QUAN LY HOAT DONG FINTECH THONG QUA KHUON KHO PHAP LY
THCT NGHIEM - KINH NGHIEM CUA MOT SO QUOC GIA DONG NAM A VA G0I Y
CHINH SACH CHO VIET NAM
D ^ G THU THUY*
Tom, tat: Thdp ni&n viia qua dd ehdng kiin sii phdt triin mgnh me cda cdch mgng cdng nghipp 4.0 tren todn cdu. Hda chung vdi ddng chay ndy, cdng nghe tdi chinh (Fintech) dang ghi ddu dn trong tiCng linh vUc cua hp thdng tdi chinh nhU cdng nghp blockchain, tri tue nhdn tgo, dipn todn phdn tdn vd mdt md hda.... Su xudt hipn cua Fintech dd keo theo sU ra ddi cda cdc sdn pham dich vu mdi vd hd trg gidi quyit cdc that bai cua thi tru&ng, qua dd giup tdng cUdng phd cdp tdi chinh vd gdp phdn thdc ddy tdng tru&ng kinh ti. Tuy nhi^n, sU phdt triin mgnh me cua Fintech co thi tiem dn cdc rili ro vi hogt dgng, rui ro tdi chinh, cgnh tranh vdi cdc trung gian tdi chinh truyin thdng, rui ro dn dinh tdi chinh vd cdc thdch thdc vdi nhd qudn ly. Nhiiu quoc gia tren thi gidi cUng dd dp dung khudn kho phdp ly thd nghiem (Regulation Sandbox Framework - RSF)'^^ nhdm gidm sdt hipu qud hogt dgng Fintech cua tS chdc/doanh nghipp trong linh vUC tdi chinh. Bdn qudc gia Chdu A nhU Singapore, Indonesia, Malaysia vd Thdi Lan cUng dd chu ddng hodn thien ddn RSF cUng nhU tgo ra he sinh thdi Idnh mgnh cho cdc cdng ty Fintech cung dng dich vu, gi&i phdp trong linh vUc tdi chinh. Nhiing kinh nghiem cUng nhu nhiing ggi y chinh sdch hieu qud se giup hodn thien han nda khudn kho phdp ly cho hogt dgng Fintech tgi Viet Nam.
Tii khoa: Fintech, kinh nghiem qudc ti, khudn khSphdp ly thd nghipm, Vipt Nam.
" TS. Dang Thu Thuy, Vien Nghien ciJu An Dp & TSy Nam A
1. T o n g q u a n v e khudn k h 6 phap ly th& n g h i d m trong linh vrfc F i n t e c h
1. 1 Khdi quat ve Fintech
Fintech - vie't t a t ciia tU cdng nghe tai ehinh (financial technology) dUde hilu la sif k i t hop giOta viec phat trien dich vu tai chinh dua Ixen nen tang edng nghe thdng tin. Theo Clement Aneri (2016)'^' thi
"Fintech Id mdt ngdnh cdng nghiep md trong do cdc cong ty sd dung cdng nghe di phdt triin hp thdng tdi chinh vd phdn phdi cdc sdn pham, dich vu tdi chinh hipu qud han". Con theo Cdng ty Kiem toan hang d l u the gidi Price waterhouse Coopers (PwC) thi "Fintech Id sU kit hgp gida cdc dich vu tdi chinh vd ngdnh cdng nghiep cong nghe nhdm phdt triin ca sd hg tdng vd hUdng din md hinh kinh doanh hien dgi, nhu cdng nghp thanh todn dong dang, cdc gidi phdp thanh todn bd trd md trong do hudng trgng tdm din cdc gidi phdp ho trg khdch hdng, tgo ca
hdi cho hg dugc sd dung cdc sdn phdm tdi chinh cdng nghp cao vdi chi phi hgp ly han'^-^l Bdn canh do, mdt cdng ty kiem toan ndi tie'ng kh&e - KPMG thi cho rang
"Fintech dUgc hiiu dem, gian Id vipc kinh doanh dua tren cdng nghp md cd sii hgp tdc vdi cdc to chdc tdi chinh"^^^.
Thuat ngd Fintech mdi xuit hidn va trd nen quen thudc trong vai nam trd lai day, tuy nhien nd'u xet ve ban ch&'t ciia thu&t ngOf la Ung dung cdng nghe d l thay ddi dich vu tai chinh nay thi Fintech da xu&'t hidn tu kha l&u. Lude dd dUdi d&y (Hinh 1) se md ta cac cot mdc quan trpng trong qua trinh ph&t t r i l n cua Fintech tU khi xua't hien eho de'n nay. (Xem hinh 1)
1.2 Khudn kho phap ly thA nghiem (RSF)
TrUde sU gia tang phat t r i l n manh me eiia ng&nh cdng nghiep Fintech vdi nhilu tilm nang va nii ro tiem an, Chinh phii nhieu nUde da ap dung md hinh sandbox Hinh 1; Cac cot moc quan trgng trong qua trinh ph^t trien ciia Fintech
tir khi xu^t hiSn den nay a 1966 Mjng linn
\*m 107.^; Danh
giOi lhi(u h? thong d i ^ mr Quotron.
cung cap thong tin thi cnicmg <3iiing
Nam 1970: Tiung ta tnt thanh toan h ^ ngan dau a hang (Clearing hoiae san gi Interbank pi^-menl) dii^ic gidi ti
n gi<n qua cac in
- nha ihlnh toin Ifnh b M> c h o n
loat Cmg dyng c6ng nghe mm aucfc sii d\ing
6 ngan hang
50 Nghiin cdu Dong Nam A, sd'4/2019 trong quan ly Fintech. Muc tieu eua RSF la
tao dieu kidn cho cae to chiic tai chinh ciing nhu cae cdng ty cdng nghe thuf nghidm cac giai phap Fintech trong mdi trudng dupe kiem soat. Trong khudn khd dupe phep eua Sandbox, c&e san pham hoac dich vu dUde cung c&!p cho khach hang theo quy md trong khoang thdi gian nhat dinh. Trong qua trinh thif nghidm, cac cd quan quan ly se ap dung eae bien phap an toan, than trpng va phii hdp nham quan ly cac rui ro cung nhU duy tri sii an toan va tinh toan ven cua he thd'ng tai chinh.
Theo CGAP (2017) thi sandbox la mdt mdi trudng thif nghiem eae dieh vu tai chinh theo quy trinh khep kin dUdi sif quan ly va giam sat eiia ed quan chUe n&ng*^'. Sandbdx tad dilu kien cho cac cdng ty Fintech thif nghiem eae san pham dich vu eong nghe tai chinh sang tao tUdng tu nhu mdi tnfdng thifc te nhung trong pham vi nhat dinh'®'. iJu diem ciia md hinh la dam bao hd trd kip thdi va nhanh ehdng, giam thilu chi phi va rui ro phap ly va boat ddng tren co sd thi dilm tnfdc khi dUa vao thiic te'. Trdn cd sd ke't qua thif nhidm, cac cdng ty se tie'n hanh danh gia, so sanh va bao cao cd quan cd tham quyen quye't dinh eilp phep/cho phep dUa v&o hoat ddng trdn dien rpng.
Theo Co quan Thifc thi tai chinh (Financial Conduct Authority, 2015)"' d l dap ling dii dilu kien tham gia Sandbox, cae san pham dieh vu tai ehinh thifc nghiem phai ed yeu to "doi mdi". Cu the, viee suf dung cac Ung dung edng nghe mdi mdt each sang tao de giai quylt van d l
nh&m mang lai ldi ich va tien ich eho ngUdi tidu dimg hoac cho nganh cdng nghidp. cac tieu ehi khac bao gom viec dam bao ngudn life can thie't, mdt kd' hoach kinh doanh triet de va mdt san pham dich vu sSn sang dUa vao thif nghiem. Muc dich t r i l n khai cac san pham/dich vu mpt each hieu qua v& an toan cung dUdc xem nhU la mdt yeu c4u quan trpng. Cdng khai minh bach la mpt dilu kidn tidn quyd't d l gia nhap Sandbox. Dieu nay se giiip dam bao cac doanh nghiep cdng bang, minh bach, qua dd mang lai ldi Ich eho ngUdi tidu diing. Ta't ca cae san ph^m t h i nghiem trong Sandbox deu can cd e&e bien phap EUI toan than trpng d l phdng ngUa rui ro, tap trung vao pham vi, so' lUdng nhdm kh&ch hang, tdng gia tri, quy tac khung... dd'i vdi cac san pham va dieh vu thii nghiem. Mpt sd RSF cQng dua r a quy dinh v l cac bidn phap bao ve khach hang bo sung nhU boi thudng, giai quyd't tranh ch^p, ed ehd' khac phue, cae yeu ciu edng bd thdng tin cu the va cac bien phap bao vd khac nhU kilm soat quan ly rui ro, eae yeu cau ve giam sat va bao cao.
2. Kinh n g h i d m q u ^ ly F i n t e c h cua mpt s o q u o c gia C h a u A
TrUde xu hUdng ph&t trien ciia linh vifc Fintech, hang loat qud'c gia viing lanh th6 tren the' gidi deu nhan thiic dUdc t i m quan trong va anh hUdng cua Fintech de'n tbi trUdng tai ehinh va da chu ddng tie'p can trao luu nay. Tren thUe te', mdi qude gia cd nhCfng each tie'p can khae nhau nhifng muc tieu ma hp hUdng de'n la xay diftig mdt he
51 sinh thai Fintech hai hoa nham thue d%
thi trudng phat trien va bao ve quyln ldi cua eae khach t h i tham gia vao thi trUdng.
Ngoai My, Anh, Ue, mdt sd' qude gia Chau A da tien phong xay dung RSF danh eho Fintech vdi mue dich cho phdp cac cdng ty Fintech dUdc trai nghiem cac sang tao, ddi mdi cua minh trong mdt khudn khd phap ly cho phep trong mpt khoang thdi gian xae dinh trude khi ehinh thUe eung Ung san pham, dieh vu ra thi tnfdng. Tuy nhidn, cung tai Ch&u A, cung ed mpt so' qud'c gia cd nhOftig sang Men quan ly Fintech hieu qua khac. Md hinh Sandbox, trung tam thue d^y sang tao v& khdi nghilp h6 trd day manh tUdng tae giiia ed quan quan ly v& doanh nghidp Finteeh, cd the la mot ngudn thdng tin quan trpng ve cac boat dpng Fintech va md hinh kinh doanh mdi, giiip cd quan quan ly bilu hdn ve cac rui ro va ldi ich hen quan dd'n Fintech.
2.1 S i n g a p o r e
Thang 8/2016, Cd quan quan ly tien te Singapore (Monetary Authority of Singapore - MAS) da xay diing Phong thi nghiem Sang tao Finteeh (Fintech Innovation Lab)'*'. Ngay sau do, thang 11/2016, MAS aa ban hanh RSF'^' cho phep cac to chUe tai chinh cung nhu phi tai chinh dupe trai nghiem eae giai phap Finteeh trong mdi trudng thue tien nhung chi trong mpt khdng gian va thdi ban da dupe x&e dinh eu t h i .
Viee MAS ban hdnh khung hudng dan phap ly thLf nghidm trong linh viic Finteeh da tao r a mdt mdi tnfdng phap ly thuan loi
eho cac edng ty Fintech tham gia va cung iing cac dich vu tai chinh dli mdi, cung nhu dau tU v&o cd sd ha t i n g tai chinh va thu hut, trpng dung nhan tai. Bong thdi, vide ap dung khung phap ly thii nghiem eho Fintech giup thi tnfdng tai chinh Singapore trd thanh mpt trong nhutag hd sinh thai Fintech va thi trUdng tai chinh nang dpng, phii hdp vdi mue ti&u cua Chinh phu Singapore la biln nUde nay thanh Trung tam ddi mdi - Sang tao hang dlu the gidi. Thang 2/2016, Emst&Young (2016) da xep hang Singapore dflng thU 4 trong sd' cac trung tam Finteeh toan cau'^"'. Viec thid't lap khudn k h i Hdp tae song phuong vdi eae nUdc cua MAS tao dilu kien cho cae doanh nghidp Fintech trong nudc md rdng thi trUdng boat dpng mdt each thuan ldi v& hieu qua.
MAS (2016) cung nghien cUu x&y difng cac tidu chi danh gia ho sd xin cap phep cua cac edng ty Finteeh, chang ban nhif:
Dieh vu tai chinh du kie'n cung Ung cd cdng nghe mdi hoac sfl dung edng nghe cu theo phuong tbflc cai tie'n.
Dieh vu tdi ehinh dii kie'n cimg iing dap fltig dupe nhu cau ciia tbi trudng va mang lai nhCfng Ipi ich eho ngUdi tieu dimg.
c a c cdng ty Fintech cd kha nang trien khai eae dich vu t&i chinh dii kie'n cung ling d Singapore tren quy md rdng sau khi rdi khdi mdi trudng phap ly thLf nghiem.
cac kich ban kiem tra va kd't qua dU kid'n tu vide thi diem dieh vu tai chinh trong mdi tnfdng thif nghiem cdn dUpc xac dinh rd rang va phai thdng bao eho MAS
52 Nghiin cdu Dong Nam A, sd'4/2019 chi tiet qua trinh k i l m tra theo kd' hoach
da dupe phd duyet.
NhCfng dilu kien ranh gidi thich hdp ciing cin dUpe xae dinh cu the trong mdi tnfdng phap ly th^ nghiem nham dam bao quyln ldi eiia ngUdi tieu dung va ddng thdi duy tri sif an toan va lanh manh cda linh vifc tai chinh.
NhCtng nii ro trpng yd'u bat ngudn tif dich vu tai chinh du Men cung Cftig can dupe danh gia va giam thilu.
2.2 I n d o n e s i a
Trong bao eao Fintech Indonesia report (2018)*^^', tai Indonesia hien ed 167 edng ty boat ddng trong linh vifc Finteeh*^^'.
NhCfng edng ty nay cung cap mdt so' dieh vu chu ye'u nhu thanh toan, gpi vdn, lap ke' hoach tai chinh., trong dd p h i n Idn la boat dpng trong linh vUe thanh toan. Sif ua ehuong eua ngUdi tieu dung dd'i vdi Finteeh da va dang diln ra tai Indonesia. Tren cd sd khai thac tilm nang phat trien va ldi ich ma Fintech ed the dem lai, Cd quan dich vu tai chinh Indonesia (OJK) da nhin nhan Finteeh la mpt cdng eu quan trpng d l diy manh phd cap tai cbinh, hd trd cae doanh nghiep khdi nghiep va cae doanh nghiep vUa vk nhd (SMEs). Cung trong thdi gian nay, Ng&n hang Tnmg Udng Indonesia (BI) da ban hanh mpt sd chinh sach lien quan de' Fintech, bao gom'^^':
Thanh lap Van phdng Fintech (Finteeh Office)'^*': Mdt dPn vi cd vai trd d&nh gia va giam thieu nii ro eung nhU khdi ddng Fintech dUa tren nghidn cUu.
Ngoai ra, Van phdng Fintech eung se ddng
vai tro nhu mdt edng t&e vien eho nganh dam bao sii hai hda gifla cac cd quan quan ly (BI, OJK..)
- Gidi thieu v l RSF ap dung eho cac edng ty Finteeh vk cd quan quan ly de thifc hien viec thtf nghiem cac san pham va md hinh hoat ddng ciia cae edng ty nay trong thUe tien. RSF cua BI ciing thiic day dli mdi sang tao va cung la ndi thuf nghiem eae chinh sach dii Me'n ban hanh eua cd quan quan ly nha nUde.
D l cd dUde khudn kho phap ly d i y dii, to&n dien, hd trd cae doanh nghidp Finteeh d Indonesia va hinh thanh ndn mdt hd sinh thai Fintech phat trien nang ddng trong khu vifc ASEAN, Chinh phu Indonesia ludn ed gang c&n bang ldi ich cua doanh nghidp vk ldi ich eiia qude gia trong qua trinh x&y diing cd ehe' ehinh saeh ho trd doanh nghiep khdi nghidp dli mdi sang tao. Ngoai ra sif phd'i hdp lien Bd (OJK, BI, Bd Tai chinh, Bd ThUdng mai, Bd Cdng nghiep, Bp Npi vu, Bp Tu phap, Bp Thdng tin va Truyen thdng...) cung dong vai trd rat quan trpng de hoan thidn khung phap ly, qua dd giiip cae doanh nghiep Fintech phat t r i l n va canh tranh binh dang.
2.3 M a l a y s i a
Gifla thang 10/2016, Ng&n h&ng Trung uong Malaysia (BNM) da ban hanh Khung phap ly thfl nghidm cho linh viic cdng nghe tai ehinh (Financial Technology Regulatory Sandbox Framework)*^^', trong dd dat ra cac yeu ciu cbo cac cdng ty khdi nghidp sang tao tham gia. Co quan quan ly
Ddng Thu ThUy - Qudn ly hogt dgng Fintech thong qua khudn Ichdphdp l^...
nay da nd life x&y dimg mdi trudng phap ly tao dilu Men thuan ldi cho viec t r i l n khai Fintech. Dilu nay bao gdm vide ra soat va dilu chinh c&c ydu cau hoac cac thu tuc v l phap ly cd the vd tinh can trd su doi mdi sang tao hoac lam cho cae cdng ty Fintech khdng the tdn tai duoc. Nhu mdt p h i n trong quy trinh nay, Khung phap ly thfl nghiem Fintech dUdc gidi thidu nham eho phep sU ddi mdi cua cae Finteeh dUdc trien khai va Mem nghiem trong mdi trUdng thifc (hve environment) vdi nhOtng gidi ban ve thdi gian (timeframes) va pham vi eung Ung dieh vu (parameters) cu the. Khung phap ly nay dupe xay diftig cho cac t l chUc tai chinh khdng phai cho rieng hp hoac de hpp tac vdi mdt hay nhieu edng ty Fintech vdi muc dich ap dung cho sU phd duyet cua ngdn hang tham gia RSF.
Bang each xem xet ddn dang ky tham gia RSF, Idai hinh va mflc dd hnh boat v l phap ly ed t h i gan vdi eae t l ehUc tai ehinh hoac cac cdng ty Finteeh boat dpng trong khung phap ly, BNM se xem xet nhCftig yd'u td sau: (i) nhiftig ldi ich tilm nang cua san ph&n de xuat, (ii) lihCtng rui ro tiem i n va cac bien phap giam thieu riii ro, (iii) dd minh bach va kha nang xfl ly va truy vd't cua cac td chfle tai chinh hoac cdng ty Finteeh.
2.4 Thai Lan
Ngan hang Trung Udng Thai Lan (BoT) da ban hanh Khung phap l;y thfl nghiem cho Fmtech vao ngay 2iyi2/2016'i*" dUdi dang "Hudng dSn t r i l n khai", trong dd chi rd nhCfng tidu chuan tham gia va cac
nguyen tac phai tuan thu mdt khi cdng ty Finteeh dfldc phep boat ddng trong RSF.
Viec thanh l&p RSF nham dat dUde cac muc tieu sau day:
- Mang de'n cd hpi eho nhflng dd'i tUpng mdi tham gia tbi trUdng, chang han nhU cac cdng ty nUdc ngoai hoac eae cdng ty khdi nghidp mdi, thdng qua mdt nen tang 6.\sgc Cbinh phu eho phdp.
- Cac doanh nghidp boat ddng trong khung phap ly thfl nghidm phai dUdc giam sat tnic tie'p bdi BoT va ea ngUdi tieu dimg va cac nha v&n hanh Mnh doanh dUpe bao vd tu cac thiet hai ve tai chinh trong tnidng hpp kinh doanh khdng thanh edng.
- cac ddi tupng dUdc th&nh lap, nhu cae td chfle tai chinh Idn cd the dUpe gidi thieu cho cae cdng ty Midi nghidp Finteeh thdng qua nen tang phap ly va ea hai ben dUpe trao cd hdi hdp tae vdi nhau.
Khung phap ly thfl nghidm eua BoT cho phep cae td chfle tai chinh, cac cdng ty Finteeh va cac cdng ty cdng nghe ndi ehung tham gia. Ngoai ra, cung vdi viec cho phdp tham gia RSF thi BoT ciing yeu cau nhung to chUc tham gia ed eae giai phap d l giai quye't cac van de nhU quan tri doanh nghidp, bao vd dii lieu, eung nhU tinh toan ven, minh bach cua he thdng cdng nghd thdng tin. Dong thdi, cdng nghe dupe MIm tra trong RSF phai la edng nghe nam trong pham vi tham quyen eua BoT nhu eho vay, thanh toan hoac ba't ky loai giao dich nao ma BoT cho rdng phu bdp.
Mpt so' linh vile Finteeh khdng thude pham vi quan ly efla BoT nhfl n l n tang huy ddng
54 Nghien cdu Bong Nam A, so 4/2019 vdn CO p h i n (equity crowdfLinding plat-
forms) dUdc quy dinh bdi Uy ban chijtag khoan Th&i Lan se khdng dUpc phep tham gia RSF. Dong thdi, can cfl vao cac hUdng d i n thifc hanh, nhiing to chfle tham gia cung khdng dUpc mien vile phai xin giiy phep cho eae hoat ddng kinh doanh dii Men, day cd the la rao can Idn dd'i vdi cac cdng ty khdi nghiep Finteeh quy md nho hoac e&e cdng ty Fintech nUde ngoai.
3. Gofi y c h i n h s a c h c h o Vi$t N a m Cho de'n nay, khdng cd cdng tbflc hoac khudn khd ehung, mang tinh khudn mau hoac tieu ehuan cho viec phat trien va quan ly Finteeh. Viec xay dung mdi hoac sfla doi cac van ban quy dinh quan ly hay hd trd phat trien dich vu Finteeh deu xuat phat tu gde dp qud'c gia cung nhu phu thudc vao quan dilm, cbinh sach ciia tifng qud'c gia dd'i vdi boat ddng Finteeh. Tai Vidt Nam da thanh lap Ban chi dao Fintech thupc quan ly cua Ngan hang Nha nudc Viet Nam (NHNN) de trien khai nham hd trd su phat trien he sinh thai Fintech to&n dien va ben vCfng. Thdng qua vide tim bieu Mnh nghidm eiia mdt sd' qud'c gia thude Ddng Nam A eho thay quan ly boat dpng Finteeh thdng qua RSF dupe coi la cdng cu ehinh s&ch hidu qua do mot mat giup cae Ng&n bang tnmg Udng (NHTW) quan ly sif phat trien cua cae san pham cdng nghe tai ehinh thdng qua vide eho phep thi dilm cac san pham Fintech trong pham vi va khoang thdi gian nhat dinh; mat khac, hd trd thuc day sang tao trong linh vUc dieh vu tai ehinh. Cac Mnh nghidm qud'c te' se
la gdi f chinh saeh ddi vdi Vidt Nam trong qua trinh xem xet xay difng RSF mdt each hidu qua, eu t h i :
Qudn ly rui ro
Chinh phu can dfla ra cae bidn phap Mem so&t d t i m qud'c gia nham phdng ngUa, Mem soat mflc dd rui ro phat sinh va lan truyln trong nen kinh td' qudc gia nhU (i) rui ro nha cung iing dieh vu, (u) rui ro mang va (in) nii ro tai ehinh vi md'^*^'.
(i) Rui ro b&n cung dng sdn phdm, dich vu. Xet vi?c boat ddng, c&e dinh che t&i chinh ngay cang trd nen phu thudc nhieu vao boat ddng cua cac nha cung cip dich vu, san p h i m ndn v&h dl dat ra la can phai ed mot khudn khd gi&m sat cac nha cung ling dieh vu quan trpng eho dinh ehe tai chinh, nhu dieh vu didn toan dam may, du lieu .. Ben canh dd, can thid't lap khudn khd, thda thuan qude te' va ed ed ehe phdi hpp vdi CO quan quan ly nUdc ngoM trong trudng hdp can thid't.
(ii) Kiem sodt rui ro mgng. Trong thdi gian qua, thd' gidi cung nhU khu viic da canh bao r^t nhilu v l an toan va Mim soat an toan mang. Khudn khd phap ly cd the Mem soat d mdt sd linh vUe, tuy nhien mpt so' linh vUe nhU tidp can thi trUdng tai chinh, t i l n te thi r i t khd. Cac san pham dich vu khi duoc cung Otog de'n thi trUdng can dupe thfl nghidm cung nhU ap dat mdt sd bidn phap phdng ngUa nii ro de giam thieu tdn thi!t eho ca khach hang, doanh nghidp va td chfle. Chinh phu, cac t6 chfle va doanh nghidp ein phd'i hpp x&y dung chuong trinh, ke' hoaeh dif phdng, cd che
trao ddi thdng tin, thanh tra, giam s&t..ed tinh dl^n rui ro mang ngay tU khi giai doan thiet ke' san pham nham tang eUdng nh&n thflc, giao due ve rui ro mang de giup ngUdi sfl dung trang bi cac bien phap phdng ve can thiet khi giao dieh qua mang.
(iii) Rdi ro tdi chinh vl md. Mac du hien chua cd da'u hieu gi ve viec nii ro 6n dinh VI md phat sinh nhUng d&nh gia tinh phfle tap cua san pham Fintech va mUc dd lien k i t giCfa eae thi tnfdng cho tb^y nii ro tai chinh vi md cd t h i phat sinh va lay lan rat nhanh tfl nhieu loai hinh boat ddng Fintech nhu tin dung, diu tU, thanh toan ... Su thieu hut sd heu hien nay v l quy md hoat dpng Fintech d cac qudc gia cung la mdt khd khan ddi vdi viec phat h i l n sdm rui ro tai chinh vi md. Giai phap dife ra \k cai thien chat Ifldng thdng tin ciia nha quan l;y, thanh tra giam sat nham cai thien hieu qua eho boat ddng quan ly, t i l t Mem chi phi tuan thu eho phep phan tieh va du bao dai ban hon bang cac cdng eu Regteeh'^^\ Cae giai phap edng nghe Fintech cung ed t h i hd trp tang cudng co sd thdng tin, dU lieu quan ly cho cac cd quan Chinh phu.
Xay dUng md hinh Sandbox hi$u qud
(i) Thiic day cdng tac nghien euli va danh gia nhu ciu thi tnfdng, xu hUdng va mflc dp phat trien eae san phim Fintech trong linh vifc tai chinh nham xac dinh mpt khudn khd va pham vi quan ly phu hpp.
(u) Khudn khd phap ly 6 Viet Nam hien nay mdi chi dap dbg eho linh viic thanh
toan, trong khi dd cac quy dinh ddi vdi Finteeh edn thie'u. Trong bd'i canh linh vUe cdng nghe phat t r i l n nhanh ehdng, vide xay dUng c&c quy dinh v l Fintech vd Sandbox cin tinh toan de'n tinh kip thdi v& linh boat de dam bao kha nang quan ly eua cd quan chfle nang dd'i vdi linh viic mdi me nay v& tao du "khoang khdng" cho cac edng ty phdt trien cac dieh vu cdng nghe sang tao phuc vu Ipi ich ngUdi tieu dimg*^^'.
Do vay, mdt trong nhiing ndi dung quan trpng la hoan thien khudn kho phap ly va xay dflng t h i thflc van ban phap ly phii hop de dilu chinh eae boat dpng Fintech (trong dd ed Sandbox).
(iii) Va'n d l RSF liln quan den nhieu cO quan bd nganh khae nhau nen can cd sif ehi dao hd trd tfl pbia Cbinh phu va hdp tac chat che giOfa c&e bdn lidn quan de dinh hudng phat trien cung nhU xac dinh khudn kho, cdng cu chinh sach quan ly hidu qua.
(iv) Khuyd'n khich sU tham gia eua cac bdn lidn quan (stakeholders), dac biet la eae cdng ty Fintech trong viec dua ra eae khuye'n nghi vl cac phUdng &n lifa chpn chinh saeh khae nhau, pbti hdp vdi hoan canh va khudn kho ph&p ly hien hanh cua Viet Nam.
(v) Xem xet thanh lap nhdm nghidn eUu chuyen trach vl Sandbox de dam nhiem chfle nang nghien cflu, dl xuat ehinh sach va quan ly Sandbox cua Ng&n hang Nha nude.
Tang ciicfng nang lite, phat trien nguon nhdn IIJCC
Hd thdng phap luat, quan ly can cap
Ddng Thu Thuy - Qudn ly hogt ddng Finteeh thong qua Ichudn ichdphdp ly... 5 7
12. bttp://fintechnews.sg/20712/indonesia/fint ech-indonesia-report-2018/, truy cap n g a y 5/12/2018
13. BI (2016), 2016 Economic Report on Indonesia, S y n e r g y i n S t r e n g t h e n i n g Resilience, Capitalizing t h e M o m e n t u m of E c o n o m i c Recovery, https://www.out- l a w . c o m / e n / a r t i c l e s / 2 0 1 6 / n o v e m b e r / b a n k - indonesia-launches-fintech-office/, truy cap n g a y 6/12/2018
14. B N M (2016), Financial Technology Regulatory Sandbox Framework.
B N M / R H / P D 0 3 0 - 1 http://www.bnm.gov.my/index.pbp?ch=57&
pg=137&ac=533&bb=file, truy cap n g a y 6/12/2018
15. BoT (2016), Regulatory Sandbox.
21su'3lFiu2559 https://www.bot.or.th/Eiiai/
FIPCS/Documents/FPG/2559/rhaiPDF/255 90251.pdf, truy cap n g a y 6/12/2018 16. Bao cao F i n t e c h F S B t h a n g 6/2017 17. Cdng nghg d i l u chinh (regtech) giup c&c
dinh che t a i c h i n h tu&n thii nhiSig y§u c i u dieu cbinh v a t h e o d u l i muc tieu dieu cbinh.
Bao gom, quy t r i n h b&o c&o, bao vd k h a c h h a n g , chong rifa t i l n va tdi p h a m t&i chinh (AML/CFT). T r o n g n g d c a n h dd, regtech se cung cap cho c&c n g a n h a n g n h i l u phuong p h a p hieu qua n h a m n&ng cao t i n h tu&n t h u va q u a n ly rui ro, Regtech c6 t h i tao r a nhiing quy t r i n h mdi, nhiing k&nh ph&n phd'i v a s a n p h i m mdi, n h i l u t l chfle k i n h doanh mdi, giup cac n g a n h a n g t u a n t h u yeu cau dieu ehinh va quan Iy n i i ro m o t each c6 hi&u qua va c6 iii&u life. Mot sd doanh nghidp regtech da dua r a cac giai p h a p q u a n ly rui ro v& t u a n thii cbo cac n g a n h a n g , t h d n g qua quy t r i n h lUa chon va b6 sung trudc nhOttig t h a y ddi mdi v l dieu chinh. Regtech co t h e xCf ly h a n g loat yfeu cau Ufen quan d e n b&o c&o dieu chinh, t6i p h a m t a i chinh, quan ly nghidp vu, k e ca a n n i n h m a n g v a chong gian lan tai cbinh.
18. D a n g T h u Thuy (2017), Hogt dgng thanh todn dien td cua cdc tS chiic phi ngdn hdng tgi Vipt Nam, Ky yeu Hpi t h a o QuS'c te
Thuc day Tidp c&n tai c b i n h t a i Vigt N a m t h a n g 10/2017 tai H a Noi, tr.368-380
T A I L I E U T H A M K H A O
1. BI (2016), 2016 Economic Report on I n d o n e s i a , S y n e r g y i n S t r e n g t h e n i n g Resilience, Capitalizing t h e M o m e n t u m of Economic Recovery.
2. B N M (2016), Financial Technology Regulatory Sandbox Framework, BNM/RH/PD 030
3 . BoT (2016), Regulatory Sandbox. 2 1 5mnpiu2559.
4. C h a m b e r of digital commerce (2017), Global Regulatory Sandbox Review: An Overview on the Impact, Challenges, and Benefits of Regulatory FinTech Sandboxes, November 2 1 , 2017
5. C l e m e n t Ancri (2016), Fintech Innovation.
An Overview, Board of Governors of t h e F e d e r a l Reserve System, 19 October 2016, W a s h i n g t o n D.C.
6.Dang T h u Thuy (2017), Hogt dgng thanh todn dipn tdcda cdc to chiic phi ngdn hdng tgi Viet Nam, Ky y l u Hdi t h a o Qufi'c t e Thuc day Tie'p can t a i chinh t a i Viet N a m t h a n g 10/2017 t a i H a Ndi, tr.368-380 7. Deloitte (2017), Regulatory Sandbox - Making
India a Global Fintech Hub, July 2017.
8. F i n a n c i a l C o n d u c t A u t h o r i t y (2015), Regulatory sandbox, November 2015 9. F i n t e c h n e w s Singapore (2018), Fintech
Indonesia report.
10. Ivo J e n i k a n d Kate Lauer (2017), Regulatory Sandboxes and Financial Inclusion, CGAP Working Paper, October 2017
11. K P M G (2017), Forging the future: How fnancial institutions are embracing fhtech to evolve and grow, K P M G I n t e r n a t i o n a l . 12. MAS (2016), Fintech Regulatory Sandbox
Guidelines, November 2016.
