MINISTRY OF EDUCATION AND TRAININ G THE STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY PHAM MINH ĐAT ANALYZING THE IMPACT OF FINTECH ON JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF V.
MINISTRY OF EDUCATION AND TRAININ G THE STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY - PHAM MINH ĐAT ANALYZING THE IMPACT OF FINTECH ON JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM GRADUATION THESIS MAJOR: FINANCE – BANKING CODE: 7340201 HO CHI MINH CITY, 2022 MINISTRY OF EDUCATION AND TRAINING THE STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY - PHẠM MINH ĐẠT ANALYZING THE IMPACT OF FINTECH ON JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM GRADUATION THESIS MAJOR: FINANCE – BANKING CODE: 7340201 SUPERVISOR: Ph.D DUONG THI THUY AN HO CHI MINH CITY, 2022 i TÓM TẮT Thế giới trải qua tổng cộng cách mạng công nghiệp chứng kiến ảnh hưởng cách mạng công nghiệp 4.0 xây dựng tảng công nghiệp số 3.0 Các công nghệ 4.0 bao gồm Artificial Intelligence (AI), the Internet of Things (IoT) and Big Data,… tác động lên ngành nghề Việt Nam, làm thay đổi cách vận hành mơ hình kinh doanh Riêng ngành ngân hàng chịu tác động đến từ cơng nghệ tài (hay cịn gọi Fintech) cơng nghệ mơ sản phẩm dịch vụ tài ngân hàng mức đại Từ đó, ảnh hưởng đến nhiều khía cạnh ngân hàng thương mại Việt Nam (cách thức thực giao dịch, kênh cung cấp, phân phối sản phẩm, cách thức quản trị ngân hàng, quan hệ khách hàng,…) Vietcombank ngoại lệ Nghiên cứu sử dụng phương pháp nghiên cứu định tính để trả lời câu hỏi nghiên cứu phân tích tác động Fintech Vietcombank Nghiên cứu sử dụng liệu liên quan đến tình hình hoạt động Fintech Việt Nam năm gần đây, cụ thể tình hình lĩnh vực hệ sinh thái Fintech (ví dụ ví điện tử, vay ngang hàng, cơng nghệ bảo hiểm,…), từ tìm lĩnh vực Finetch có ảnh hưởng lớn tới ngân hàng Bên cạnh đó, hoạt động chuyển đổi số Vietcombank trước sau Fintech xuất liệt kê nhằm làm rõ thay đổi trình phát triển công nghệ ngân hàng Nghiên cứu tác động Fintech lên Vietcombank thể qua công nghệ mà ngân hàng áp dụng để chuyển đổi số, tác động từ Fintech tạo rủi ro cho Vietcombank trình chuyển đổi số áp dụng cơng nghệ tài Tổng kết lại, kết nghiên cứu sở để đưa giải pháp khuyến nghị dành cho Vietcombank nói riêng ngân hàng thương mại Việt Nam nói chung ii ABSTRACT The world has experienced a total of industrial revolutions and is currently witnessing the effects of industrial revolution 4.0 which was built on the foundation of industry number 3.0 4.0 technologies including Artificial Intelligence (AI), the Internet of Things (IoT) and Big Data, etc have been affecting many industries in Vietnam, changing operations and business models The banking industry in particular is affected by financial technologies (also known as Fintech) because these technologies can simulate banking and financial products and services at a more modern level Since then, it affects many aspects of Vietnamese commercial banks (transaction execution methods, product supply and distribution channels, banking management methods, customer relations, etc.) and Vietcombank is not an exception This study uses qualitative research methods to answer research questions and analyze the impacts of Fintech on Vietcombank The study uses data related to Fintech's operations in Vietnam in recent years All the areas in the Fintech ecosystem (such as e-wallets, peer-to-peer loans, insurance technology, etc.) will be evaluated to find out which area of Fintech has a great influence on the bank In addition, Vietcombank's digital transformation activities before and after Fintech appeared are also listed to clarify the change in the development of banking technology Research shows that the impact of Fintech on Vietcombank is reflected in the technologies that the bank is applying for digital transformation Besides, Fintech also creates risks for Vietcombank in digital transformation and in the application of financial technologies iii PLEDGE I reaffirm the thesis "ANALYZING THE IMPACT OF FINTECH ON JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM" is my own article and there are no copies from other authors' material This thesis is the author's own research work, the research results are honest, in which there are no previously published contents or content made by others except for citations fully cited in the thesis I will take full responsibility for my pledge Author Pham Minh Dat iv THANK YOU First, I would like to thank all the teachers at the Banking University of Ho Chi Minh City for providing and supporting me with the necessary knowledge during my study at the school Such knowledge is the luggage that helps me to complete the thesis In particular, I would like to thank my instructor, Ph.D Duong Thi Thuy An, she helped me in the process of completing my thesis as well as guiding me to correct my shortcomings I would also like to thank my family and friends who have been by my side and supported me during this time Due to limited practical experience and time, the thesis cannot avoid errors I look forward to receiving your comments so that I can complete my thesis Finally, I would like to wish the teachers of the Banking University of Ho Chi Minh City, have a lot of health and achieve much success in work as well as in life Author Pham Minh Dat v TABLE OF CONTENTS ABSTRACT ii PLEDGE iii THANK YOU iv TABLE OF CONTENTS v LIST OF ABBREVIATIONS viii LIST OF TABLES ix LIST OF CHARTS x CHAPTER I: INTRODUCTION 1.1 Summary 1.2 Research objectives 1.3 Research questions 1.4 Subjects and the scope 1.5 Methodology .3 1.6 Research contribution .3 1.7 Literature review .4 1.8 Research structure .5 CHAPTER II: THEORETICAL BASIS ABOUT FINTECH AND JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM 2.1 Theoretical basis about Fintech .7 2.1.1 The Fintech concept 2.1.2 Fintech ecosystem 2.1.3 Foreign Fintech companies 2.1.4 The advantages of Fintech 11 2.1.5 The disadvantages of Fintech 13 2.2 Theoretical basis about commercial bank 15 2.2.1 Commercial bank concept 15 2.2.2 History of commercial banks 15 2.2.3 The role of commercial banks 16 2.2.4 Commercial bank services 17 vi 2.3 The relationship between Fintech and commercial banks .19 2.3.1 Competitive relationship 19 2.3.2 Cooperating relationship 20 2.4 About Vietcombank .20 CHAPTER III: THE IMPACT OF FINTECH ON JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM .26 3.1 Fintech's operation status in Vietnam .26 3.1.1 Compare to the world .26 3.1.2 Vietnam's Fintech Companies 27 3.1.3 Fintech development trend in Vietnam .29 3.1.4 Fintech investment activities in Vietnam 30 3.1.5 Fintech development orientation of the State of Vietnam .34 3.2 Vietcombank banking technology in the early stages 35 3.3 Relationship between Vietcombank and Fintech 38 3.3.1 Cooperating relationship 38 3.3.2 Competitive relationship 39 3.4 The impact of Fintech on Vietcombank 40 3.4.1 The impact of Fintech's technological advancement .40 3.4.2 The impact of e-wallets 41 3.4.3 The impact of 4.0 technologies 47 3.4.4 The risks from Fintech 49 3.5 The causes behind the impacts 51 3.5.1 Covid-19 epidemic and e-commerce platforms .51 3.5.2 The Fourth Industrial Revolution .52 3.5.3 The absence of legal and regulatory framework for Fintech 53 3.6 Strengths and weaknesses exist in Vietcombank and Fintech 54 3.6.1 Strengths of Vietcombank and Fintech 54 3.6.2 Weaknesses of Vietcombank and Fintech 56 CHAPTER IV: SOLUTIONS AND RECOMMENDATIONS .61 4.1 Solutions 61 4.1.1 Solutions for Vietcombank .61 vii 4.1.2 Solutions for Fintech companies 62 4.2 Recommendations 64 4.2.1 Recommendations for Vietcombank 64 4.2.2 Recommendations for Fintech companies 66 OVERALL .68 REFERENCES 69 viii LIST OF ABBREVIATIONS Acronyms Meaning IoT Internet of Things AI Artificial Intelligence Fintech Financial Technology Vietcombank Joint Stock Commercial Bank for Foreign Trade of Vietnam ASEAN Association of South East Asian Nations E-wallet Electronic wallet P2P Lending Peer-to-peer Lending Insurtech Insurance Technoloy AML Anti-money Laundering CFT Counter-Finance Terrorist SWIFT Society for Worldwide Interbank Financial Telecommunication SMEs Financing Small and Medium Enterprise ATM Automatic Transaction Machine SMS Short Messaging Service 57 encounters problems due to an error recorded on the e-banking channel, possibly due to overloaded transmission lines leading to network congestion Moreover, the customer information system is still at risk of being stolen, leading to advertising messages and calls or showing signs of spam Problems with the information technology system at Vietcombank are barriers to cooperating or competing with Fintech companies The reason comes from the fact that the bank has not paid too much attention to the periodic maintenance of the transaction systems, and has not upgraded the customer data system and the network security system to protect such data Limited human resources for digital transformation In addition to technology, the human factor also plays an important role in digital transformation To be in the position it is today, Vietcombank must have had a stable human resource in terms of quantity and quality However, at present, Vietcombank's human resources specializing in digital transformation and understanding Fintech knowledge are still limited, creating challenges for banks The reason is due to the fast development of Fintech, making banks in Vietnam, not only Vietcombank, not adapt and prepare in time for the appearance of new competitors or partners Since then, the human resource specialized in the Fintech field at Vietcombank is still in the forming stage Fintech’s weaknesses There are still risks Because the core nature of Fintech is technology and online, everything is deployed on the Internet platform, so it is difficult for Fintech companies to escape the risks mentioned in section 2.1.5 (Strategic risk, operational risk, cyber risk, compliance risk) The boom of Fintech is undeniable, but the development comes with risks that will affect the cooperation relationship of some Fintech companies 58 with banks Banks will be concerned about information security when shaking hands with Fintech The main reason for this situation comes from the lack of a legal and regulatory framework for Fintech in Vietnam Therefore, with the absence of the current legal framework, many banking and Fintech cooperation activities are facing difficulties to operate effectively If the legal framework is not clear, the bank may not be ready to provide Fintech applications to the customer Also, the delay in creating a Fintech regulatory framework stems from the digital element of Fintech Regulatory agencies are very cautious about the concept of digital due to the decisions taken may affect network security and information security Lack of human resources specialized in Fintech Not only Fintech, but almost all fields in Vietnam are also thirsty for information technology resources By 2021, Vietnam will still need 450,000 human resources in the information technology industry Meanwhile, the current number of programmers in Vietnam is only about 430,000 (TopDev, 2021) In more detail, Out of more than 55,000 IT students graduating each year, only about 16,500 students (30%) meet the skills and expertise that businesses need (TopDev, 2021) Competing for quality human resources is a challenge for Fintech, because this field has only become popular in Vietnam in recent years, so it is still quite new, Therefore, finding human resources specialized in Fintech is still a challenge Only thrive and focus on a few areas Currently, Fintech in Vietnam is developing based on the explosion of two main areas, Payment and P2P Lending (Chart 3.3) Therefore, some remaining segments have not been focused and the number of prominent companies in these segments is still quite small The diversity in the Fintech ecosystem is there, but not 59 all areas in the Fintech ecosystem are popular in Vietnam Therefore, banks are limited in choosing potential Fintech segments to cooperate with The main reason is due to the trend of using Fintech services from users today, which only encapsulates services that are easy to understand and popular As a result, investors will also tend to invest in Fintech fields that many people know and use, creating a disparity between sectors in the Fintech ecosystem 60 SUMMARY CHAPTER III In this chapter, the author has made an assessment of the development status of Fintech in Vietnam in order to identify the strengths and development opportunities of Fintech Vietnam in the future From there, it is possible to determine which factors and applications of Fintech are likely to affect the banking industry in general and Vietcombank in particular In addition, the technology development status of Vietcombank before Fintech was popular in Vietnam was also analyzed and evaluated to clarify the impact that Vietcombank received after Fintech appeared Finally, the reality of the relationship between Vietcombank and Finetech is also presented in detail 61 CHAPTER IV: SOLUTIONS AND RECOMMENDATIONS 4.1 Solutions 4.1.1 Solutions for Vietcombank Improve and upgrade the IT system (to deal with “the Incomplete information technology system”) As we know, not only Vietcombank but also banks in Vietnam have their own sources of customer information, so this upgrade is also essential for the bank to be able to deal with the risk of stealing user information We can see in real life that the phone number of the user is not properly managed will greatly affect the user (spam messages, telemarketing, phone scams, etc.) Regarding possible risks to customers, although Vietcombank has a risk warning section on the bank's website, it is not enough to ensure that customers are not hacked To deal with cyber risks, banks need to disseminate knowledge about products and services to users to limit risks in transactions For new users, banks need to integrate specific instructions and signs of fraud in apps like VCB Digibank and VCBPAY Vietcombank also needs to focus on the maintenance of ATMs and shorten the time between maintenance to bring a smooth experience for customers For errors appearing on VCB Digibank, Vietcombank needs to notify the system upgrade a few hours in advance so that customers can rest assured that the application is not faulty Improve the quality of human resources (to deal with “Limited human resources for digital transformation”) On the human resource side, there will be a need to refine and supplement the number of bank employees Vietcombank is currently competing with other banks in terms of high-quality human resources in the IT segment, Vietcombank can attract and select excellent individuals by offering an attractive reward, salary, and benefits 62 The bank also needs to pay attention to deploying a human resource development strategy for the current staff This strategy focuses on high-tech factors and most importantly, knowledge of Fintech 4.1.2 Solutions for Fintech companies Create a separate legal framework for Fintech (to deal with “There are still risks”) The cause of the risk is the lack of regulations, so it is necessary to push the regulatory authorities to come up with appropriate policies to solve this problem The formation of a Fintech-specific legal framework is one of the things that banks, Fintech companies, financial institutions, etc need most at the moment because this legal framework can solve a lot of problems such as: banks can safely cooperate with Fintech companies; Fintech companies can get the bank's trust in cooperation; the government can control Fintech development to ensure the industry is on the right track A suitable legal framework can protect the interests of customers when at risk, creating peace of mind for Fintech companies Recently, the Government issued Resolution No 100/NQ-CP approving the proposal to develop a Decree on a Regulatory Sandbox for financial technology (Fintech) activities in the banking sector But this is not yet an official legal framework for digital banking and Fintech This is just a platform, a program to establish a legal framework for Fintech When a Regulatory Sandbox is introduced, it will take time to test it, and more time to have a draft of the legislation That's why the Government now needs a lot of time to make the provisions of the law So this process needs to be fastened to meet the need of not only Fintech companies but also commercial banks in Vietnam 63 Recruiting and training human resources (to deal with “Lack of human resources specialized in Fintech”) To achieve the goal of bringing Vietnamese Fintech to develop in the region and the world, it is necessary to look deeply into Fintech companies, specifically the human factor Fintech companies can compete for IT human resources by offering attractive salaries to attract good individuals All Fintech companies need to is prioritize the quality of human resources rather than the quantity of human resources because Fintech's characteristics are novelty and technology What Fintech companies need is creativity and breakthrough, not an abundant labor force but no expertise Fintech companies also need to train their current human resources, to have specialized knowledge, and understand what they are contributing to the company The most important is still understanding about modern applications to financial services Besides, good ethics is also a necessary factor to limit compliance risks in the company Exploiting Fintech areas that have not yet popular through in Vietnam (to deal with “Only thrive and focus on a few areas”) In order to stimulate the Fintech industry in Vietnam to develop, it is necessary to have equal development among companies and across sectors Fintech development speed will be accelerated if all segments of Fintech develop strongly and evenly Therefore, active Fintech companies can participate in the remaining areas in order to expand their influence Fintech startups can also look at the market and try new fields in Vietnam The government can provide policies to support and encourage investment in promising financial technology projects 64 4.2 Recommendations 4.2.1 Recommendations for Vietcombank Continue the digital transformation (to promote “Having a clear policy and direction for technology development”) Despite some early successes, Vietcombank must overcome the following obstacles in order to continue pushing digital transformation: Having the ability to create more new business models and new competitive advantages Looking for human resources specializing in digital transformation in the banking industry Deeper application of 4.0 technologies (cloud computing, big data, artificial intelligence, blockchain) Completing the legal framework for digital transformation to catch up with development requirements Besides, legal issues also need to be mentioned for smooth digital transformation There are currently not many decisions made by the regulator about digital transformation, these include decisions such as: Decision No 749/QD-TTg dated June 3, 2020, on approval of "National digital transformation program to 2025, orientation to 2030" Resolution No 02-NQ/DUK dated 07/06/2021 of the Executive Committee of the Party Committee of the Division, Implementing digital transformation at enterprises and units in the central business sector until 2025, with orientation to 2030 Decision 810/QD-NHNN dated 11/5/2021 on the plan for the digital transformation of the banking sector to 2025, orientation to 2030 65 In the process of digital transformation, it is necessary to create a trust for customers when using digital banks by promoting products and services to the community to expand market share New technologies are not necessarily needed to be too fussy in terms of process and usage, but rather focus on ease of access The transaction process through fintech services should be designed to be easy and convenient for customers At the same time, add more utilities to suit the general needs of customers as well as consider which utilities are really necessary to reduce maintenance costs A successful and complete digital transformation is when a bank overcomes the challenges mentioned above, thereby bringing great values in terms of customer experience, employee engagement and, of course, financial efficiency Considering cooperation with Fintech companies is necessary (to promote “Having market and reputation”) Having a good reputation in the market will help Vietcombank easily realize cooperation deals, especially with Fintech companies Therefore, banks need to be more active in strengthening cooperation with Fintech to expand the bank‟s influence to find more customers and maintain the reputation The bank's ability to attract new customers and retain old customers will also be significantly improved if there is a diversification of products and services when applying Fintech Moreover, cooperation can help Vietcombank avoid strategic risks, Cooperation strategies with Fintech companies should be carefully considered by the bank's leadership before deciding to cooperate In addition, banks themselves also need to increase investment, upgrade technology infrastructure, and enhance system security to expand their market more 66 4.2.2 Recommendations for Fintech companies Expanding the Fintech ecosystem and influence (to promote “Fintech technology and ecosystem”) As mentioned, Fintech has the advantage of a variety of services and can be applied to a wide range of industries Therefore, besides banks, Fintech companies can also cooperate with diverse industries to expand the influence of financial technology Vietnamese Fintech should also learn from the development of Fintech in other countries such as Singapore, the USA, China, etc To be able to exploit the full potential of all segments in the Fintech ecosystem Continue to cooperate with banks (to promote “Have a source of potential customers”) Fintech companies can take advantage of their own source of potential customers plus technological advantages to attract investors and cooperate relationships with banks Since then, added many new sources of customers from businesses that Fintech companies have cooperated with For Fintech companies, strengths are technologies that users can use easily, but have little experience in the financial - banking sector, and their reputations are not big enough to be able to expand the market quickly, especially in Vietnam Therefore, in order to bring their products to more people, banks are the factors that help Fintech companies that On the banking side, the banks have gained prestige among the people, creating a large network of activities and a huge source of customer data, most importantly, most commercial banks in Vietnam are digitally transforming and some of the bank's strategies cannot be completed without financial technology 67 SUMMARY CHAPTER IV In chapter 4, the author has based on the actual development situation of Fintech Vietnam and Vietcombank in chapter 2, combined with the impact of Fintech on Vietcombank in chapter 3, to be able to give some solutions to solve the weaknesses and recommendations to promote strengths of both Fintech and Vietcombank In addition, general recommendations for the Government and management units are also given to improve and develop Fintech in Vietnam 68 OVERALL The development of technology along with the widespread application of advances of the industrial revolution 4.0 to social life has brought unprecedented changes in both breadth and depth of all fields, blurring the lines between the real world and the virtual world Fintech is one of the children of the industrial age 4.0 And looking back at what Fintech has shown over the years, from the introduction of accessible services such as P2P Lending, Mobile Payment, Digital Banking, etc to services that improve social life such as Insurtech, Wealth Management,… Fintech has really changed people's lives The change that Fintech brings also has specific effects on banks in Vietnam and Vietcombank is one of them From promoting banks in digital transformation to cooperating for joint development with banks, Fintech has really proven its birth with a purpose, and Fintech has absolutely the potential to completely change its face of it the financial services sector in the future It can be said that in about 5, or 10 years, people will see Fintech as a part of social life The thesis clearly outlines the basic theories of Fintech, services and applications of Fintech in the banking and finance industry, the thesis also outlines the current situation of Fintech's operations in Vietnam, to assess any aspect of Fintech that has an advantage and the ability to affect commercial banks in Vietnam in general and Vietcombank in particular Through that, the author proposes solutions and recommendations for Fintech and Vietcombank, most importantly, enhancing the cooperation between the two parties The author hopes that this thesis can be considered as a reference for further research purposes 69 REFERENCES Foreign references Arner, D W., Barberis, J., & Buckley, R P (2015) The evolution of Fintech: A new post-crisis paradigm Geo J Int'l L., 47, 1271 Cortina Lorente, J J., & Schmukler, S L (2018) The fintech revolution: a threat to global banking? 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Vietcombank 2003, Báo cáo thường niên 2002, truy cập niên 2003, truy cập , [01 May 2022] Vietcombank 2004, Báo cáo thường , [01 May 2022] 71 Vietcombank 2005, Báo cáo thường niên 2004, truy cập niên 2005, truy cập niên 2006, truy cập , [01 May 2022] Vietcombank 2006, Báo cáo thường , [01 May 2022] 10 Vietcombank 2007, Báo cáo thường , [01 May 2022] ... Therefore, linking to the introduction of the Joint Stock Commercial Bank for Foreign Trade of Vietnam CHAPTER III: THE IMPACT OF FINTECH ON JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM. .. the scope The subjects: The impact of Fintech on Joint Stock Commercial Bank for Foreign Trade of Vietnam The scope: Space: The research focuses on Joint Stock Commercial Bank for Foreign Trade. .. institutions impacted by the Fintech wave is the Joint Stock Commercial Bank for Foreign Trade of Vietnam (hereafter referred to as Vietcombank) As one of the top banks in Vietnam, Vietcombank always