In the latest draft, the regulatory sandbox will be developed for three fintech solutions, including credit scoring, open application programming interface (API) and P2P lending.
There have been calls and opinions for the government to expedite the process of establishing a sandbox model to help reduce risks and promote the development of fintech in Việt Nam.
To ensure pandemic safety, Quang Ninh will apply the sandbox model to tourism and prioritise serving groups of tourists once this northeastern coastal province re-opens its door to travellers from other localities.
The State Bank of Viet Nam is planning to pilot a regulatory sandbox which would allow fintech companies to participate in providing some banking services starting from 2021.
A sandbox is a regulatory field where technological firms operate and test new ideas to help the local economy catch up with the latest global developments.
Representatives of the blockchain industry in Viet Nam have asked for a ‘sandbox’ for the technology while meeting with Government agencies at a conference on Wednesday in Hà Nội.
The legal framework on sandbox development will be submitted to the Government for approval in the third quarter of the year to foster new models of business and service.