Anh hUGing cua cong nghe tai chmh den an toan he thwig tai cbinh-Tijf yiung ly luan 4en thiJc tiin tayi Viet Nam
Tran Tlii Xuan Anh Nguyen Thi Hoai Le Khoa Tai chinh, Hoc vien Ngan hang Vien Han lam Khoa hoc xa hoi Viet Nam
Cung voi su phdt trien chung cua cdng nghe thdng tin, cdc cdng ty cdng nghe dang ddu tu rdt mgnh vdo ITnh vuc tdi chinh, nhd do md tren thi trudng cdc dich vu tdi chinh dd xudt hien cdc cong ty cdng nghe tdi chinh.
Cdc cdng ty ndy hogt dong vd cung cdp tdt cd cdc dich vu cua dinh che tdi chinh ngdn hdng vd dinh che tdi chinh phi ngdn hdng, day Id thdch thirc Ion cho cdc nhd qudn ly tdi chinh cdng nhu cdc dinh che tdi chinh truyen thdng. Do cdng nghe tdi chinh- FinTech- mdi ra doi nen viec nghien cuu ve tde dong cua no chua nhieu, chua day du cd d li lugn vd thuc tien, day chinh Id tinh cdp thiet dgt ra viec cdn ed nhung nghien cuu ve Ichung ddnh gid tde ddng ciia FinTech ddi vdi suphdt trien eua cdc td chuc dinh che tdi chinh, tu: do, cd cdch nhin nhgn, ddnh gid thuc tien ddi vdi tinh an todn vd dn dinh cita he thong tdi chinh.
Tie khoa: Cdng nghe tdi chinh, dinh che tdi chinh, thi trudng tdi chinh
Impact of Fintech on the stability of Financial system - From theoretical frameworit to practice in Vietnam
Abstract Together with the general development of information technology, technology companies are investing heavily in the financial sector, whereby financial technology companies have appeared in the financial market These companies operate and provide all services of both banking and financial institutions, which is a major challenge for key regulators and traditional financial institutions. Due to the new financial technology- FinTech- the study of its impact is not much, incomplete in both theory and practice, this is the urgency that requires the study of the framework, assess the impact of FinTech on the development of financial institutions, thereby have a view on the safety and stability of the financial system.
Keywords, financial technology, financial institutions, financial market.
Anh Thi Xuan Tran, PhD.
Email: [email protected]
Finance Faculty, Banking Academy of Vietnam Le Thi Hoai Nguyen, Assoc.Prof PhD.
Email: [email protected] Vietnam Academy of Social Sciences
Ngdy nhan: 20/02/2020 Ngay nhan bdn sda. 09/03/2020 Ngay duyet ddng- 17/03/2020
• Hoc vien Nqan hanq Tap chi Khoa hpc & Dao tao Ngan hang 1 So 216-Thang 5. 2020
Muc luc
TONG BIEN TAP PGS. TS. Do Thj Kim Hao
PHO TONG B|£N TAP TS. Nguyen Thu Hien TRUCJNG BAN BIEN TAP
TS. Bui Thj Thuy H O I DONG BIEN TAP PGS TS. Nguyen Kim Anh NgSn hang Nha nifcic Viet Nam
PGS. TS. To Nggc HUng
TrUcing dai hoc Hoa Binh TS Bui Tin Nghj Hoc vien Ngan hang
PGS. TS Le Thj Tuan Nghia Hoc v i f n Ngan hang
PGS. TS. To Kim Ngpc TrL/6ng DT&PTNNL Vietcombank
PGS, TS. Pham Nggc Phong Ngan hang Nha ni/6c Viet Nam
GS. TS Stachuietz Rainer Dai hoc Kmh le & Luat Berlin (B5EL)
GS. TS. Nguyen Van Tien Hoc vien NgSn hang
Tap chi Khoa hoc & Dao tao Ngan hang so 216 - thang S/2020 1 Anh hifdng cua cong nghe tai chinh den an toan he thong
tai chinh- Tflf khung ly luan d i n thUc tien tai Viet Nam Tran Thj Xuan Anh
Nguyin Thi Hoai Le
13 Nhumg diem mdi cua Incoterms 2020 Nguyin Thi Cam Thuy
Hoang Phoong Dung
21 Van d l no cong va bat bmh dang thu nhap: Ly thuyet den thiic tiin tai Viet Nam
Le Thi Dieu Huyen
31 Vai tro cua ngan hang trong phat trien tai chmh toan dien tai Viet Nam: ThUc trang va khuyen nghi
Nguyin Thiiy Duang Nguyen Thi Thu Trang
4 0 Mdi quan he tiTdng tac giiTa nang su^t va hieu qua xa hoi cua cac to chuTc tai chmh vi m5 chmh thuTc tai Viet Nam Ha Van Dtrong
55 ThiTc trang phat trien cac cong ty tai chinh va cho thue tai chinh tai Viet Nam
Dao Bich Ngpc
6 6 Tac dpng cua rui ro tin dung den Icfi nhuan cua cac quy tin dung nhan dan tren dia ban tinh Ben Tre
Le Hoang Vinh Nguyen Thanh Vu
75 Anh hiTcfng ciia dac diem giam d6c dieu hanh tdi hieu qua ciia viec phat hanh lan dku ra cong chung tai Viet Nam Nguyen Thj Hoa Hong
Nguyen Tien Dat Nguyen Nggc Nguyen
THONG TIN TOA SOAN
T a p c h l Khoa hoc & Dao tgo Ngan hang- Hoc v i e n Ngan hang
D i a c h i : 12 Chiia Boc, Dong D a , H a Noi - T e l . 0 2 4 3 8 5 2 5 2 8 2 - Fax. 0 2 4 3 8 5 2 9 8 6 1 E m a i l : [email protected] W e b s i t e : http://tapchr.hvnh.edu.vn G i a y p h e p xuat b a n : 3 2 4 / C P - B V H T T
In tai Cong ty Co phan In C o n g doan Viet N a m
Anh hutctag cto CQPg nghe tai chwh 0n an loan lie thmg tai chXttlkTtt kbung ly lu^n ^e* thutc tien tgi Viet Nam
Iran Thi Xuan Anh Nguyen Thj Hoai Le Khoa Tai chinh, Hoc vien Ngan hang Vien Han lam Khoa hpc xa hoi Viet Nam
Ciing vdi su phdt trien chung cua cdng nghe thdng tin, cdc cdng ty cdng nghe dang ddu tu rdt mgnh vdo iTnh vuc tdi chinh, nhd do md tren thi truong cdc dich VIA tdi chinh dd xudt hien cdc cdng ty cong nghe tdi chinh.
Cdc cdng ty ndy hogt dong vd cung cdp tdt cd cdc dich vu cua dinh chi tdi chinh ngdn hdng vd dinh che tdi chinh phi ngdn hdng, day Id thdch thuc l&n cho cdc nhd qudn ly tdi chinh cung nhu cdc dinh che tdi chinh truyin thdng. Do cong nghe tdi chinh- FinTech- mdi ra ddi nen viec nghien cuu vi tac ddng cua nd chua nhieu, chua day du cd d li lugn vd thuc tien, day chinh Id tinh cdp thiit dgt ra viec cdn cd nhimg nghien cim ve khung ddnh gid tac ddng cua FinTech ddi voi suphdt trien ciia cdc to chuc dinh chi tdi chinh, tit do, cd cdch nhin nhgn, ddnh gid thicc tiin ddi vdi tinh an todn vd dn dinh cua hi thdng tdi chinh.
Tit khoa: Cdng nghe tdi chinh, dinh chi tdi chinh, thi trudng tdi chinh
Impact of Fintech on the stability of Financial system - From theoretical framework to practice in Vietnam
Abstract Together with the general development of information technology, technology companies are ^ investing heavily in the financial sector, whereby financial technology companies have appeared in the financial
market These companies operate and provide all services of both banking and financial institutions, which is
a major challenge for key regulators and traditional financial institutions. Due to the new financial technology- ^ FinTech- the study of its impact is not much, incomplete in both theory and practice, this is the urgency that ^ requires the study of the framework, assess the impact of FinTech on the development of financial institutions, •-
thereby, have a view on the safety and stability of the financial system '^
Keywords: financial technology, financial institutions, financial market ^ r
Anh Thi Xuan Tran, PhD. ^ Email. anhttx@hvnh,edu.vn
Finance Faculty, Banking Academy of Vietnam • Le Thi Hoai Nguyen, Assoc.Prof. PhD ! Email- [email protected] j|
Vietnam Academy of Social Sciences |
Ngdy nhan. 20/02/2020 Ngay nhgn ban sda- 09/03/2020 Ngay duyet dang- 7 7/03/2020 I 5 Hoc vien Naan hanq Tap chl Khoa hpc 8d Dao tao Ngan hang
So 215- Thang 5. 2020
Anh hLf6ng cua cong nghe tai chinh den an toan he thong tai chmh den thac tien tai Viet Nam
TCr khung ly luan
1. Khung danh gia anh hu'&ng cua FinTech
Sir phat trien nhanh chong ciia khoa hpc cong nghe, dac biet la cong nghe thong tin da tao dieu kien cho cuoc each mang khoa hoc cong nghe lan thu IV, each mang 4.0.
Boi canh do ciing vcri sir bung no ciia lie thdng dii lieu 1cm (big data) da dan den sir ra dai mot loai hinh dich vu sang tao tren thi truang tai chinh: FinTech (financial technology- cong nghe tai chinh) cung cap cac dich vu tai chinh bang cong nghe cao trong nhi^u ITnh vuc, sir dung cac ling dung, phan mem hien dai tren cac thiet bi ca nhan nhu may tinh, dien thoai di dong, may tinh bang ... Cac dich VLI tai chinh dugc cac cong ty FinTech cung cap rat da dang, hoan thien va phat trien mgt each manh me, bao gom ca cac dich vu ciia cac dinh ch^ tai chinh ngan hang va phi ngan hang. Chinh vi le do, tac dong ciia FinTech tai he thong tai chinh noi chung va cac dinh che tai chinh noi rieng la dieu kho tranh khoi. Dieu nay co the dugc luan giai tren co sa tham khao 2 khung ly luan ca ban sau:
Mot Id, khung ty luan Igi ich- nii ro cua Dan J.K.im, Donal L.Ferrin va H. Raghav Rao (2008) dugc xay dung tren ca so ly thuyet tam iy hanh vi. Theo do, hanh vi CLia con nguoi dugc dieu khien boi nhan thuc ciia hp ve kha nang chap nhan, dpng CO va thai dp doi vai mpt su viec cu the.
Ngoai ra hanh vi nay con bi chi phoi bai nhijng thong tin hp thu nhan dugc tren thi truang. Tuy nhien, nhirng thong tin nay c6 the khong day dii va thieu chinh xac dan den tam ly lo lang, tir do anh huong den quyet dinh sir dung hp. Ket hgp giira tam iy nhan thiic day dii ve Igi ich va nhung lo lang lien quan den rui ro, Dan va cac cong su (2008) cho rang ve ca ban quyet djnh
su dung cua nguai tieu dimg ve mgt san phdm, djch vu mai nao ra doi deu bi chi ph6i bai hai y^u t6 tren. Nghien cim cua Lue va Shim (2010) con dua them yeu to ni^m tin ciia nguai tieu dimg vao khung Igi hch- nii ro d l danli gia quyet dmh su dung cua nguoi tieu diing.
Dua vao kliung loi ich- riii ro cam nhan neu hen co thi thSy anh huang cua FinTech dugc danh gia thong qua hanh vi ciia nguoi sir dung truoc nhung Igi ich va rui ro tilm tang hr san phSm, djch vy mai nay. Thi trudng tai chinh vai chii the la cac dinh chl tai chinh co dac tinh la anh hiTong thong qua cac co chl dan truyen co thi CO tac dpng lan hoTi va mang tinh he thong.
Hai Id, khung danh gia anh huong ciia Fintech cua To chiic Uy thac va thanh taan bii trir (DTCC- The Deposit Trust &
Clearing Coparation, 2017), theo do tac dpng tilm tang cua FinTech doi voi su on dinh tai chinh la mpt van de co tam quan trpng, dac biet la trong giai doan dau thir nghiem va phat tnen san pham, djch vu nay. DTCC da xay dimg khung danh gia gom 9 yeu to dan truyen anh huang ciia Fintech den on dinh he thong tai chinh gom:
Yiu td 1: Viec cung cdp cdc sdn phdm ngdn hdng cdt loi ciia cdc cdng t}> FinTech Cac cong ty FinTech da va dang cung ling cac san pham ngan hang loi nhu huy dgng von, tin dung, thanh toan cho kliach hang.
0 mpt mire dp nhat dinh, dieu nay se lam da dang hoa cac san pham dich vu tren thi truang tien te- ngan hang. Tuy nliien, ve ban chat hoat dpng ngan hang can dua tren he thong niem tin viJng chac tir ngudi dimg, trong khi cac cdng ty FinTech phat
2 Tap chl Khoa hoc S* Oao tao Ngan hang- So 216- Thang
TRAN THI XUAN ANH - NGUYEN TH! HOAI LE
trien theo xu hudng phi tap trung, khdng can sir liien dien true tilp cua ngudi diing.
Day vii'a la uu dilm nhung ciing la nhupc diem ciia cdng ty FinTech xet dudi gdc do an toan va bao mat cho khach hang.
Do vay, mac dii cung ling cac san pham CO chuc nang nhu ngan hang thuong mai (NHTM), song cac cdng ty FinTech cd xu hudng phat trien cac ddng san pham cho nhdm khach hang nho le d quy md be, hoac cac san pham mcri ma cac NHTM truyen thdng chua cd vdi dac thii giam thai gian giao dich va tang tinh tien nghi. Do do, hien nay tac dpng cua FinTech doi nii ro lay lan (Financial Contagion) thdng qua kenh tin dung hoac thanh khoan cd the tuang doi nho, nhung dieu nay phai dugc theo doi khi chiing phat trien trong tuang lai.
Yen to 2: Mice do phdn manh (chia nho) lien quan din sdn phdm FinTech Su phat trien ciia cong nghe sd hoa trong nganh tai chinh dang tao ra nhiing thay doi manh me tdi hanh vi cua ngudi tieu dimg khi tiep can tai cac san pham va dich vu tai chinh d miic phi thap han, thuan tien hem nhd vao sir da dang trong each thuc thiet ke va phan phoi san pham cua cac cdng ty FinTech. Cac san pham dugc thiet ke phii hop vdi dac thii cua tirng khach hang thay vi mang tinh dai chiing de bj bat chudc. San pham dupe phan phdi qua nhieu kenh khac nhau, giam bat su hien dien true tiep cua cac khach hang Idii thuc hien giao dich. Tuy nhien dieu nay cung tiem an cac nguy ca nhu: rui ro chia se, rd ri thdng tin khach hang cung nhu rui ro tir ben thii ba hay cdn ggi la rui ro trung gian/dai ly; lam md di sir phan dinh trach nhiem giira cac nha phan phoi va nha san xuat djch vu tai chinh lien quan din cac v^n de hoat dpng, su phu hgp cua san pham, trach nhiem doi vdi cac thiet hai cd
the xay ra; md rdng viec su dung cac tieu chuan du' lieu ddc quyin co thi can trd kha nang tuong tac, gay ra 16i va dan d i n mdt he thdng tai chinh kem hieu qua.
Yiu td 3: Tac ddng ciia FinTech din muc do tap trung vd dpc quyen tren thi truong tdi chinh
Dii FinTech dang phat trien nhanh chdng nhung quy mo ciia nd trong he thdng tai chinh ndi chung van con han chl d hhu het cac qudc gia. Mot so cong ty dang cd xu hudng tap trung hon d mdt sd ITnh vuc djch vu tai chinh va khu vuc dia ly nhat dinh. Bao cao cua Uy ban On dinh Tai chinh My (2018) cho thdy su phat trien cua cac nha cung cap tin dung mdi (cdng ty FinTech) cd the dan den su gia tang nhanh chdng ve tam quan trpng ciia cac cdng ty nay trong he thdng tai chinh vdn la "san chai" cua nhiing dinh che tai chinh truyen thdng. Dieu nay se lam giam tinh ddc quyen hay miic dp tap trung cua nganh tai chinh vi cac nha cung cap dich vu mdi cd the canh tranh true tiep vdi cac dinh che tai chinh truyen thdng. Vi du, nen tang tin dung FinTech cd the giiip da dang hda cac ngudn vdn, do do, lam giam miic dp tap trung tin dung trong ITnh vuc ngan hang, thuc te nay cd the cd Igi neu xay ra tinh trang ngan hang gap nii ro trong qua trinh hoat dgng.
Yeu Id 4: Tinh thay thi cua dich vii FinTech
Mdt san pham, djch vu dugc cho la cd tinh thay the cao neu no co the bi thay the de dang va nhanh chdng khi nha cung cap khong cd kha nang cung ling. Tinh thay thi la mdt nhirng nhan td chinh trong viec danh gia riii ro he thdng. Trong thi trudng hoan hao, cac dich vu tai chinh cd kha
.io ^16- Thang 5. 2020- Tap chi Khoa hoc & Dao tao Ngan hang 3
Anh hudng cua cong nghe tai chinh den an toan he thong tai chinh- TC; i<hung ly luan den thu'c tien tai Viet Nam
nang thay the cao se tao ra rui ro he thdng thap han so vdi cac dich vu khdng cd kha nang thay the.
Kha nang thay the ciia djch vu FinTech phu thupc hoan toan vao bdi canh, chang han nhu tinh chat ciia dich vu, moi trudng canh tranh va su de dang ma ngudi dimg dich vu cd the chuyen sang nha cung cap thay the (hoac dich vu) trong trudng hpp that bai. Nhu vay, muc dp thay the phai dupe danh gia tren co sd timg trucmg hgp. Vi du, su that bai ciia Apple Pay hoac nha cung cap djch vu thanh toan true tuyen cd the de dang dugc thay the bang each chuyen sang thanh toan bang the tin dung va the ghi ng.
Mat khac, viec chuyen ddi giira cac giai phap FinTech dugc cung cap dudi dang dich vu nen tang true tuyen cd the mat vai thang hoac lau hon de thuc hien.
do phuc tap cho he thdng tai chinh. Ngay c^ khi cac dich vu FinTech dugc thiit ke dac biet d l cai thien trai nghiem ngudi dung va tao hieu qua tdt hon, cac cdng ty nay vin tao ra cac t^ng lop hnng gian trong viec phan phoi san pharn, dich vu, tao ra mat xich vira cd tinh chk bd sung vira cd tinh chat canh tranh trong he thdng dinh chl tai chinh.
Hai Id, quan he ddi tac giira cac cdng ty FinTech va cac dinh chl tai chinh khac ngay cang trd nen phd bien, tir dd gia tang mang ludi kit ndi theo chieu sau trong he thdng tai chinh. Khi sd lugng hgp ddng va cac thda thuan khac giira cac cdng ty FinTech va cac cdng ty dich vu tai chinh khac tang ten, cac thda thuan ciing trd nen phiic tap han, nii ro lien ket va lay lan se cd the tang len.
Yeu td 5: Anh hudng cua FinTech din su kit noi tdi chinh
Sir ket ndi ciia cac nha cung cap dich vu tai chinh cd the cd tac dpng dang ke den sy dn djnh tai chinh. Trong hau het cac trudng hgp, tinh lien ket giiip giam rui ro he thdng bang each phan tan "cang thang tai chinh"
bdi nhieu dinh che tai chinh cd lien ket vdi nhau. Tuy nhien, trong mpt sd trudng hgp, tinh lien ket cd the trd thanh mdt tac nhan khuech tan tac ddng ciia nhirng cii sdc tai chinh cua mdt chii the den toan bp he thdng tai chinh. Vi vay, viec phan tich su phat trien cua FinTech anh hudng den mang ludi tai chinh la rat quan trpng va nen dugc xem xet theo cac gdc do:
Mot Id, sy xuat hien cua cac cdng ty FinTech mot mat cd the tao ra mang ludi ket ndi theo chieu rdng nhieu hon trong he thdng cac dmh che tai chinli, mat khac se lam gia tang nii ro lay lan ciing nhu mire
Ba la, mdt sd ling dung FinTech cd xu hudng thay ddi cau true lien ket trung tam tmyen thdng ciia mang tai chinh theo hudng tang tinh phi tap trung, thudng lien quan den riii ro tap trung thap hon va kha nang phuc hdi cao han.
Nhu da de cap d tren, mire do phan manh va kha nang thay the ciing can dugc xem xet khi danh gia tac dpng tdng the cua nhiing thay ddi do FinTech d i n sir 6n dinh tai chinh.
Yiu td 6: Mice do cgnh tranh vd hop tac giira cdc cdng ty FinTech vd cdc nhd cung cdp dich vu tdi chinh truyen thdng Mdi cdng ty FinTech theo dudi mdt chiin luge khi hp djnh vi minh trong he sinh thai tai chinh. Ban dau, thuc t l diln biln thi trudng cho thay nhung doanh nghiep mdi tham gia FinTech canh tranh vdi cac nha cung cap dich vu tai chinh, thudng la trong
4 Tap chi Khoa hpc & Dao tao Ngan hang- Sd 215- Thang
TRAN TH! XUAN ANH - NGUYEN THI HOAI LE
mdt phan khiic thi hudng hep nai hg cd Igi thi. Gan day, nhilu cong ty va cdng ty FinTech quyit djnh hgp tac vdi nhau, vdi tu each la ddi tac uu tien hoac dgc quyen hoac thong qua mpt sd hinh thiic thda thuan hgp tac khac.
Ap luc canh tranh lam cac ngan hang cd the xdi mdn Igi nhuan cua hg, do dd, cd kha nang lam suy giam miic dem vdn (financial buffer). Dieu nay cd the thiic day cac ngan hang theo duoi cac chien luge rui ro cao hem, dan den nguy ca khung hoang.
Do dd, mpt mdi trucmg noi cac cong ty FinTech va dinh che tai chinh truyen thdng hgp tac theo cac thda thuan ciing cd Igi cd nhieu kha nang thuc day su on dinh tai chinh hon la rapt mdi tnrdng dac trung bdi sy canh tranh hoan toan.
Yiu td 7: Mice do phu thudc vdo cdc quy trinh ra quyet dinh tu dong
Theo djnh nghTa, cac cdng ty FinTech ap dung cdng nghe tien tien de tu ddng hda cac quy trinh dich vu tai chinh, cac quy trinh kinh doanh dugc thiet ke lai, loai bd cac diem triing lap nham lam cho chiing nhanh hem va hieu qua hon. Ngay cang nhieu quyet djnh timg ddi hdi su phan doan, danh gia cua con ngudi dugc thay the bang cac thuat toan dua tren dii lieu, tri tue nhan tao va robot. Su phat trien nay tao ra mpt sd thach thiic va lam xuat hien nhiing rui ro nhat dinh:
Mot la, viec qua phu thupc, tham chi phu thudc hoan toan vao cac thuat toan dya tren dir lieu cd the dan den cac ldi chua timg xay ra trong mdi tnrdng lam viec truyen thdng do con ngudi kiem soat nhu trudc. He thdng tu dpng tde dp cao gay lan truyen cac Idi nhanh hon va rgng han, nguy ca dan truyen riii ro vugt qua kha
nang xir ly cua con ngudi cung ro ret hon.
Su cd Knight Capital nam 2012, la mgt vi du ndi bat ciia loai rui ro nay', cy the la su cd ciia he thdng dinh tuyin dan hang dugc xac dinh la do viec su' dung phan mem mdi da lam rat nhieu lenh dat mua, ban chiing khoan khdng chinh xac, dan den khoan Id 440 trieu USD phat sinh trong vdng chua day mdt gid giao dich.
Hai la, sir phiic tap ciia cac thuat toan cung de dan den nhirng sai sot, bat can xiing thdng tin va khdng de xac dinh dugc nhirng tiem an nii ro hoat dgng. Nguy co nay da lam Uy ban Thuong mai Lien bang (FTC) cua My ban hanh bd Nguyen tac ve Tinh minh bach va Trach nhiem cua Thuat toan, dugc thiet ke de giai quyet cac mdi lo ngai ve su thieu minh bach ciia cac thuat toan.
Ba Id, trong bdi canh cdng nghe 4.0, quan ly nii ro bang tri tue nhan tao (AI- Artificial Intelligence) nhanh chdng ndi len nhu mgt uu tien mdi, dieu nay cung tao ra sy thay ddi trong quan trj ngudn nhan luc. Bao cao ciia Dien dan Kinh t l T h i gidi 2017 luu y, cac cdng ty se can quan ly su can bang moi quan he giu'a cac AI va dao tao nhan vien cua minh d l Cling tdn tai vdi AI mdt each hieu qua.
Yiu td 8 • Muc dp ddu tu vdn vdo cdc cdng ty khoi nghiep FinTech
Tir dau the ky XXI den nay ghi nhan su gia tang manh dau tu vao FinTech, gia tri ciia cac cdng ty FinTech ciing tang len nhanh chdng tren thi truang. Sy tang tru'dng manh me nay da lam miic dp phat triin ciia cdng nghe se trd thanh mgt nhan td chinh cua he sinh thai tai chinh, nhat ' Xem tai: https;//nhipcaudautu,vn/the-gioi/knight- capital-co-the-pha-san-vi-su-co-ky-Ihuat-3182362/
- Thang 5. 2020- Tap chi Khoa hoc & Bao tao Ngan hang 5
Anh hddng cua cong nghe tai chinh den an toan he thong tai chinh- Ti/ khung ly luan
den thuc tiin tai Viet Nam .
la khi nd dugc sir dung de cung cap cac dich vu quan trgng, se tao ra tac dgng tiem nang ddi vai sy dn dinh tai chinh cua ca he thdng tai chinh.
Khi su ky vgng ve ling dung FinTech la rat cao, mdt sd nha phan tich nhan thay dau hieu ciia su cudng dieu va mong dgi hpp nhat trong ITnh virc FinTech. Tuang tu trong nhung ngay dau cua su biing nd intemet, du doan ngudi thang va ngudi thua la hau nhu khdng the, nhung hoan toan cd the hinh dung dugc rang FinTech cd the pha vo dang ke cac kliu vyc tai chinh hoac mpt sd phan khuc thi trudng.
Vice ap dyng FinTech cung cd the khac nhau giira cac khu vuc dia ly. Dii la truong hgp nao di chang nira, ket qua cua qua trinh nay se quyet dinh rat Idn den anh hudng ciia FinTech ddi vdi sy dn dinh tai chinh qudc gia.
Yiu td 9' Su phdt trien ciia mdi trudng phdp ly
Cac CO quan quan ly d khap cac qudc gia deu chii y den su phat trien ngay cang manh ciia FinTech. Mot cupc khao sat toan cau do Hpi ddng On dinh tai chinh Nhdm FinTech dua ra vao thang 02/2017 chi ra rang, trong sd 26 khu vyc phap ly dupc lien he thi cd 20 khu vuc da thyc hien cac bien phap de dap irng vdi FinTech, vdi nam ke hoach tai phan bd sung de tuan thu.
Tam quan trgng cua bdi canh phap ly trong do cac cdng ty FinTech hoat ddng khdng the phii nhan. Cac quyet dinh chinh sach va hanh ddng phap ly se true tiep xac djnh mire dp FinTech se tac ddng den sy dn dinh tai chinli trong nhieu nam tdi.
De giiip dam bao mgt san chai binh dang, dieu quan trpng la cac sang kien phap ly
phai cd sy hai hda giila cac khu vuc phap ly. c a n cd sy phoi hgp chat che giua cac giam sat vien tai chinh tren toan cau de tranh khe hd phap ly va cac ket qua khdng mong mudn khac.
Vdi khung ly luan neu tren, theo nhdm nghien cuu, Fintech cd t h i anh hudng den he thing tai chinh dudi hai gdc do la anh hudng vi md thong qua viec tac dpng, thay ddi din md hinh va each thuc kinh doanh ciia cac dinh chl tai chinh truyin thdng, va anh hudng vT md do viec cd the lam thay ddi ckn tnic thi tmdng tai chinh- ngan hang ciing nhu he thdng giam sat tai chinh qudc gia. Nhung thay doi nay theo hudng tich cue se tai dinh hinh lai hoat dgng he thdng tai chinh mdt each ben viing va hieu qua hon, ngugc lai, se anh hudng den dn dinh tai chinh qudc gia, nhdm nghien ciru dua ra so do de phan anh khung danh gia anh hudng cua FinTech den he thdng cac dinh che tai chinh va qua dd anh hucmg den sy dn djnh ciia ca he thdng tai chinh (So do 1).
(1) Fintech cd the lam thay ddi cau true thi trudng ngdn hdng (Banking market structure)
Tuy dac thii cua mdi qudc gia ma he thdng tai chinh hoat dpng tren co sd bank- based (dien ra d cae nudc trong do tin dung ngan hang giii' vai trd chu dao va bao dam viec cung img vdn cho toan bd nen kinh te) hoac market- based (bao dam vdn dugc cung ung chii dao tir thj truang von gdm thj trudng cd phieu, thj trudng trai phieu). Nhung sy xuat hien ciia cac cdng ty FinTech se lam thay ddi cau tnic thj tm'dng tai chinh ngan hang ca ve chieu rdng va chieu sau. He thdng cac trung gian tai chinh dugc md rdng han ve thanh phan tham gia va cd budc phat trien mdi
6 Tap chl Khoa hoc & Dao tao Ngan hang- So 215- Thar
TRAN THI XUAN ANH - NGUYEN TH! HOAl LE
So' do 1. C3u true khung danh gia anh huffng ciia FinTech dgn he thdng cac dinh che tai chinh
Cac kha nang Cac ket qua
Cung cap san pham ngan hang li
MLI'C do phan manh
Muc do tap trung
Tinli thay the
Sir ket noi tai chinh
] -
Mire do canh tranh va hcrp tac — -
Quy trinh ra quyet dinh tu dpng
Sir tang trudng ben vdng
Su phat tnen cua moi truang phap Iy
Cau true Ihi Iru'ong &
giam Slit till chinh
O n d i n h
h e t h o n g
t a i c h i n h
hon, nang ddng hem trong nen kinh te sd, lam da dang hoa cac hinh thai hoat ddng ciia cac dinh che tai chinh, khdng chi dan thuan la tmng gian tien gui, cho vay, tmng gian thanh toan hoac dau tu. Tii' dd, tao ra xu hudng lam md di ranh gidi giil'a cac dinh che tai chinh ngan hang va phi ngan hang thdng qua viee ket hpp cung ling cac chudi dich vu tai chinh tren ciing mdt ung dyng cdng nghe. Xu hudng hpp tac doi ben ciing cd Ipi tu viec cpng hudng site manh Ngan hang- FinTech cung dan thay the cho viec cac dinh che trung gian tmyIn thdng (gdm cac NHTM, cdng ty chiing khoan, cdng ty quan ly quy dau tu, cdng ty bao hiem...) canh tranh vdi nhau,
Nguon: long Iwp cita nhom ngliien ci'ni lam xuat hien td hgp djnh che tmng gian tai chinh (syndicated financial institution), dan den thay doi thi phan va vai trd ciia cac dinh che tai ehinh tmyen thdng trong nin kinh t l hien nay (DTCC, 2017).
FinTech cdn giiip khac phyc dugc diem yeu cdt ldi ciia viec bat can xung thdng tin khi nhd cdng nghe va internet da cho phep ngudi tieu diing dugc tryc tiep kiem soat cac giao djch ciia minh trong khdng gian thyc va thdi gian thyc, giiip phd cap tai chinh tdi nhLt"ng nhdm khach hang ma cac dinh che tai chinli truyen thdng chua tiep can dupe nhd vao cac uu diem ve chi phi giao dich, thuan Ipi va hieu qua.
- Thang 5 2020- Tap chf Khoa hpc & Dao tao Ngan hang
Anh hudng cua cong nghe tai chinh den an toan he thong tai chinh- TU khung ly luan den thuc tien tai Viet Nam
Bi6u ah 1. c a u true thj trircmg tai chinh tai mot s6 qudc gia tren the gioi As % of b}Iil per mjitel valne of fimaicul asxts - 2013/14
y
I wm
UM
(2) Thay doi md hinh kinh doanh truyen thdng eua cdc dinh che tdi chinh Vdi viec tao ra cac md hinh kinh doanh mdi dya tren viec sir dyng da heu Idn, cdng ty FinTech cd kha nang pha vd md hinh kinh doanh tmyen thdng cua cac dmh che tai chinh hien nay theo cac each thiic khac nhau:
Thu nhdt, thay doi chien luac cgnh tranh, thiit ke vd cdch thuc phdn phdi sdn phdm dich vu tdi chinh. Hau het cac dinh che tai chinh tmyen thdng deu xay dyng chien luge canh tranh tap tmng vao san pham trong khi cac cdng tj' FinTech vdi mi the ve cdng nghe va md hinh kinh doanh sang tao dang chii yen tap trung chien luge canh tranh vao ddi tugng khach hang. Su thanh cdng ciia cdng ty FinTech da budc cac djnh che tai chinh phai dinh hinh lai md hinh kinh doanh theo hudng ma FinTech dang trien khai la "Dinh danh
CUfc d d u Tfaaflmd
Ngudn: SECO, 2017 khach hang dien tu "(e-KYC). Thay vi dinh danh khach hang bang gap mat true tiep, qua ddi chieu chiing tir giay kha phien phiic, e-KYC thyc hien dinh danh khach hang bang phuong thiic dien tir khdng can gap mat true tiep nlid su hd trp cua cac cdng nghe tan tien nhu kiem tra, doi chieu thong tin ca nhan tiic thdi vdi CO sd du.' lieu tap tmng ve danh tinh ngudi dimg, xac thuc sinh trac hgc, nhan dien khach hang nhd tri tue nhan tao..., giiip cac ngan hang, td chiic tai chinh tiet kiem dupe thdi gian, tien bac va nhan luc cho cdng tac nay, ddng thdi giiip khach hang cd trai nghiem ngudi diing tdt han ddi vdi dich vu ngan hang.
Thie hai, sic cgnh tranh ciia cdc cdng ty FinTech dang Idm thay doi mgnh kinh phdn phdi vd cdc sdn phdm dich vu tdi chinh- ngdn hdng truyin thdng Sy xuat hien ciia dien thoai thdng minh (Smartphone), nhat la viec su dung eac
8 Tap chi Khoa hoc & Dao tao Ngan hang- So 216- The-
TRAN THI XUAN ANH - NGUYEN THI HOAI LE
cdng nghe nhu giao tilp qua web (web- chat) va Skype da lam thay ddi each con ngudi giao tilp va tuong tac, keo theo su thay ddi trong kenh phan phdi, mang ludi ban hang va each thiet ke san phara djch vy cua cac dinh che tai chinh. Kenh ban hang qua Intemet, Mobilebanking, Tablet Banking, mang xa hdi (Social Media), phat trien ngan hang ky thuat sd, giao dich khdng giay td la xu the phat trien manh.
Day la thach thiic khdng nhd cua nganh ngan hang trong viec giam dan vai trd ciia cac chi nhanh, canh tranh thdng qua md rpng mang ludi chi nhanh ngan hang vdi chi phi hoat dpng cao se dan cham dirt, thay the nd la eac thiet ke dap irng tdi da hda trai nghiem khach hang ma khdng can den sy giiip da ciia giao dich vien tmyen thdng. Viec xay dung cac chi nhanh nay chii yeu dya vao nen tang cdng nghe ty dpng hda, ket ndi da chieu va thdng minh hda ciia CMCN 4.0.
Trong viec canh tranh vdi cac cdng ty FinTech, cae van de nhu giao dien lap trinh ung dung (API- Application Programming Interface), phan phdi lien mach hay phan tich thdng minh se la nhijng ling dung phd bien trong hoat ddng phat trien san pham, dae biet la cac san pham cd ham lugng cdng nghe cao ciia cac djnh che tai chinh. Trong do, dung diJ lieu Idn (Big Data) de phan tich hanh vi khach hang se la xu hudng tuong lai nham nang cao chat lugng dieh vu, mang lai gia tri gia tang, tiet giam chi phi va hd trp cho cac qua trinh ra quyet dinh (In Lee, 2016).
Thie ba, xu huong hop tde cimg cdc cdng ty FinTech thay vi la ddi thu cgnh tranh. Cac cdng ty FinTech cd uu the ve cdng nghe, md hinh kinh doanh sang tao nhung ngudn luc han che, mang ludi khach hang yiu lai it kinh nghiem trong hoat ddng tai chinh-
ngan hang: He thdng kiem soat, tuan thii npi bd chua hoan thien, mang ludi tilp can khach hang cdn nhieu han che... Trong khi dd, cac djnh che tai chinh truyen thong lai cd the manh ciing nhu diem yeu gan nhu nguge lai. Chinh vi vay, hap tac giira ngan hang va FinTech se tao ra sue manh tdng hgp cho thi taidng djch vu ngan hang, nang cao kha nang canh tranh va hieu qua hoat ddng cho ca hai ben.
Theo BCBS (2018), cd nam vien canh cd the xay ra vdi nganh ngan hang. Tuy vay, kha nang chi mdt vien canh xay ra la rat thap. Thay vao do, dy doan cua BCBS (2018) la se cd sy pha trdn giiia nam vien canh d timg thj tmdng khac nhau, phy thudc vao su phat trien ciia cdng nghe va miic dp phat trien cua thi trudng, trong dd cd khung quan ly giam sat nhu sau: (i) Cac ngan hang hien tai tu ddi mdi thdng qua hien dai hda va sd hda; (ii) Ngan hang the he mdi (neo-bank) thay the ngan hang truyen thdng: (iii) Ngan hang ket hpp cung doanh nghiep FinTech cung cap dich vu tai chinh; (iv) Ngan hang trd thanh ben thu ba cung cap dich vu, nhuong djch vy khach hang true tiep cho cho cac doanh nghiep FinTech hay cdng ty cdng nghe Idn nhu Facebook, Google, Apple va Amazon (gpi chung la nhdm "Big Tech"); va (v) Ngan hang khdng cdn phii hpp va bien mat, vi khach hang tuong tac hue tiep vdi nha cung cap djch vu tai chinh ca nhan la cac FinTech. Kha nang nay dii it xay ra, nhung da cd nhung dau hieu nhu su xuat hien cua cac nen tang cho vay giira cac ca nhan (P2P lending) cung nhu cac loai tien ma hda (cryptocunencies).
(3) Thay doi tinh tudn thu, giam sdt dinh che tdi chinh
FinTech cd thi dugc sii dung de nang cao
- Thang 5, 2020- Tap chi Khoa hoc & Dao tao Ngan hang 9
Anh hirdng cua cong nghe tai chinh den an toan he thdng tai chinh- Ti/ khung ly luan den thiic tiin tai Viet Nam .
cac quy trinh hian thii tai cac dinh che tai chinh. Cu the la, Regtech (Regulatory Teclmology) tam hieu la viec irng dyng cdng nghe de hd trp tuan thu phap luat, giiip cac dinh che tai chinh tuan thii nhixng yeu cau dieu chinh va theo dudi muc tieu dieu chinh. Bao gdm, quy trinh bao cao, bao ve khach hang, chdng rira tien va tdi pham tai chinh tai trp cho khiing bd (AML/CFT-). Trong ngii canh do, Regtech se cung cap cho cac dinh che tai chinh nhieu phuang phap hieu qua nham nang cao tinh tuan thii va quan ly riii ro.
Regtech cd the tao ra nhiing quy trinh mdi, nhijng kenh phan phdi va san pham mdi, nhieu td chuc kinh doanli mdi, giiip cac dinh che tai chinh tuan thu yeu cau dieu ehinh va quan ly rui ro mdt each cd hieu qua va cd hieu luc. Mot sd doanh nghiep Regtech da dua ra cac giai phap quan ly rui ro va tuan thu cho cac dinh che tai chinh, thdng qua quy trinh lya chpn va bd sung trudc nhung thay ddi mdi ve dieu chinh. Regtech cd the xii ly hang loat yeu cau lien quan den bao cao dieu chinh, tdi pham tai chinh, quan ly nghiep vy, ke ca an ninh mang va chdng gian lan tai chinh.
Ben canh nhung igi ich rd rang tren day, sy phat trien ciia FinTech cung kem theo nhieu nii ro tiem tang, tac ddng true tiep den cac dinh che tai chinh truyen thdng va nhung thanh vien FinTech mdi tham gia vao ITnh vuc tai chinh. Nhiing nii ro chinh phat sinh cung FinTech bao gdm nii ro chien luge, nii ro nghiep vy, nii ro mang va rui ro tuan thii.
Ve riii ro chien luge, xu hudng md rdng dich vu ngan hang tir doanh nghiep khdng thudc he thdng ngan hang va nhiing doanh nghiep FinTech Idn gay mat phan Idn
^ Chong riJa tien (AML Anii-Money Laundenng) va Chdng tai Ira cho khung b6 (CFT Counter-Financing Terronsi)
thi phin va Igi nliuan can bien cua cac dinh chl tmyIn thdng. Cimg vdi riii ro he thdng, nii ro hoat dgng tang cao khi quy md he thdng dugc md rdng. Sy phat triin cua FinTech nang cao tinh tuong tae nhung ddng thdi cung tang muc dp le thupc vao ha tSng thi tmdng ve cdng nghe thdng tin giua cac thanh vien tham gia thi tmdng, do dd, nguy ca sy cd cdng nghe_
thdng tin biln thanh khung hoang he thdng cd thi xay ra, nhat la khi dich vu ngan hang tap tmng vao mdt hay mot vai doanh nghiep. Chua k l la su gia nhap cua nhiing doanh nghiep FinTech vao ITnh vyc ngan hang lam tang tinh phiic tap he thdng, trong boi canh hau het cac doanh nghiep FinTech mdi cdn thieu kinh nghiem ve quan ly nii ro ve IT.
Cac dmh che tai chinh ciing phai ddi mat vdi xu hudng gia tang rui ro bat ngudn tir ben ngoai he thdng do mdt so dinh che tai chinh tang cudng su dyng ben thii ba hoac nhiing ddi tac FinTech khac, lam tang miic do phirc tap va giam tinh minh bach cua nhung nghiep vu ndi dudi nhau. Xu hudng sir dyng ben thii ba hoac nhiing ddi tac FinTech khac cd the lam tang riii ro an toan dir lieu, thdng tin ca nhan, rira tien, an ninh mang va bao ve khach hang.
Cac nghien cuu ly luan ciing cho thay, FinTech se tang them khd khan trong viec dap img nhiing yeu cau ve tuan thu va nghTa vy ve AML/CFT, nhat la nii ro tuan thii lien quan den du lieu rieng tu va rui ro mang. Riii ro khdng tuan thii cac quy dinh ve dir lieu rieng tu cd the tang cimg vdi su phat trien cua dii lieu Idn xuat phat tir phia cac doanh nghiep Fintech trong qua trinh canh tranh phat trien mang ludi khach hang tren thi midng tai chinh. Riii ro mang cd the phat sinh trong mpi ngu canh boat ddng neu cac che tai kiem soat
1 0 Tap chi Khoa hoc & Oao tao Ngan hang- So 216- Th.
TRAN TH! XUAN ANH - NGUYEN TH| HOAl LE
khdng theo kip tde dp thay ddi cua cac hoat dgng FinTech dSn din Id hdng vl bao mat thong tin khach hang. Su gia tang cac mdi lien ket giiia cac thanh vien tham gia thi tmdng cd the mang lai Igi ich cho cac ngan hang va khach hang, nhung ciing cd the phdng dai rui ro an ninh, lam tang miic do tdn thuong cho he thdng ngan hang, ddi hdi phai cd them nhieu cdng cu ngan ngii'a nhiing vi pham tiem tang. Rui ro thanh khoan va chao dao ddng vdn ngan hang ciing cd nguy ca tang len vi sii dung cdng nghe mdi tao ra nhung ca hpi cho khach hang hr ddng thay ddi cac tai khoan tiet kiem hay quy hd tuong nham tang thu Igi nhuan, dieu nay tac ddng den muc dp tmng thanh cua khach hang va lam tang bat dn ve tien gui, anh hudng tieu cue den tinh thanh khoan ciia ngan hang.
Chinh vi nhiing ly do tren, cac djnh che tai chinh va ca quan giam sat se tap trung mdi quan tam vao viec quan ly nii ro, cac chuan muc kiem tra va bao ve nham vao nhiing kenh phan phdi va dich vii mdi ma cac djnh che tai chinh se dua ra thdng qua cac giai phap FinTech; nang cao tinh an toan, lanh manh va dn dinh tai chinh, tang cudng thuc hien cac chuong trinh giam sat, budc cac ngan hang cd ca cau quan tri va quy trinh quan ly rui ro hieu qua, dam bao cho viec xac dinh, quan ly va theo doi nhiing nii ro phat sinh tir viec sir dung FinTech lien quan den viec ap dyng nhung md hinh kinh doanli cung nhu quy trinh va san pham mdi.
(4) Anh hwdng den dn dinh cua he thdng tdi chinh
Tir nhiing phan tich neu tren cd thi thSy FinTech dugc ky vpng se thanh canh tay noi dai ciia ngan hang, hd trp phd cap tai chinh, tao ra sue manh cho thi trudng, nang cao kha nang eanh tranh va gdp phan
phat trien kinh te. Tuy nhien, su phat triin va dp dung edng nghe vao ITnh vuc ngan hang cd the gay nii ro cho khach hang va ca he thdng ngan hang. Cac khach hang cd the bi de dpa ve quyen rieng tu', an toan ciia thdng tin, gian doan djch vu ngan hang, hay cac each thirc tiep thi klidng phii hgp. Nganh ngan hang cd the bi de dpa vl Igi nhuan, gia tang muc do cac nhom rui ro khac trong kinh doanh, khdng dap ling dugc hay vi pham cac yeu cau ciia cac co quan quan ly nhu bao mat thdng tin kliach hang, chdng rii'a tien, tai trg hoat ddng khung bd, ket qua sy dn dinh cua he thdng tai chinh se bj anh hudng tieu cue la dieu khd tranh khdi.
2. Thuc tiin tai Vigt Nam FinTech chinh thiic xuat hien tai Viet Nam nam 2008 bang hoat dpng thanh toan. Theo khao sat cua Vien Nghien cuu phat trien Cdng nghe ngan hang Dai hgc Qudc gia TP HCM (VNUHCM-IBT, 2019), hiencd hon 154 cdng ty hoat ddng trong ITnh vyc FinTech tai Viet Nam.
Trong dd, 37 cdng ty hoat ddng trong mang thanh toan, 25 cdng ty hoat dpng trong ITnh vyc cho vay; 22 cdng ty lam vl Blockchain, Crypto & Remittance. Cd din 70% cdng ty FinTech d Viet Nam la cac cdng ty khdi nghiep cd vdn dau tu den tir cac qudc gia phat trien nhu Nhat Ban, My, Canada, Australia, Anh, Dan Mach, Phap va cac qudc gia lan can nhu Tmng Qudc, Singapore, Malaysia. Khdng chi cac startup, cac td chuc tai chinh tai Viet Nam ciing tham gia lan sdng FinTech. Nam 2016, VPBank ra mSt ngan hang sd Timo, mdt md hinh quan ly tai chinh ca nhan vdi tinh nang tuang tu vi dien tiJr thdng thudng, nhung dupe hd trp them kha nang rut tiin mat va quet the ciia ngan hang tmyen thdng.
- Thang 5 2020- Tap chi Khoa hpc & Dao tao Ngan hang H
Anh hifdng cua cong nghe tai den thuc tiin tai Viet Nam
chinh den an toan he thong tat chinh- Tu' khung ly luan
Nhin chung, FinTech d Viet Nam hien chu yeu chi tap tmng d ba dich vu: thanh toan, cho vay ngang hang va huy dpng vdn cdng ddng. Vi nhieu ly do kbac nhau, d tam vi md lan vT md, cac ITnh vyc khac nhu djch vu quan ly tai san, quan ly thanh khoan, quan ly dau tu, bao hiem, dich vy tu van tai chinh tu dgng van dang trong qua trinh sakhai. VNUHCM- IBT (2019) cho rang cac cdng ty FinTech d Viet Nam cd xu hudng se tham gia chia se thi phan ban le tiem nang cua cac ngan hang tmyen thdng khi ma hoat ddng cho vay ngang hang, vi dien tir, thanh toan va tra gdp bang the da va dang tham nhap manh me vao cupc sdng hang ngay. Sau dd, xu hudng ngan hang sd trd nen phd cap vdi nhieu djch vy md rdng.
Nhin ve sd lupng, cac cdng ty Viet Nam cd so lupng tham gia FinTech cdn kha it so vdi cac nudc. Ve chat lugng, hoat ddng
ciia cac cdng ty FinTech tai Viet Nam \ an cdn trong giai doan dau, chua da dang hda san pham va dich vu, phdn Idn la hoat dpng thanh toan; dang thilu cac djch vy quan ly tai san, quan ly thanh khoan, quan ly danh tinh, quan ly dau tu, quan ly rui ro, quan ly kinh doanli; bao hiim, bao lanh phat hanh;
dich vy tu van tai chinh ty ddng.
He sinh thai FinTech tai Viet Nam ehua cd sy kit ndi chat che giiia cac chii the bao gdm ca quan quan ly, cac dinh che tai chinh, cdng ty FinTech va cac doanh nghiep khdi nghiep, quy dau tu, ha tdng tai chinh, vien thdng,... Hoat dgng kit ndi de cung ling san pham djch vy cho ngudi tieu diing chii yeu la hgp tac giira cdng ty FinTech va ngan hang. Tuy nhien, sy hgp tac nay van cdn cd han chl, mdi chi don thuan la cung cap cac djch vy thanh toan gian dan, chua cung cap cac djch vu nang cao khac ciing nhu tiep
xem tiep trang 20
Tai lieu tham khao
! Bao cao ciia Uy ban on dinh tai chinh My (Financial Stability Board) (2018. June 27) Financial Slability imphcalions from Fmlech.
2. BCBS (2018), Implications of fintech developments for banh and bank supervisors, truy cap https •//••vww.bis.org/
bcbs/ptibl/d415pdf
3. DTCC 2017, "Fintech and Financial stability - exploring how technological innovations could impact the softy &
security of global markets". Titiy caapj hltpsV/schoIar googIe.com.vn/scholar?q-FINTECH-^AND+FINANClAL+STA BILlTY&hl=en&as_sdt=0&as_vis^!&oi=scholarl
4. In Lee (2016), Fintech Ecosystem and Business Models, htlp-//onlinepreseni. org/ proceedings/voll 42_2016/! O.pdf 5 Kim, D.J,, D,L. Ferrin, vd H.R Rao. (2008) "A trustbased consumer decision-making model in electronic commerce: The role of trust, perceived risk, and iheir antecedents". Decision support systems. 44(2). 544-564.
6. Luo, X., 1-1. Li, J. Zhang. vdJ.P Shim (2010) "Examining mulli-dimensional Iru.^l and multifaceled risk in initial acceptance of emerging technologies: An empirical itudy of mobile banking services ", Decision support systems 49(2), 222-234
7. Nguyen Trung Anh (2019), He sinh thai Fmlech tgi Viet Nam, Tap chi ngdn hdng, iruv cap lai blip//
tapchinganhang.gov vn/he-sinh-thai-finlech-lai-viel-nam htm
8. SECO (2017 ) . Chuang tiinh dao lao gidm ddc NHTM Viet nam 2015-2017
9. VNUHCMJBT (2019), Khao sdt vi hoai dong Fintech tai Viet Nam, ket qua Irinh bdy tai Hoi thao CNTT Idn ihir 24, truy cap tgi www.vieinamfintech.com.vn
10 SECO (O, 2017), Chucmg ti-inh ddo tgo gidm ddc NHTM Viet Nam 2015 - 2017
11 VNUHCMJBT (2019), Khao sdt ve hoat don^i Fmlech lai Viet Nam, kh qua trinh bdy tgi Hoi ihdo CNTT Idn ihic 24, truy cap Igi www vielnamfintech com vn
1 2 Tap chi Khoa hoc & Dao tao Ngan hang- So 216- Th.,
