Implementing the first Controlled Testing Mechanism in the banking sector

Speaking at the seminar, Deputy Governor of the State Bank of Vietnam Pham Tien Dung said: “Faced with the opportunities and challenges brought by the 4th Industrial Revolution, the Party and the State have had many policies and strategies to promote the application and development of science and technology, promote innovation and digital transformation, proactively and actively participate in the 4th Industrial Revolution, including issuing a controlled testing institutional framework for new technologies, products, services and business models.

Deputy Governor Dung emphasized: "Perhaps this is Vietnam's first Sandbox (Controlled Testing Mechanism).

According to Decree 94, there are 3 solutions considered to participate in the Pilot Mechanism including: Credit scoring, Data sharing via open application programming interface (Open API), Peer-to-peer lending (P2P Lending). "In the process of implementing the Decree, the State Bank will continue to review and update new products, services, and business models in the banking sector to evaluate and propose expanding solutions to participate in the Pilot Mechanism" - Mr. Dung said.

According to Deputy Governor Dung, up to now, about 87% of Vietnamese adults have accounts at banks and organizations. This is a prerequisite, a foundation for developing financial services, especially comprehensive finance. Including the support of Fintech. The role of Fintech is very important in banking activities. Fintech and banks develop together, the two sides support each other. The Deputy Governor hopes that with this Sandbox, Fintech businesses will continue to contribute to the development of the financial sector in Vietnam, especially helping to develop comprehensively and inclusively, helping disadvantaged people to use financial services at reasonable prices and good quality.

At the seminar, Deputy Governor Dung suggested that the specialized units of the State Bank need to clarify the spirit of the Decree, what the services are, what their nature is, the conditions, procedures, time... for Fintech units and enterprises to participate. Ministries and branches continue to coordinate with the State Bank to implement the Decree, so that participating enterprises can have their applications quickly reviewed, creating conditions for enterprises to participate, contributing to providing convenient financial services to customers.

Hoang Tu

Source: https://baophapluat.vn/thuc-hien-co-che-thu-nghiem-co-kiem-soat-dau-tien-trong-linh-vuc-ngan-hang-post553723.html