Da Nang promotes cooperation opportunities with fintech enterprises

Deputy Governor of the State Bank of Viet Nam Pham Tien Dung (right) speaking at the meeting. Photo: M.QUE

Speaking at the meeting, Deputy Governor of the State Bank of Viet Nam Pham Tien Dung said that fintech has a very wide scope. This is the application of technology to financial services and includes many different fields.

Fintech is not only limited to technology companies providing financial services, but also includes financial innovations on technology platforms such as electronic payments, digital banking, online lending, technology insurance, investment and asset management, cryptocurrencies and blockchain technology.

The mechanism and regulations on Fintech in Viet Nam are being completed, with focus on creating a legal corridor for the development of financial technology, while ensuring safety and stability for the market.

Fintech is one of the important fields that will be concentrated on development when forming an international financial centre in Da Nang and Ho Chi Minh City. In the coming time, the two localities will work together to have appropriate proposals for the State Bank in this field.

The working session in progress. Photo: M.QUE

According to Mr. Ho Ky Minh, the Standing Vice Chairman of the municipal People’s Committee, the international financial centre in Da Nang will concentrate on specialised fields that leverage the city’s geopolitical and economic advantages, as well as its living environment, urban infrastructure, and tourism and resort services.

In the initial phase, the financial centre will lay an emphasis on innovating financial technology (fintech) and will implement controlled testing (sandbox) for several new models, including digital assets, digital currency, payment systems, and digital money transfers. This approach aims to attract investment funds, remittance funds, and small to medium-sized fund management companies, while also promoting the growth of startups that provide financial solutions.

Notably, starting July 1, Da Nang and Quang Nam Province will merge, creating significant resources for Da Nang in terms of land, infrastructure, and human resources, which will support the development of the financial centre.

In terms of infrastructure, Da Nang is the country’s modern telecommunications hub. Recently, a 1,000-rack data centre has been deployed at the Da Nang High-Tech Park. The Da Nang Software Park No. 2 can accommodate 6,000 tech engineers. Science and technology, innovation and digital transformation projects are being accelerated to serve investors and businesses.

Recently, Da Nang has issued nearly 30 policies to support science and technology and innovative startups, including outstanding and breakthrough policies according to Resolution No. 136/2024/QH15 of the National Assembly on the organization of urban government and piloting a number of specific mechanisms and policies for the development of Da Nang.

During the meeting, representatives from typical businesses in the fintech sector raised questions about incentives for opening offices and branches in Da Nang, the recruitment and training of local blockchain engineers to support startups, the investment environment and market in Da Nang, and the importance of promoting human resource training and fostering cooperation among businesses.

The VietFintech Club was established at the end of 2017 under the Viet Nam Banking Association (VNBA). Its primary goal is to support and advise the VNBA in the areas of fintech and digitalization.

Currently, the VietFintech Club has more than 40 members. The club develops strategic directions, action plans, and organizes the implementation of several key initiatives. One of its main activities includes actively participating in and proposing improvements to the legal framework for services and new business models in the fintech sector.

DA NANG Today