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THE STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY GRADUATION THESIS THE REGTECH TECHNOLOGY DEVELOPMENT IN THE BANKING AND FINANCE SECTOR IN VIETNAM Major: FINANCE – BANKING Supervisor: Dr NGUYEN MINH NHAT Student: HUYNH THI NGOC ANH Student ID: 030805170278 Class: HQ5 – GE08 HO CHI MINH CITY - 2022 THE STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY GRADUATION THESIS THE REGTECH TECHNOLOGY DEVELOPMENT IN THE BANKING AND FINANCE SECTOR IN VIETNAM Major: FINANCE – BANKING Supervisor: Dr NGUYEN MINH NHAT Student: HUYNH THI NGOC ANH Student ID: 030805170278 Class: HQ5 – GE08 HO CHI MINH CITY - 2022 RESEARCH GUARANTEE I hereby declare that this thesis is my own research work The thesis with the topic " THE REGTECH TECHNOLOGY DEVELOPMENT IN THE BANKING AND FINANCE SECTOR IN VIETNAM " was carried out by the author under the guidance of Dr Nguyen Minh Nhat The research data in the thesis is compiled by the author from many different reliable sources such as: State Bank, Vietnam science and technology magazine Once again, I hereby declare that the content of the thesis published below has not been made without unauthorized copying of anyone else's research At the same time, this thesis has never been published in any form or used to defend a bachelor's degree at any university before The author guarantees that the research results of the thesis are independent and truthful I hereby declare and fully accept Supervisor The Author Nguyen Minh Nh t Huynh Anh iii Thị Ngqc ACKNOWLEDGMENTS In the past time, thanks to the favorable conditions of Banking University of Ho Chi Minh City, I would like to thank all the professors at the university for having conveyed me a lot of useful knowledge and experience over the past fouryears, especially Ph.D.Nguyen Minh Nhat - the instructor who has wholeheartedly instructed me to complete this thesis well Last but not least, I express my deepest gratitude to my parents for teaching me everything that makes me who I am today Furthermore, I am grateful to my mother for her close support and encouragement throughout this study I wish you all health and success in the career of growing people Best regards The Author Huynh Thị Ngqc Anh PICTURE LIST Figure 1: Need of RegTech Figure 2: RegTech investments over the years Figure 3: Some technologies supported by RegTech Figure 4: Benefits of reporting tools Figure 5: Some benefits on the World 12 Figure 6: RegTech market segments – proportion RegTech solutions used by Fis 16 Figure 7: RegTech solutions that financial institutions have experience with and areas where RegTech providers offer their services 17 Figure 8: RegTech market segments – proportion RegTech solutions offered by RegTech providers 17 Figure 9: Year of RegTech solution going live first (left) and number of financial institution clients 18 Figure 10: Main effects of using RegTech solutions 21 Figure 11: The key reasons to implement Regtech 22 Figure 12: The main reasons using RegTech 23 Figure 13 : Learning machine 25 Figure 14: Obstacles and operational challenges per RegTech segment .33 ABBREVIATIONS AI Artificial Intelligence CEO Chief Executive Officer CFO Chief Financial Officer CIO Chief Information Officer EBA European Banking Authority EEA European Economic Area FLs Financial Institution ICT Information & Communication Technologies IA Internal Audit RPA Robotic Process Automation AML Anti – Money Laundering CFT Counter – Financing Terrorist AISP Account Infornation Service Provider TABLE OF CONTENTS TABLE OF CONTENTS .v ABSTRACT CHAPTER : OVERVIEW OF REGTECH 1.1 Rationale 1.2 Features of RegTech 1.3 Some kinds of RegTech products 1.3.1 Report automation tools 1.3.2 Robotic process automation 1.4 The Difference Between RegTech, FinTech, and SupTech 1.4.1 Some basic things about them 1.4.2 RegTech is the regulator of Fintech 11 1.4.3 RegTech can support your organization to achieve compliance 11 1.4.4 Research results 13 CHAPTER : THE REGTECH TECHNOLOGY DEVELOPMENT IN THE BANKING AND FINANCE SECTOR 16 2.1 Effect of RegTech in the banking and finance sector 16 2.1.1 Current RegTech landscape in the EU: 16 2.1.2 Monetary Authority of Singapore (MAS) 19 2.1.3 Financial Conduct Authority (FCA) 19 2.2 Challenges in using RegTech in Finance sector 20 2.3 Technologies trends in RegTech development 24 2.3.1 AI and machine learning for identifying and predicting risks in RegTech 24 2.3.2 Blockchain for automating compliance procedures 26 2.3.3 The important role of regulatory bodies in the RegTech ecosystem 27 2.3 RegTech firms must understand that that their role far exceeds technological innovation:27 2.3.5 Regulatory Sandboxes as a Testing Ground for RegTech 3.0 28 2.4 The RegTech technology development in the banking and finance sector in Viet Nam 29 CHAPTER : PROBLEMS AND SOLUTIONS OF REGTECH IN FINANCE SECTOR 31 3.1 Challenges of Using RegTech 31 3.2 Solutions for RegTech technology development in the banking in Viet Nam 36 3.3 Conclusion 35 REFERENCES 38 ABSTRACT The use of advanced technology in the financial sector continues at a rapid pace RegTech, is defined as any application of technology that supports innovation for regulatory, compliance and reporting requirements performed by a regulated organization (with or without support) RegTech provider support, potentially making compliance more efficient in the financial sector Financial institutions using a RegTech solution highlight enhanced risk management, better monitoring and sampling capabilities, and reduced human error as key benefits of using the tools Meanwhile, RegTech vendors highlight the ability to increase efficiency, quell the impact of constant regulatory change, and improve efficiency as key benefits associated with using our RegTech solutions However, RegTech solutions, if not implemented properly, can pose risks to FIs that need to be identified, monitored and managed These risks may relate to, for example, compliance, centralization, business continuity, ICT and security, reputation, internal governance, consumer protection, or technology At the same time, RegTech may present new risks to authorities monitoring FIs using RegTech solutions In particular, potential risks may arise when trying to assess the effectiveness and reliability of the technology solutions used by FIs, and there may be a lack of skills and tools needed to monitor technology For example, use tech-enabled RegTech solutions when trying to test underlying algorithms Therefore, a balanced approach is needed to acknowledge the benefits of RegTech and create an environment that supports innovation, but at the same time close supervision and a willingness to manage any associated risks CHAPTER : OVERVIEW OF REGTECH 1.1 Rationale Regtech concept The Financial Services industry has long been full of regulations In an effort to reduce the growing burden of these regulatory provisions, financial institutions are beginning to turn to new technology solutions Around the world, regulatory changes in the financial sector are accelerating at an astonishing rate Dealing with the high volume of new regulatory changes poses a high level of complexity and rigorous timelines for financial institutions Over the past decade, regulators have asked financial institutions to undertake some of the modernization of their businesses, and many have struggled with regulatory transformations Regulatory Technology (RegTech) has established a strong foundation in the FinTech ecosystem to overcome this and deliver solutions that target new and complex regulations, litigation and remediation areas faced by financial institutions (FIs), combined with an overall reduction in compliance costs There are more than 1600 companies worldwide, offering a variety of solutions and services to help other businesses meet their compliance needs Most of these companies help with regulatory compliance like PSD2, MiFID II, 4MLD and GDRP.2 And most of these RegTech solutions are available using open APIs and SaaS models Figure 1: Need of RegTech Nguồn: Needs Of Regtech | FinTech Insights | PwC's Financial Services .. .THE STATE BANK OF VIETNAM BANKING UNIVERSITY OF HO CHI MINH CITY GRADUATION THESIS THE REGTECH TECHNOLOGY DEVELOPMENT IN THE BANKING AND FINANCE SECTOR IN VIETNAM Major: FINANCE – BANKING Supervisor: ... CHAPTER : THE REGTECH TECHNOLOGY DEVELOPMENT IN THE BANKING AND FINANCE SECTOR 16 2.1 Effect of RegTech in the banking and finance sector 16 2.1.1 Current RegTech landscape in the EU:... work The thesis with the topic " THE REGTECH TECHNOLOGY DEVELOPMENT IN THE BANKING AND FINANCE SECTOR IN VIETNAM " was carried out by the author under the guidance of Dr Nguyen Minh Nhat The research
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