Digital transformation would push Viet Nam’s finance-banking system in the years to come, helping it catch up with global standards, said Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh.
The State Bank of Viet Nam is carefully studying international models of peer-to-peer lending (P2P) to develop a legal framework to effectively manage the country’s nascent fintech business, according to SBV deputy governor Nguyen Kim Anh.
With simple borrowing conditions, no need for collateral and the chance to receive capital right at home, microfinance is seen as an effective tool to enhance women’s confidence, promote their participation in business activities, increase income and escape poverty.
Vietnamese banks have actively researched and invested in technologies of the fourth industrial revolution, spoke Nguyen Kim Anh, Deputy Governor of the State Bank of Viet Nam (SBV).
The banking industry is drastically restructuring credit institutions (CIs) in combination with bad debt settlement to ensure their safe, healthy and sustained growth.