FinTech Steering Committee Established By Vietnam`s Central Bank

FinTech Steering Committee Established By Vietnam`s Central Bank

A steering committee on financial technology has been established by the governor of State Bank of Vietnam, the country`s central bank.Last Friday

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A steering committee on financial technology has been established by the governor of State Bank of Vietnam, the country`s central bank.

Last Friday governor Nguyen Van Binh signed the decision for the establishment of the Steering Committee on FinTech.  The goal is to encourage the development of FinTech companies in the country with guidance from Vietnam`s government, stated the press release of the central bank.

The committee will be formed by representatives from the central bank`s departments and the National Payment Corporation of Vietnam (NAPAS).

NAPAS is responsible for the inter-bank payments system in Vietnam. The latter performs and oversees switching and electronic clearing & settlement services in the country. The inter-bank platform connects nearly 17,000 ATMs and 90 million domestic payment cards from 43 commercial and foreign banks in Vietnam, explained the online publication, published on cryptocoinnews.com.

FinTech in Vietnam

While Vietnam has been said to be one of the fastest growing economies in the world, it is also a home of a sinking poverty line and a fast rate of smartphone adaptation. As the market is still emerging, it is open to the potential disruption of basic banking services.

Remitano, a Vietnamese FinTech P2P trading start-up, has recently revealed its plans to expand abroad.

Meanwhile, Bitcoin Vietnam Co. Ltd., the country`s first bitcoin exchange, has collaborated with Danish bitcoin merchant service provider Coinfy. Following their deal, merchants in Vietnam will receive payments in bitcoin and 17 other digital currencies.

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