SBV to soon complete legal framework for wider Fintech application
The State Bank of Viet Nam (SBV) is completing a legal framework to boost the development of digital banking and Fintech. According to Pham Xuan Hoe, deputy director of the Banking Strategy Institute, Viet Nam’s Fintech market will be worth US$9 billion in 2020, making it ASEAN’s fourth-largest market.
Just like other regulators, the SBV and relevant agencies in Viet Nam are also facing new challenges regarding state management with the wake of Fintech companies operating in various areas, including peer-to-peer lending, new payment models, cross-border remittances and user information sharing via open application programming interfaces.
Thuy Dung
