December 29, 2017
Regulations and laws overseeing financial industries are becoming increasingly complex. Technology might be the best way to simplify them to the benefit of all players involved. Blockchain Fintech has the power to make sure regulations are easy to enforce and follow so compliant financial transactions and operations can occur smoothly. Vietnam is especially interested in exploring this emerging field, as exemplified by the Fintech Challenge Vietnam (FCV)(https://fintech.mekongbiz.org/) which kicked off this month.
Kickoff Speech by Mr. Nguyen Kim Anh, SBV Deputy Governor
Vietnam’s financial sector has grown substantially but financial institutions still find it challenging to provide financial services to underserved customer segments including small businesses, rural populations, and urban migrants. The recent worldwide explosion of financial technology (Fintech) promises to fill this gap. The FCV focuses on finding solutions that can improve financial services for the underserved and unbanked. It is an the opportunity for Fintech companies from inside and outside the country to collaborate with commercial banks to pilot and scale solutions that improve financial services in electronic payments, e-KYC (“Know Your Customer”) / e-Identification, open APIs, blockchain and peer-to-peer lending.
The FCV Vietnam is being organized by the State Bank of Vietnam (SBV) with the support of the Mekong Business Initiative, a program funded by the Government of Australia and the Asian Development Bank (ADB). Vietnam Banks Association and Vietnam Fintech Club are co-organizer of the program. Program Partners include 7 commercial banks (BIDV, Shinhan Bank, TP Bank, VIB, Vietcombank, VietinBank, VP Bank) as well as FPT, Vietnam Silicon Valley, and VIISA. The program is aimed at spurring innovation in financial services that promote greater financial inclusion in Viet Nam. Blockchain will be one of the important innovations.
The contest is open to anyone who is interested (registration closes January 18th) and successful Challenge applicants will continue to participate in a two-month long incubation and mentoring program to polish their business models with the potential to win cash prizes. They will also take part in a competitive “Pitch Session” where they will present their financial technology solutions to a panel of banking industry players, financial experts, and investors. The best solutions will have the opportunity to demo their products and services at the 2018 Vietnam Fintech Day.
Mr. Nguyen Kim Anh, SBV Deputy Governor, noted, “SBV wants to create an enabling ecosystem for financial innovation that improves access to financial services for Vietnam’s micro – small- and medium- sized businesses and other underserved populations”.
Mr. Eric Sidgwick, ADB Country Director, shared, “The FCV Vietnam program will create opportunities for Vietnam’s commercial banks to engage with Fintechs, and to consider how they might take advantage of the technology and creative new approaches to expand financial services to the unbanked”.
Participants in IBL’s Hackathon
Infinity Blockchain Labs (IBL) is playing a crucial role in the challenge because Blockathon is a commponent of the event. The groundbreaking blockchain hackathon brought 19 teams out of 49 applicants to a 36-hour coding sprint aided by first class mentors that culminated in pitching ideas to a panel of expert judges. The winners shared VND200 million in prize money and won valuable incubation opportunities. Several teams from the recent are being fast-tracked for the incubation stage of the event. Key experts from IBL will also serve as blockchain fintech mentors for the participants. The R&D experts will work with regional experts to develop deep dives about the ways blockchain fintech can impact far-ranging industries.
Key Fintech Representatives at the Kickoff Challenge
In speaking with attendees to the kickoff event, IBL understands that regulators are very interested in blockchain fintech but need to see applications that prove its value and security. The government and institutions are receptive to the technology and excited to see how initiatives like the challenge can produce ideas. The regulators will then be able to form the necessary frameworks and plans. Mr. Son – Vice chairman of SBV Fintech steering committee stressed that SBV is supportive of blockchain depending on its use cases – specifically in regtech which is also one of IBL’s focuses
Infinity Blockchain Labs is a visionary R&D company engaged in intermediary and RegTech services employing blockchain technology. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects. We aspire to empower Vietnam to become a global leader in blockchain. Blockchain regulation is essential for its wide-scale adoption. When large institutions, governments and companies understand and trust it, there is no limit to the fields and sectors it can impact. As blockchain believers, it is IBL’s goal to help spread this knowledge. Through the (FCV and similar community engagement opportunities, IBL will make reality a world where Vietnam is a pivotal hub for a world that runs on blockchain.
You can learn more about Infinity Blockchain Labs and stay current with our activities by visiting our website and social media accounts below:
Keywords: blockchain fintech, fintech blockchain
LinkedIn: Infinity Blockchain Labs
Contact: Nicole Nguyen PR@blockchainlabs.asia