The Southeast Asia Fintech Centre is the objective of Ho Chi Minh City's financial technology development strategy.
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- 10:28 04/12/2023
DNHN - Vietnam has identified the establishment of a financial technology hub in Southeast Asia as a critical milestone in its strategic plan to develop into a global financial center.
The seminar "Prospects for Developing Ho Chi Minh City into a Financial Technology (fintech) Centre in Southeast Asia" was jointly organized by the Friedrich Naumann Institute of Vietnam and the Ho Chi Minh City Institute for Development Studies (HIDS) on November 30 and November 30, respectively.
Numerous perspectives highlight Ho Chi Minh City's enormous potential to become Southeast Asia's fintech hub. The GRDP of Ho Chi Minh City doubled from 2010 to 2020, and the city is reorienting its growth model towards high-tech industry and innovation founded on the application of science and technology.
Numerous financial institutions in Ho Chi Minh City have implemented blockchain technology, artificial intelligence, and other cutting-edge digital technologies to provide superior services to businesses and customers, according to HIDS. With 1,371 technology startups and 145 fintech startups in the region by the end of 2022, Ho Chi Minh City will have established itself as a preeminent hub for fintech in Vietnam.
Ho Chi Minh City must formulate an effective strategy to accomplish its objective of emerging as a fintech hub in Southeast Asia and advance Vietnam's plan to establish a global financial center.
Dr. Truong Minh Huy Vu, Deputy Director of HIDS, provided updates on the development of the international financial center, which now includes a fintech center subcomponent. Concerning the project, there is a proposition to pass a resolution of the National Assembly that would require clarification on the fintech center's "dosage" as a law. Mr. Vu put forward: "Fintech will play an important role in the international financial center, with provisions to build functional subdivisions related to fintech."
To surmount obstacles, Ho Chi Minh City must enhance its information technology infrastructure to guarantee the safety and security of its networks. Additionally, modifications must be made to the tax regime and legal framework to foster an environment conducive to the growth of the financial sector. In addition to infrastructure deterioration and overcrowding, environmental pollution also necessitates particular consideration.
National Director of the Friedrich Naumann Institute Vietnam, Professor Andreas Stoffers, emphasized that a comprehensive legal framework is crucial for Ho Chi Minh City and Vietnam to establish international financial centers. He suggested that to strengthen domestic economic strength and attract foreign investment, financial technology should be incorporated into development orientation.
According to Chief Technology and Business Officer of Crayon Group, Jesse Arlen Smith, every nation undergoes a unique process of development, and Vietnam has the potential to "leapfrog" to become the fintech hub of the region. He suggested that decision-makers be granted more authority to garner support and confidence, thereby assisting Ho Chi Minh City in its transformation into a regional fintech hub.
Ho Chi Minh City's financial sector is advised by experts to enhance the variety of financial products it offers and establish a more robust legal framework that facilitates the growth of fintech startups.
Ho Chi Minh City must prioritize the implementation of technology, enhance the quality of infrastructure connectivity, cultivate human capital, and implement a long-term strategy to realize its ambition of becoming Southeast Asia's fintech hub. While doing so, the city must assess the strengths and weaknesses of other nations in the region to formulate effective strategies.
Da Phuong
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