banking sector in Vietnam based on the application of Fintech technology and solutions; promote financial inclusion in the direction of applying Fintech technology and solutions to meet the needs of people who do not have bank accounts or have not yet fully accessed banking and financial services.

Through this Decree, the Government creates a mechanism to encourage and facilitate organizations and enterprises to research, develop, supply or cooperate in providing banking and financial solutions and services. new technology application, innovative business model; Allowing credit institutions and Fintech companies to test Fintech solutions without a regulatory framework in a controlled environment under the supervision of regulatory authorities, testing activities are limited in scope. vi, scale and duration of testing and have a mechanism to prevent and limit arising risks.

Minh Duc

Source: Cổng thông tin điện tử Chính phủ

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