ADB, Switzerland aid fintech development in Vietnam
The Asian Development Bank (ADB) and the State Bank of Vietnam (SBV) on October 25 held a kick-off ceremony marking the implementation of the Swiss-funded 5 million USD technical assistance, which aims to nurture financial technologies (fintech) serving the improvement of financial inclusion in Vietnam.
Hanoi (VNA) - The Asian Development Bank (ADB) and the State Bankof Vietnam (SBV) on October 25 held a kick-off ceremony marking the implementation of theSwiss-funded 5 million USD technical assistance, which aims to nurturefinancial technologies (fintech) serving the improvement of financial inclusionin Vietnam.
This funding, along with a 2 million USD contribution fromthe Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR),financed by the Government of Japan, will support the expansion of inclusiveand climate finance in the country.
The technical assistance is crucial in helping advance theaccess to finance of small- and medium-sized enterprises (SMEs) and women-ownedand women-led SMEs (WSMEs) in particular via supporting the SBV in developingand implementing the regulatory framework for strengthening the digital financesector, ensuring safe market conduct and a thriving ecosystem.
The assistance contemplates training opportunities onfintech and green banking best practices for SBV staff, targeting 25% femaleparticipation and consulting services to WSMEs on preparing green loanapplications. Additionally, it will build the capacity for relevant governmentministries and members of fintech and banking associations and assist selectedcommercial banks in developing digital banking.
The Swiss-funded 5 million USD technical assistance aims to nurture fintech serving the improvement of financial inclusion in Vietnam. (Illustrative photo - Source: VNA)
At the ceremony, SBV Deputy Governor Pham Tien Dung said thecentral bank highly values the technical assistance project, considering it animportant support in building a favorable environment for fintech development.This, in turn, will help improve the quality and diversification of fintechservices and products, contributing to boosting the national financialinclusion.
ADB Country Director for Vietnam Shantanu Chakraborty saidfollowing earlier fruitful collaboration with the SBV, the ADB is excited tojoin efforts in further fostering the digital banking transformation in Vietnam’sfast-growing market.
This technical-assistance programme further expandsSwitzerland’s comprehensive supports to strengthen Vietnam’s financial sector.Through fostering Vietnam’s fintech industry and digitalisation of the bankingsector, the programme offers new opportunities for SMEs to improve their accessto financing, said Swiss State Secretary for Economic Affairs DominiqueParavicini./.
The Asian Development Bank (ADB) and Switzerland have signed a cofinancing agreement of up to 5 million USD to develop financial technologies (fintech) that can help address low financial inclusion in Vietnam, particularly among small and medium-sized enterprises (SMEs).
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At the kick-off ceremony (Photo: VNA) 
The Swiss-funded 5 million USD technical assistance aims to nurture fintech serving the improvement of financial inclusion in Vietnam. (Illustrative photo - Source: VNA) 
