Cơ sở pháp lý và giải pháp hoàn thiện hoạt động Fintech ngành ngân hàng ở Việt Nam định hướng đến năm 2030

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Trong bài viết "Cơ sở pháp lý và giải pháp hoàn thiện hoạt động Fintech ngành ngân hàng ở Việt Nam định hướng đến năm 2030", nhóm tác giả tập trung phân tích về cơ sở pháp lý của Fintech trong ngân hàng thương mại, trên cơ sở đó đề xuất các giải pháp nhằm góp phần hoàn thiện hệ sinh thái Fintech, và giúp cho hệ thống ngân hàng ứng dụng Fintech mạnh mẽ hơn nữa đến năm 2030. Mời các bạn cùng tham khảo!

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Nội dung Text: Cơ sở pháp lý và giải pháp hoàn thiện hoạt động Fintech ngành ngân hàng ở Việt Nam định hướng đến năm 2030

CƠ SỞ PHÁP LÝ VÀ GIẢI PHÁP HOÀN THIỆN HOẠT ĐỘNG FINTECH NGÀNH NGÂN HÀNG Ở VIỆT NAM ĐỊNH HƯỚNG ĐẾN NĂM 2030 Nguyễn Quốc Huy1, Nguyễn Quỳnh Anh2 Tóm tắt: Công nghệ tài chính (Fintech) ngày càng phát triển mạnh mẽ và trở thành một công cụ hỗ trợ không thể thiếu trong hoạt động của ngân hàng hiện đại. Sự ra đời và phát triển của Fintech gắn liền với cách mạng công nghệ 4.0 đã góp phần thúc đẩy hoạt động ngành ngân hàng Việt Nam theo hướng tiện lợi và tự động, nhưng việc thiếu cơ chế hành lang pháp lý về Fintech khiến nhiều ngân hàng chưa thật sự an tâm đầu tư cho Fintech đúng mức, tương xứng với tiềm năng phát triển của ngân hàng và cơ hội của Fintech. Trong bài tham luận này, nhóm tác giả tập trung phân tích về cơ sở pháp lý của Fintech trong ngân hàng thương mại, trên cơ sở đó đề xuất các giải pháp nhằm góp phần hoàn thiện hệ sinh thái Fintech, và giúp cho hệ thống ngân hàng ứng dụng Fintech mạnh mẽ hơn nữa đến năm 2030. Từ khóa: Fintech, công nghệ tài chính, cơ sở pháp lý, ngân hàng thương mại LEGAL BASIS AND SOLUTIONS FOR COMPLETING FINTECH ACTIVITIES IN VIETNAM BANKING SECTOR ORIENTATION TOWARDS 2030 Abstract: Financial technology (Fintech) is growing stronger and becoming an indispensable support tool in modern banking operations. The birth and development of Fintech associated with the 4.0 technology revolution has contributed to promoting Vietnam’s banking industry in a convenient and automated manner, but the lack of a legal framework for Fintech makes many banks not really feel secure in investing in Fintech properly, not commensurate with the development potential of banks and the opportunities of Fintech. In this paper, the authors focus on analyzing the legal basis of Fintech in commercial banks, and on that basis propose solutions to contribute to perfecting the Fintech ecosystem, and help make the Fintech application banking system even stronger to 2030. Keywords: Fintech, financial technology, legal basis, commercial banking. 1. INTRODUCTIONS Fintech is currently an essential trend in all aspects of the cocio-economic landscape. In the midst of the fourth industrial revolution, financial technology is becoming even more robustly developed. Fundamentally, Fintech has altered how financial products and services are created and delivered in the market, which have existed for a long time. Fintech is understood as a broad technology field, where key platforms include the internet, mobile phones, cloud computing, and open-source software, aimed at enhancing efficiency and conveniemce for users. In vietnam, there are many companies, but the numbers of companies actively involved in providing Fintech-related services is not very high, even though the number has increased fourfold, from about 39 companies at the end of 2015 to approximately 154 companies at the end of 2021 (ISB, 2023). This growth rate, in general, is still relatively slow and does not align with Vietnam’s potential and opportunities, as it has been high-growth and development market for many years compared to many other countries. 1 Đại học Văn Hiến, Email: huynq@vhu.edu.vn 2 Đại học Văn Hiến, Email: quanhng1008@gmail.com
542 KỶ YẾU HỘI THẢO QUỐC TẾ HOÀN THIỆN HỆ SINH THÁI PHÁT TRIỂN FINTECH TẠI VIỆT NAM The Baking Sector in Vietnam is entering an accelerated phase for Fintech. However, thre are still certain challenges that prevent Fintech from making a breakthrough, and one of these challenges os the lack of a comprehensive legal framework. While there are regulations in place for Fintech, they are not yet complete or standardized, which allows for the proliferation of informal lending practices and “black credit” to flourish. 2. THE THEORETICAL BASIS FOR THE LEGAL FRAMEWORK OF FINANCIAL TECHNOLOGY IN THE BANKING SECTOR 2.1. Definitions The concept of Financial Technology, or Fintech, in English, is referred to as “Financial Technology.” Fintech involves the application of innovative and modern technologies in the field of finance to provide customers with transparent, efficient, and convenient financial solutions and services at a lower cost compared to traditional financial services (Vietnambiz, 2019). The concept of Fintech in the Banking Sector is the application of Financial Technology within the banking industry. Banking is one of the leading sectors in the adoption of Financial Technology to develop areas such as payment systems, financial management, and digital currency (VIB, 2023). Fintech is not a specific product; rather, it is a combination of various technological elements, including software, hardware, and terminal devices. Additionally, for Fintech to function effectively, there must be regulations, implementation guidelines, sanctions (legal framework), high-speed internet connectivity, and smart devices. 2.2. Overview of Research In this research, the authors have extensively reviewed and studied numerous texts related to the Fintech field and the banking sector, particularly focusing on research concerning the relationship between Fintech and banking activities, as well as Fintech and financial activities in general. Concurrently, the authors have evaluated and analyzed legal texts in comparison with each other to identify inconsistencies in the Fintech activities within the banking industry. Using a method of cross-referencing and comparing existing texts, the study presents the current state of Fintech in Vietnam. Subsequently, the authors cite relevant laws (or regulations) for each specific situation. This serves as evidence highlighting the authors’ observations and evaluations of each issue. Through the article, readers will gain a comprehensive understanding of the overall legal framework for Fintech in Vietnam. Based on this foundation, the authors propose necessary content to enhance the legal system concerning Fintech, thereby contributing to the improvement of the Fintech ecosystem in Vietnam in the future. 3. CURRENT LEGAL FRAMEWORK FOR FINTECH IN THE BANKING SECTOR IN VIETNAM 3.1. Legal Documents on Fintech Issued Currently, various state agencies have issued numerous legal documents related to Fintech within the context of the 4.0 technological revolution. The following table outlines the inventory of legal documents, serving as a foundation for the ongoing enhancement of the legal framework: Table 1: List of existing legal documents on financial technology until 2023 Legal documents Content 1. The State Bank Law of 2010 and Decree 1. Issuing legal documents within the jurisdiction on non-cash payment violations. No. 101/2012/ND-CP dated November 2. Organizing, managing, operating, and overseeing the national payment system; payments 22, 2012, Govern non-cash payments. within the economic framework.
Phần 2: Hoàn thiện về Thể chế và Chính sách 543 2. The State Bank Law of 2010 and Decree 1. Counterfeiting, repairing, erasing, retaining, circulating, and utilizing counterfeit means No. 101/2012/ND-CP dated November of payment. 22, 2012. 2. Intruding or attempting to intrude, unlawfully tampering with, or modifying software programs and electronic databases used in payment systems. 3.The State Bank Law of 2010; Decree No. 1. Right to Refuse Information Provision: Payment service providers, and intermediary 101/2012/NĐ-CP dated November 22, payment service providers, have the right to refuse requests from organizations or individuals 2012 regarding the provision of information concerning the account holder, transactions, and balances on the customer’s payment account. 4. Conclusion No. 37-KL/TW dated October 1. In terms of direction, it is necessary to promote innovation, utilize advanced scientific and 17, 2018, of the 12th Central Executive technological applications, and effectively leverage Industry 4.0. Committee Meeting. 2. Additionally, there should be a strong emphasis on research and the application of science and technology to drive the development of the national innovation system, taking advantage of Industry 4.0 opportunities. 5. Resolution No. 52-NQ/TW dated Sep 27, Issuing the National Strategy on Industry 4.0 and socializing the establishment of an 2019, of the Politburo. innovation center system to support research and development; refining the legal Topic: Some initiatives and proactive policies framework for new services, business models, and the application of advanced technologies for participating in the Fourth Industrial in the banking sector. Revolution. 6. Resolution 50/NQ-CP dated April 17, 2020, It involves constructing a flexible management mechanism that aligns with the business issued the Government’s Action Plan for environment. Early issuance of a controlled experimental framework to pilot and implementing Resolution 52-NQ/TW dated subsequently scale up technologies, products, and services is also emphasized. September 27, 2019, of the Politburo. 7. Decision The task involves drafting a Decree that regulates the controlled experimentation mechanism No.27/QD-UBQGCĐS dated March 15, 2022. for financial technology activities in the banking sector. Subject: Action Plan of the National Committee on Digital Transformation for the year 2022. 8. Decree on the Controlled Testing The experimental mechanism is designed to achieve four major objectives: (i) Promoting Mechanism for Financial Technology innovation and modernization in the banking sector, fostering financial inclusion for (Fintech) Operations in the Banking Sector individuals and businesses in a transparent, convenient, and cost-effective manner; (ii) Establishing a testing environment to assess the risks and benefits of Fintech solutions. (Source: Author’s own compilation, 2023) Based on the table above, we can make the following observations: Currently, there is no specific law regarding Fintech. The existing documents related to Fintech are insufficient, both in terms of quantity and quality. This inadequacy poses challenges and uncertainties for all entities involved in Fintech when designing products and related services. 3.2. Legal regulations on the connection between banks and Fintech product providers In general, Vietnam has not yet enacted any specific laws or legal documents regarding Fintech in the banking sector. However, there are some general guidelines and scattered regulations in place, but they do not constitute a comprehensive legal framework. On the banks’ side, there are not enough human resources to research and apply for their units, most of them outsource processing, programming and purchase certain Fintech products from other technology companies to become become your own Fintech ecosystem (Fiin Credit, 2022). There is no specific legal regulation for collaboration and development between banks
544 KỶ YẾU HỘI THẢO QUỐC TẾ HOÀN THIỆN HỆ SINH THÁI PHÁT TRIỂN FINTECH TẠI VIỆT NAM and specialized Fintech software companies, including provisions related to customer information sharing, risk-sharing, and responsibilities among the parties (Khoi, N. 2023). In Article 23, Chapter 4, of the State Bank of Vietnam Law 2010, regulations regarding customer information security are stipulated as follows: credit institutions are prohibited from disclosing information about account holders; they are obligated to maintain confidentiality regarding customer loans (State Bank of Vietnam Law 2010). 3.3 Partially addressing the Fintech sector in payment activities One of the major challenges facing the banking industry in Vietnam is the legal constraints related to Fintech. Existing regulations only partially cater to the Fintech sector in payment activities, lacking consistency and completeness across the broader spectrum of banking operations. This is particularly pertinent to a specialized industry dealing with currency exchange, demanding a high level of expertise and technology (Dinh, B. N., Tran, N. H. V., 2023). Vietnamese banks primarily engage in credit provision, but the absence of clear guidance and regulations in this area has created vulnerabilities for high-tech criminal activities. High-interest lending groups have exploited these gaps to commit various illegal acts such as fraud, information theft, money laundering, and violent debt collection (Nguyen, T., 2023). Decree No. 101/2012/ND-CP dated November 22, 2012, issued by the Prime Minister on Non-Cash Payments, stipulates that the State Bank of Vietnam organizes, manages, operates, and supervises the national payment system, as well as payments within the economy. Consequently, it can be interpreted that Vietnam still lacks a comprehensive legal framework governing payment and fund transfer operations. 3.4 Legal aspects of protecting innovators in Fintech applications in the banking sector Fintech products possess the characteristic of being easily replicable and imitated. Protecting the innovators who have created these pioneering products becomes crucial, safeguarding their copyrights and patents, as they have invested substantial costs and time (Dinh, B. N. 2022). Fintech’s nature as an internet-based platform makes the complexities of copying and infringing digital technology copyright prevalent, with the added peril that infringing parties often make their violations widely available on online platforms (Anh, M., 2023). In the context of protecting innovators and the application of Fintech in the banking sector, there is currently no official document in Vietnam addressing this matter. 3.5 Fintech in the banking sector must comply with existing laws. Commercial banks, credit institutions, credit funds, etc., are currently regulated by the Law on Credit Institutions (2010), the Law on the State Bank of Vietnam (2010), and other relevant laws. However, there are no provisions regulating Fintech activities or Fintech products and services The legal framework for Fintech must clearly stipulate sanctions and disputes between Fintech products and traditional financial products and services, such as lending and debt recovery. (Duong, A. Q., 2022). The reality necessitates the existence of a legal document specifically addressing Fintech. However, upon comparing and cross-referencing current regulations, it is evident that Fintech-related provisions are scattered across various decrees and regulations. Consequently, the application of these provisions is challenging and lacks consistency. For instance, Fintech is mentioned in Decision No. 27/QD-UBQGCĐS dated March 15, 2022, by the Government on
Phần 2: Hoàn thiện về Thể chế và Chính sách 545 digital transformation, as well as in Decision No. 479/QD-TTg approving the “National Digital Transformation Program by 2025, orientation towards 2030.” 3.6 Legal Aspects Regarding Customer Protection in the Use of Fintech Services in the Banking Sector Banking Law: The 2020 Banking Law (amended and supplemented) encompasses numerous provisions related to customer protection within the banking sector, including Fintech services. This law addresses the obligation of banks and other financial institutions to implement measures to safeguard customers’ personal information, along with regulations pertaining to control and supervision in this domain. At present, there is a legal document addressing customer protection, namely the State Bank of Vietnam’s Banking Law of 2010, which regulates customer protection for credit institutions as follows: “Payment service providers and intermediary payment service providers have the right to refuse requests from organizations or individuals regarding the provision of information about account holders, transactions, and account balances of customers”. 4. LESSONS LEARNED FROM LEGAL FRAMEWORKS IN FINTECH 4.1. A Case Study of the United States In 2020, under the United States’ new regulatory framework for the Fintech sector, a streamlined supervisory approach was introduced. A singular supervisory group was designated with the responsibility for licensing, examination, replacing the previous practice of undergoing numerous individual inspections for each state. Financial entities such as Western Union, PayPal, and cryptocurrency companies experienced a reduction in legal burdens in the U.S. A total of 48 states agreed to implement unified supervisory rules, thereby reducing costs for Fintech activities. Under the previous regulations, financial companies had to regularly report on Fintech activities and undergo multiple inspections throughout the year, hindering investment in Fintech due to increased costs and human resource requirements (Anh H., 2020). 4.2. A Case Study of China As of 2020, China has formulated at least 17 legal documents regarding Fintech activities, such as cloud services, artificial intelligence, blockchain, etc. These legal documents aim to tighten the protection of user data. For instance, the Chinese government mandates large non-banking entities like Alipay and WeChat Pay to deposit funds into bank accounts as a measure to bind them to customer protection. Violations of these regulations may result in substantial fines. Additionally, China is in the process of refining draft regulations to permit foreign companies to establish digital banks within the country. 4.3. A Case Study of Singapore In 2016, the Singaporean government encouraged financial companies to experiment with and implement Fintech products on a limited scale in the market, under the supervision of a state regulatory framework. In November 2016, the Monetary Authority of Singapore (MAS) issued a Legal Framework for Financial Experimentation, allowing financial institutions to test innovative Fintech products within specified boundaries. Furthermore, with the aim of fostering experimentation and adoption of Fintech solutions, in November 2017, MAS released temporary guidelines on Fintech, providing reference and guidance for activities such as public securities offerings (Chu T. H., 2019).
546 KỶ YẾU HỘI THẢO QUỐC TẾ HOÀN THIỆN HỆ SINH THÁI PHÁT TRIỂN FINTECH TẠI VIỆT NAM 5. SOLUTIONS FOR COMPLETING FINTECH ACTIVITIES IN VIETNAM BANKING SECTOR ORIENTATION TOWARDS 2030 5.1. Enhancing the Legal Framework and Regulations: The Government and relevant authorities and departments need to promptly take resolute, strong, and practical measures to establish comprehensive and coherent regulations for Fintech services to ensure transparency, safety, and fairness. These specific regulations should include the following: Developing a comprehensive Fintech law: Establishing a separate Fintech Law to build a transparent legal foundation for the industry. This law should regulate various aspects such as electronic payments, cryptocurrency transactions, online lending, and risk management. It should also include requirements for disclosing information related to fees, interest rates, and transaction conditions. 5.2. Workforce training for Fintech In-depth training programs: Developing specialized training courses in specific Fintech areas such as risk management, financial data, financial data analysis, etc. Consider establishing research centers in major metropolitan areas to provide direct expertise support. 5.3. Collaboration between schools and businesses in the field of economics Establish a strong connection between universities and Fintech companies to ensure that the educational programs reflect the real needs of the industry, emphasizing practical approaches and exploring innovative solutions in technology, business models, products, and services. Courses and curricula should be designed in collaboration with Fintech industry leaders. 5.4. Investment and Enhancement of Technological Infrastructure Research and development of technology, the most advanced technologies today, such as Blockchain, AI, should be emphasized and prioritized for development. Investment in network security technology, the development and implementation of advanced security measures to ensure the safety of financial data and personal information. Building an efficient, secure, and fast electronic payment system. Promoting investment in applications in the financial sector, such as payments via smart devices, various types of e-wallets,... 5.5. Attracting and raising customer awarenes Utilize advertising and marketing campaigns, various media, and online platforms to introduce Fintech services and their benefits to potential customers. Create promotional programs, offers, and discounts to stimulate interest and encourage Fintech service experiences, such as low transaction fees, preferential interest rates, or complimentary gifts. 6. CONCLUSION Vietnam is currently in the same era as the global shift towards the digital age, the age of technology, including financial technology. Fintech is an essential trend in the banking and financial sector in the context of the Fourth Industrial Revolution. Fintech has brought customers exciting experiences and convenient financial products with simple yet highly secure transactions. However, the legal framework for Fintech activities is still incomplete and has been constraining the development of Fintech. Through this paper, the authors boldly propose practical solutions that can be implemented in practice to contribute to the further growth of the Fintech sector in the
Phần 2: Hoàn thiện về Thể chế và Chính sách 547 future. These are the desires of the authors who want to collaborate in building a healthy Fintech operating environment, contributing to Vietnam’s sustainable development and advancement in the knowledge-based economy. REFERENCE 1. Anh H., (2020), Mỹ giảm gánh nặng pháp lý cho các công ty fintech, https://vietnamnet.vn/my-giam- ganh-nang-phap-ly-cho-cac-cong-ty-fintech-i264187.html. 2. Anh, M., (2023, Sep 26), Vấn nạn vi phạm bản quyền số và giải pháp AI để bảo vệ toàn diện, https:// ictvietnam.vn/van-nan-vi-pham-ban-quyen-so-va-giai-phap-ai-de-bao-ve-toan-dien-59716.html 3. Chu T. H., (2019), Singapore với cơ chế pháp lý thử nghiệm áp dụng trong phạm vi hạn chế Sandbox, https://moj.gov.vn/qt/tintuc/Pages/nghien-cuu-trao-doi.aspx?ItemID=2460. 4. Dinh, B. N, Tran, N. H. V., (2023, Aug 11), Thực trạng và giải pháp phát triển công nghệ tài chính tại Việt Nam, https://tapchinganhang.gov.vn/thuc-trang-va-giai-phap-phat-trien-cong-nghe-tai-chinh-tai- viet-nam.htm 5. Dinh, B. N., (2022, Jul 21), Thị trường Fintech tại Việt Nam: Cơ hội và thách thức, https:// tapchinganhang.gov.vn/thi-truong-fintech-tai-viet-nam-co-hoi-va-thach-thuc.htm 6. Duong, A. Q., (2022, Aug 15), Fintech và những thách thức trong việc ban hành các quy định pháp lý, https:// tapchinganhang.gov.vn/fintech-va-nhung-thach-thuc-trong-viec-ban-hanh-cac-quy-dinh-phap-ly.htm 7. Fiin Credit, (2022, Jul 27), Fintech là gì? Hiểu rõ về “Công nghệ tài chính” trong 5 phút!, https://fiin. vn/blog/fintech-la-gi/ 8. ISB, (2023), Công nghệ tài chính Fintech tại Việt Nam: nắm bắt xu hướng để phát triển, https:// insight.isb.edu.vn/cong-nghe-tai-chinh-fintech-tai-viet-nam 9. Kết luận số 37-KL/TW ngày 17/10/2018 của Hội nghị Ban Chấp hành Trung ương khóa XII về Một số phương hướng, chỉ tiêu, nhiệm vụ và giải pháp chủ yếu trong năm 2019. 10. Luật Ngân hàng nhà nước năm 2010. 11. Nghị định số 101/2012/NĐ-CP ngày 22/11/2012 của Chính phủ về Thanh toán không dùng tiền mặt 12. Nghị quyết 50/NQ-CP ngày 17/4/2020 của Chính phủ về Ban hành Chương trình hành động của Chính phủ thực hiện Nghị quyết số 52-NQ/TW ngày 27/9/2019 của Bộ Chính trị, về tham gia cuộc Cách mạng công nghiệp lần thứ Tư 13. Nghị quyết số 52-NQ/TW ngày 27/9/2019 của Bộ Chính trị về Một số chủ trương, chính sách chủ động tham gia cuộc Cách mạng công nghiệp lần thứ Tư (Ban Chấp hành TW Đảng). 14. Nghị quyết số 69-NQ/2018/QH14 ngày 08/11/2018 của Quốc hội về Mục tiêu và nhiệm vụ trong năm 2019. 15. Nguyen, T., (2023, Sep 16), Bắt đối tượng thu lời hàng tỷ đồng từ cho vay nặng lãi, https://tienphong. vn/bat-doi-tuong-thu-loi-hang-ty-dong-tu-cho-vay-nang-lai-post1569576.tpo 16. Quyết định số 27/QĐ-UBQGCĐS ngày 15/3/2022 về Kế hoạch hoạt động của Ủy ban Quốc gia về chuyển đổi số năm 2022. 17. Thông tư số39/2014/TT-NHNN của Ngân hàng Nhà nước Việt Nam về Hoạt động trung gian thanh toán của Fintech. 18. VTV.vn, (2020), Trung Quốc tiến tới siết chặt hành lang pháp lý Fintech, https://vtv.vn/kinh-te/trung- quoc-tien-toi-siet-chat-hanh-lang-phap-ly-fintech-20200201104435265.htm.