A client using an e-wallet via his smartphone. (Photo: vnexpress.net)
Hanoi (VNS/VNA) - The State Bank of Vietnam (SBV) has been developing asandbox for fintech banking and gathering feedback on a draft regulating thesector.
The SBV said the rapid development of fintech posed many challenges tofinancial authorities worldwide as they have to fight illegal financialactivities on a new front.
Numerous fields, notably peer-to-peer lending and data sharing via theapplication programming interfaces, are emerging without adequate legalframeworks established, putting stakeholders at risk.
“Most of these fields have not been fully regulated, posing new risks tohealthy competition, financial stability, data security and client interests,” saidthe SBV.
Accordingly, the central bank has to develop a controlled testing mechanism toget first-hand experience in managing the sector and allow fintech firms totest their novel products in a regulatory environment.
Notably, the SBV will allow some risks in the sandbox to gain abetter understanding of the dangers, thereby building a full-fledged legalframework that encourages innovation, prevents financial risk and promotesfinancial stability.
Additionally, fintech firms are required to test their products on a limitedscale and under the supervision of the SBV to keep the risks under control.
According to the SBV, the number of fintech firms in Vietnam has increasedfour-fold since 2016.
Around 76 percent of the firms cooperate with banks, 14 percent develop theirown products and the rest are bank competitors.
BIDV has partnered with 24 fintech firms and 756 service providers to make over1,500 financial services available to its clients.
MB and Boomerang Technology have cooperated to launch the eMBee fan page,allowing clients to check their bank balances, transfer money, buy insuranceand take out loans by chatting with eMBee on Facebook Messenger.
Almost all Vietnamese banks are now rolling out e-wallets with the help ofMoMo./.
The State Bank of Vietnam (SBV) has continued to be placed at top position for the second consecutive year in the rankings of cyber information security for State agencies by the Authority of Information Security under the Ministry of Information and Communications.
The State Bank of Vietnam (SBV) will enhance inspections to discover illegal finance companies and protect the interests of consumers and licensed finance companies, according to the SBV’s Governor Nguyen Thi Hong.
Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has issued Directive No.01/CT-NHNN on organising the implementation of the key tasks of the banking sector, with a focus on improving credit quality and tightly controlling loans to potentially risky industries.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
A client using an e-wallet via his smartphone. (Photo: vnexpress.net) 
