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Vietnam to pilot fintech operations in banking, allowing P2P lending

Xuan Thinh Tuesday | 06/02/2020 10:50

The pilot program will be carried out in 1 to 2 years since after the proposal gets approval from prime minister. Photo: hlb.global/

Vietnam’s central bank plans to receive applications and approve credit institutions to apply fintech in seven banking services, including peer-to-peer lending from 2021, according to regulator’s draft proposal to the Government.

The State Bank of Vietnam has drafted a pilot mechanism that proposes two main including services and solutions directly provided by non-bank fintech firms or applying the technology in banking activities.

The fintech pilot program will focus on services including payment, credit, peer-to-peer lending, technology solutions such as Blockchain, banking support services such as credit scoring, savings.

The pilot program will be carried out in 1 to 2 years since the proposal gets approval from prime minister.

Completing the pilot program, the organizations participating in the test must build a summary report on test output.

The number of fintech companies in Vietnam has increased rapidly from about 40 at the end of 2016 to more than 150 companies at the present time and focusing mainly on the banking sector in general.

The Vietnamese Fintech operates mainly in the payment field with 34 payment intermediaries licensed by the central bank, 40 companies in the field of P2P lending.

In 2019, the sudden investment in Fintech Vietnam reached over $400 million and rose to become the second country in ASEAN after Singapore in attracting investment capital into this field, accounting for 36% of total investment capital of fintech investments in the region.

► Vietnam makes a closer step to mobile money

► Vietnam grants licences to G PAY and VIDIVA fintech firms

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