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Banking & Finance

Fintech Deep Dive held in Hanoi

Released at: 14:00, 17/04/2018

Fintech Deep Dive held in Hanoi

Photo: Mekongbiz

Key fintech verticals, including e-KYC and Blockchain, discussed at Deep Dive on April 11 and 12 in Hanoi.

by Doanh Doanh

The State Bank of Vietnam (SBV) and the Mekong Business Initiative (MBI), a program of the Asian Development Bank (ADB) and the Australian Government, jointly hosted a Fintech Deep Dive on April 11 and 12 in Hanoi, providing an opportunity for regulators, financial institutions, fintech (financial technology) practitioners and other stakeholders to share knowledge and experience - both local and international - on key fintech verticals, including e-KYC and Blockchain.

The Deep Dive consisted of two session types: a General Session of a half a day to provide background information on the risks and opportunities inherent in specific areas of fintech and to explore how regulators and practitioners in other countries can work together to facilitate fintech solutions. Technical Sessions (two sessions, half a day each), covered e-KYC and Blockchain issues in greater technical detail, including discussions on the regulations related to key verticals.

Keynote speakers included international experts from Ernst & Young Singapore, SWIFT, the Singapore Blockchain Club, and an Indian fintech. More than 100 participants from the National Assembly, various government agency stakeholders, the SBV’s own Fintech Steering Committee and Working Group experts, international development agencies, program co-sponsors and partners, representatives from the ADB and MBI, and local fintechs were in attendance. The sessions will result in facilitating valuable input for the ongoing national dialogue about how best to develop Vietnam’s fintech industry.

The Deep Dive is part of the first Fintech Challenge Vietnam (FCV) 2017-2018. The FCV aims to spur innovation in financial services to promote greater financial inclusion in Vietnam, focusing on five fintech verticals that are critical for financial inclusion: e-Payments, e-KYC, Peer-to-Peer Lending, Open APIs, and Blockchain. Co-organizers include SBV, MBI, the Vietnam Banking Association (VNBA), and the Vietnam Fintech Club (VFC). Program partners include BIDV, Vietcombank, VietinBank, Shinhan Bank, TP Bank, VIB, VP Bank, FPT, Vietnam Silicon Valley, and VISA.

The SBV Fintech Steering Committee was established in March 2017 to enhance the financial ecosystem, including the legal framework for facilitating the development of fintech in Vietnam.

The ADB and the Australian Government jointly launched the MBI in 2015. It catalyzes private sector development in emerging ASEAN markets, focusing on Cambodia, Laos, Myanmar, and Vietnam. The program aims to improve the business-enabling environment in these four emerging markets, with a particular focus on business advocacy, alternative finance, and innovation. 

MBI operates four innovation accelerators: Mekong Innovative Startups in Tourism (MIST), the Mekong AgriTech Challenge (MATch), the SMART City Innovation Challenge, and the Fintech Challenge Vietnam (FCV). MBI is also the principal organizer of the Women's Initiative for Startup and Entrepreneurship (WISE), a network of women-owned and women-led startups in the Mekong Region.

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