05.09.2020, 14:56

The Prime Minister proposed to soon improve regulations on fintech activities, and pilot mobile money

The Prime Minister asked the State Bank to complete the Scheme and Decree on fintech regulations, peer-to-peer lending, and electronic authentication; The Ministry of Information and Communications soon submitted the pilot mobile money service.

The Prime Minister proposed to soon improve regulations on fintech activities, and pilot mobile money

Regular government in August 2020. (Source: VGP)

At the regular meeting of the Government in August 2020, Prime Minister Nguyen Xuan Phuc asked the State Bank (SBV) to complete a Scheme and Decree on fintech regulations, peer-to-peer lending, and electronic authentication. In addition, the Prime Minister also requested the Ministry of Information and Communications to soon submit the pilot implementation of mobile money service.

Expected to issue a pilot mechanism for Fintech operations from 2021

Previously, the State Bank said it expected to issue a pilot mechanism for fintech operations from 2021.

According to the State Bank, the emergence and rapid development of Fintech has made the regulators of the countries face many difficulties and challenges in management and supervision due to money laundering risks, terrorism financing, risks related to security, safety, information confidentiality,

Therefore, the task of regulators is to ensure at the same time the goal of supporting innovation in promoting innovation while maintaining the stability and safety of the financial market and supporting the economic growth.

In Vietnam, the activities of companies providing fintech solutions, peer-to-peer loans (P2P lending), new payment models have not yet had specific legal regulations to adjust.

The State Bank said that from 2021, it is expected to officially receive dossiers and approve for banks, fintech solution providers to participate in the Fintech Testing Mechanism in the banking sector.

There are 7 areas of fintech that are participating in the trial, including payment, credit, peer-to-peer lending, business support, open application programming interfaces, innovative technology application solutions such as Blockchain, support services for banking activities such as credit scoring, savings,

Pilot mobile money

Regarding mobile money, in May, the Prime Minister approved the pilot implementation of mobile money according to Resolution No. 84 / NQ-CP on tasks and solutions to further remove difficulties for production and business, push disbursement of public investment capital and ensure social order and safety in the context of the COVID-19 pandemic.

Previously, in April, the State Bank completed the draft and submitted to the Government this project. From 2019, the Government has asked the State Bank to study and propose a pilot of mobile money service, in the context of no specific regulations on network-based financial services, while e-wallets will expand faster and faster.

The application of Mobile Money is expected by carriers when this is identified as an unprecedented opportunity, opening up many opportunities for big names such as Viettel, VNPT, MobiFone to step into the financial services segment.

Source: vietnambiz.vn – Translated by fintel.vn