On August 29, 2019 at the headquarters of the State Bank of Vietnam (SBV), the SBV in collaboration with the South Korean Financial Supervisory Service (FSS) organized a workshop on Fintech Management Framework - Experience from Korea.
An overview of the Workshop
Attending the workshop were SBV Governor Le Minh Hung, FSS Governor YoonSuk Heun and representatives from the SBV entities, several experts from the FSS, and the FSS Office in Hanoi.
Governor Le Minh Hung delivers his opening speech
In his opening speech, Governor Le Minh Hung welcomed the FSS Governor and the experts from the FSS to Vietnam to share the experience of South Korea in developing the frameworks for the management of Fintech activities. According to the SBV Governor, acknowledging the importance of Fintech and its development potentials in Vietnam, together with the Government’s directive of supporting start-ups, the SBV has approached Fintech in a proactive manner through the establishment of a Steering Committee for Fintech in March 2017 with the goal of developing and improving the eco-system (first priority is the legal framework) to support Fintech companies in providing their services and solutions in the banking industry. Therefore, the Workshop was aimed to enrich the knowledge and management experience of the SBV officials in formulating mechanisms and policies, and promulgating regulations in order to enhance the development of Fintech in Vietnam.
FSS Governor YoonSuk Heun speaks at the workshop
Speaking at the workshop, Mr. YoonSuk Heun, FSS Governor, shared that South Korea is one of the leading Asian countries in the field of developing Fintech ecosystems, thanks to its strengths in information technology and telecommunication infrastructure; effective research and training methods of top notch universities ... About Fintech, South Korean authorities have built policies, mechanisms and regulations to promote the development of Fintech industry, such as the issuance of a pilot management mechanism for Fintech Regulatory Sandbox; the establishment of a Public Collaboration Fund to support private businesses to invest in Fintech, etc.
The FSS Governor expressed his hope that the exchanges, discussions and information sharing from the FSS experts at this workshop would be a useful source of information for the SBV departments in the process of studying and improving the legal frameworks for Fintech in Vietnam, especially the formulation of a Fintech Regulatory Sandbox and the peer-to-peer lending management mechanism in Vietnam in the coming time.
At the Workshop, the representatives from the FSS presented and discussed with the participants on the Fintech Regulatory Sandbox and the peer-to-peer lending management mechanism in South Korea. In answering direct questions from the participants, the FSS experts pointed out the advantages as well as the issues when implementing these activities in Vietnam in the current period.
Le Hang