What Are Lawful Structures for Fintech in Vietnam?
The foundation for the
leap forward in all spheres of life has been established by the 4.0 industrial
revolution and the explosion of the Internet. Science and technology have a
direct impact on the financial sector, which is not exception.
Fintech – Financial
Technology is a new type of finance that has emerged alongside traditional
finance and has superior characteristics that are appropriate for the current
circumstance and actual requirements. Despite the benefits of Fintech, its
operation is fraught with difficulties, including legal issues.
Blockchain, big data,
cloud computing, artificial intelligence, biometrics, and other technologies
may be used by fintech. However, Vietnam currently lacks a comprehensive legal
framework for these technologies. As a result, depending on the circumstances,
laws pertaining to intellectual property, information technology, high
technology, science and technology, cyberinformation security, and
cybersecurity can all be enacted. In addition to ensuring the security of
databases and the intellectual property that is associated with them, these
regulations partially facilitate the research, development, and application of
technological innovation.
Digital payment, in
particular, is a big part of fintech. Non-cash payments, intermediary payment
services, and the Law on Credit Institutions govern this sector. The Top state
leader likewise gave Choice 316 since Walk 9, 2021, permitting the utilization
of versatile cash to pay for labor and products of little worth. This is the
legal basis for Fintech companies that offer digital payment services and for
customers to use this method. Applications of fintech include asset management,
peer-to-peer lending, and crypto currencies, all of which are not yet clearly
regulated in Vietnam.
Due to the significance
of establishing legal guidelines for Fintech, Official Dispatch No.
2433/VPCP-KTTH dated August 31, 2021 of the Public authority Office
coordinated: “The State Bank of Vietnam chairs and coordinates with relevant
agencies to continue studying and concretizing regulations on the pilot
mechanism of P2P lending in the process of developing and finalizing the draft
Decree on a controlled trial mechanism. Control (Regulatory Sandbox) financial
technology activities in the banking sector, report to competent authorities
for consideration and decision in accordance with the provisions of the Law on
Promulgation of Legal Documents”.
Resolution No. was
published by the government on September 6, 2021. 100/NQ-CP supporting the
proposition to plan a Pronouncement on a system for controlled testing of
Fintech exercises in the field of the financial area. After conducting
research, the Draft Decree on the controlled trial mechanism for Fintech
activities in the banking sector was published by the State Bank of Vietnam in
April 2022. This draft is currently at the phase of looking for public remark
and has not been endorsed. The development of the draft denotes another move
toward Vietnam's lawful system for Fintech, establishing a strong starting
point for the later birth of the Declaration.
The Decree on
Controlled Trial Mechanism for Fintech in the banking sector will be officially
issued by the government in the event that the Draft is approved. Credit
institutions and financial technology companies will be able to test Fintech
technology in a controlled manner as a result of this Decree. They can survey
the adequacy and potential dangers while utilizing Fintech arrangements. The
experiment's findings can be used to identify problems that need to be
addressed in order for the legislature to pass legislation to regulate Fintech
in the banking sector. If this is the case, banking will be a ground-breaking
industry that will inspire Fintech regulations in other areas.
Despite the solid and
quick improvement of web and its application, having a different lawful system
for Fintech in Vietnam in the future is normal. Fintech lawyers in Vietnam who are
interested in Fintech could also contribute by commenting on draft laws and
providing clients with advice based on real-world examples. It goes without
saying that the technology sector is home to some of the most successful
businesses in the world. Fintech is the startup with the fastest growth rate
among them. The sooner legitimate system of Fintech can be given, the better
for Vietnam to gobble up amazing chances to draw in venture and find the world.
Our Fintech, banking
legal counselors at Insect Legal Advisors - a law office in Vietnam will
continuously circle back to the improvement of the legitimate system in Fintech
in Vietnam to give updates to clients.
0 nhận xét:
Đăng nhận xét