The development of digital banking asia experience and lessons learned for vietnam

MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY ……….***……… MASTER THESIS THE DEVELOPMENT OF DIGITAL BANKING: ASIA EXPERIENCE AND LESSONS LEARNED FOR VIETNAM Specialization: International Trade Policy and Law TRAN THI THUY HUONG Hanoi – 2023 MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY MASTER THESIS THE DEVELOPMENT OF DIGITAL BANKING: ASIA EXPERIENCE AND LESSONS LEARNED FOR VIETNAM Major: International Economics Specialization: Master of International Trade Law and Policy Code: 8310106 Student Name: Tran Thi Thuy Huong Supervisor: Dr Pham Huong Giang Hanoi – 2023 i DECLARATION OF ORIGINALITY By signing this document, I, Tran Thi Thuy Huong, certify that this Master's Thesis was written entirely by me This thesis is entirely truthful in both its content and its findings Both the main body of this master's thesis as well as the references list contain complete citations for the information, data, and documents that were gathered from various sources for analysis and evaluation I further declare that the aforementioned Master's Thesis has not been submitted elsewhere in order to satisfy any other requirements I declare this knowing full well that should it be proven to be untrue, I will lose points and may be subject to disciplinary action Student Tran Thi Thuy Huong ii ACKNOWLEDGMENT To complete this master’s thesis, I have received enthusiastic guidance and support from my lecturers, family, friends, and experts in the field From the bottom of my heart, I would like to express my thanks to them Firstly, I would like to express my sincerest thanks to my supervisor, Dr Pham Huong Giang who has supported, guided, and encouraged me throughout the process of completing this master's thesis, from selecting the topic, outlining the main ideas, turning those ideas into this thesis to editing this paper Without her enthusiastic guidance and support, I would not have been able to complete this master's thesis Also, I would like to give special thanks to all lecturers of the Master of International Policy and Law Program as well as Foreign Trade University who have given me the chance to expand my humble horizons in the field of trade policy and law, especially Professor Wolfgang Wurmnest, who holds the Chair for Private Law and Commercial Law at the University of Hamburg, for the valuable knowledge and experiences that he’s shared with me Last but not least, I would like to express my sincere gratitude to my dear friends, colleagues, and family, who never cease to support and encourage me as I pursue my master's degree iii TABLE OF CONTENT DECLARATION OF ORIGINALITY i ACKNOWLEDGMENT ii ABBREVIATIONS v LIST OF FIGURES vi LIST OF TABLES vii ABSTRACT viii INTRODUCTION .1 The rationale of the research Aims and objectives of the research 3 Scope of the research Research methods .4 Research structure CHAPTER 1: THEORETICAL BASIS OF DIGITAL BANKING 1.1 Overview of digital banking 1.1.1 Definition of digital banking 1.1.2 Evolution of digital banking service .7 1.1.3 The key technological advancements and innovations 10 1.2 Factors affecting development of digital banking 12 1.2.1 The advancement of technology 12 1.2.2 Regulatory environment 12 1.2.3 Customer adoption and trust 14 1.2.4 Collaboration and partnerships 15 1.3 Security and regulatory issues 16 CONCLUSION OF CHAPTER 20 CHAPTER 2: ANALYSIS OF THE DIGITAL BANKING DEVELOPMENT IN ASIA 21 2.1 Introduction to digital banking in Asia .21 2.1.1 Overview of the digital banking landscape in Asia 21 2.1.2 Digital banking trends and adoption in Asia .24 iv 2.1.3 Fintech disruption and innovation .28 2.2 Experience of digital banking development in some Asian countries 31 2.2.1 National strategies for digital banking development 31 2.2.2 Regulatory Environment for digital banking in different Asia 35 2.3 Experience in breaking down barriers to digital banking development from international banks 46 2.4 The digital banking development process from banks 47 CONCLUSION OF CHAPTER 50 CHAPTER 3: LESSONS LEARNED FOR THE DEVELOPMENT OF DIGITAL BANKING IN VIETNAM 51 3.1 Technological Infrastructure and digital transformation .51 3.1.1 Overview of digital banking in Vietnam .51 3.1.2 Development environment for digital banking services .52 3.2 Limitations in Vietnam's progress towards digital banking 55 3.2.1 Technology 55 3.2.2 Human resources participating in digital transformation 57 3.2.3 Customer information security .57 3.3 Lessons learned for Vietnam in the digital banking .59 3.4 Solutions to improve the digital banking in Vietnam 62 3.4.1 Technology solutions 62 3.4.2 Human resource solutions 64 3.4.3 Solution for data security 66 3.5 Some recommendations for policy makers .67 3.6 Future of digital banking 69 CONCLUSION OF CHAPTER 72 CONCLUSION 73 REFERENCES 75 v ABBREVIATIONS ADB Asian Development Bank AI Artificial Intelligence API Application Programming Interfaces ATM Automated Teller Machine CGAP Consultative Group to Assist the Poorest DFB Digital full bank e-KYC electronic Know Your Customer GSO General Statistics Office of Vietnam IBM International Business Machines ID Identity Document IMF The International Monetary Fund IT Information Technology KYC Know Your Customer MAS Monetary Authority of Singapore MOF Ministry of Finance POS Point Of Sale QR Code Quick Response Code ROE Return On Equity SBV State Bank of Vietnam vi LIST OF FIGURES Figure 2.1: Mobile cellular subscriptions worldwide from 2005 to 2022 (in millions) 23 Figure 2.2: Asia–Pacific emerging markets are at par on digital banking and lead in the use of fintech apps and e-wallets 26 Figure 2.3: Countries with the highest percentage of mobile payment users in the world and average annual spending per user (in USD) 27 Figure 2.4: Digital bank capital requirements are not always lower than those for traditional ones (US million) .38 Figure 2.5: Minimum capital requirements (jurisdictions without dedicated digital banking licenses) - US million 38 Figure 3.1: Statistics on active users of digital banking and the penetration of fintech and e-wallets in Vietnam .51 vii LIST OF TABLES Table 2.1: Global internet user count from 2009 to 2022, by region (in millions) 22 Table 2.2: Banking licensing regulations in some countries 39 Table 2.3: Summarize policy on building information infrastructure to support development in some countries 42 Table 2.4: Policies to support the development of digital banking in some countries 44 viii ABSTRACT The thesis examines the development and significance of digital banking in Asia and offers analysis and suggestions for Vietnam's digital banking growth In order to learn the lessons that can be applied to Vietnam's digital banking journey, the thesis focuses on comprehending the elements that have contributed to the success of digital banking in nations like China, Korea, and Singapore The theoretical foundation and historical context of digital banking are introduced at the outset of the thesis The research then delvelops into a thorough examination of the Asian digital banking landscape, looking at the tactics, legislative frameworks, technological developments, consumer acceptance and trust, as well as cooperation and partnerships that have shaped the ecosystem It investigates how national policies, legislative frameworks, technological developments, consumer acceptance, and cooperative efforts influence the expansion and uptake of digital banking The thesis also provides a detailed analysis of the lessons learned from the Asian experience and makes specific suggestions for Vietnam's development of digital banking In order to create an environment that is supportive of digital banking, it emphasizes the significance of coordinating national strategies and regulatory frameworks The thesis also emphasizes how important customer adoption, technological advancements, and trust-building initiatives are to the development of digital banking in Vietnam Overall, the thesis provides a comprehensive understanding of the development of digital banking in Asia and offers valuable insights and recommendations for Vietnam to navigate its digital banking journey It serves as a valuable resource for policymakers, regulators, financial institutions, and stakeholders in Vietnam's banking sector as they strive to leverage digital technologies and innovations to enhance financial services and drive economic growth 67 Second, banks need to strengthen information security measures Information security has a significant impact on the reputation and success of banks in the banking industry (up to 90 percent) To prevent unauthorized access and attacks, and to prevent the leakage of sensitive data through workstations, end devices, networks, email, and internet access, Vietnamese banks need to implement synchronized protection solutions, prevention, and detection of data breaches across their entire information systems They should increase monitoring and supervision of all processes and stages that pose potential risks to information security Furthermore, banks and Fintech companies should establish procedures, and scenarios, and conduct regular exercises to enhance their ability to respond to incidents and reduce the negative impacts and consequences of cyber attacks 3.5 Some recommendations for policy makers One aspect is the need to prioritize and accelerate the completion of the legal framework for digital banking development Initially, it is necessary to prioritize regulations related to financial experimentation and e-KYC in the financial sector Additionally, the State Bank of Vietnam should review and amend regulations to facilitate identification and electronic authentication in the banking industry They should also review guidelines on data storage, protection, and sharing, as well as guidelines on connecting with the National Database for e-KYC customer service Amendments to Circular No 39/2016/TT-NHNN dated December 30, 2016, by the Governor of the State Bank of Vietnam on lending activities of credit institutions and branches of foreign banks for customers, Circular No 13/2018/TT-NHNN dated May 18, 2018, on internal control systems of commercial banks and branches of foreign banks, and Circular No 21/2017/TT-NHNN dated December 29, 2017, regulating disbursement methods for credit capital by credit institutions and branches of foreign banks for customers should be made to facilitate the application of automation technology in the credit appraisal and post-lending monitoring processes of commercial banks 68 In addition, to create favorable conditions for the development of digital banking, the State Bank of Vietnam needs to study and establish a framework for digital finance, defining the development roadmap for digital banks in line with the National Strategy for Digital Economic and Social Development and the Comprehensive National Financial Strategy Digital banks should be considered important participants in the financial market, and the State Bank of Vietnam can refer to the implementation experience in other Asian countries to select an appropriate licensing option for digital banks (separate license or conversion from a traditional bank license) with requirements for minimum capital, risk management, outsourcing, privacy, data protection, etc., corresponding to the risks associated with digital banks A separate license can be applied in cases where the current regulations on credit institutions are difficult to amend to include the activities of new digital banks The regulations on digital banks should consider exemptions for minimum branch requirements, and relax limits on ownership to facilitate participation by different entities in the economy (Fintech, Big Tech, telecommunications companies, etc) Considering that the financial infrastructure is still in the early stages of digital transformation with low digital maturity, limited presence of non-financial organizations in the sector, and significant gaps in the legal framework, the State Bank of Vietnam can consider a phased approach to licensing digital banks The second aspect is that technology solutions from Fintech play a crucial role in the development of digital banking by providing financial services beyond core services such as cloud computing, compliant KYC, payment systems, foreign exchange, etc., for both traditional and new digital banks Business models of non-face-to-face digital banking require even closer integration with the Fintech ecosystem Therefore, the coordination mechanism between Fintech and banks needs to be established as a fundamental policy in the State Bank of Vietnam's digital banking development strategy The use of third-party services is relatively complex and requires specific regulations on risk management processes internally The State Bank of Vietnam also needs to 69 study and issue policies and regulations related to outsourcing software development, conditions for partnering with foreign organizations, and relevant tools in RegTech (Regulatory Technology) and SupTech (Supervisory Technology) The third aspect is that the State Bank of Vietnam needs to collaborate with relevant ministries and agencies to build programs supporting the development of the country's information technology infrastructure, with a focus on upgrading the national payment infrastructure Additionally, the State Bank of Vietnam should closely cooperate with regulatory bodies in the fields of data protection, competition, telecommunications, information technology, and cybersecurity to coordinate the supervision of digital banks The State Bank of Vietnam should actively apply new technology-based management tools (RegTech, SupTech) to effectively and specifically manage digital banks Regarding the national digital economic database, the State Bank of Vietnam should collaborate with relevant ministries and agencies to standardize data and establish standard protocols for data sharing to create favorable conditions for the future development of the digital banking ecosystem 3.6 Future of digital banking The future of digital banking holds several exciting possibilities and trends that are expected to shape the industry It is poised to bring convenience, personalization, and innovation to customers while transforming the way financial institutions operate and deliver services Digital banking will continue to evolve toward offering highly personalized experiences Banks will leverage customer data and advanced analytics to provide tailored financial products, services, and recommendations based on individual needs and preferences Although Artificial Intelligence (AI) and Machine Learning (ML) have different definitions, they both aim to assist humans in automating and improving tasks that are frequently carried out manually While ML refers to the 70 process of letting computing systems learn on their own to get better through repetition, Al is more broadly defined as a computer performing tasks that need human intelligence In self-driving cars, for instance, AI refers to a computer that controls the vehicle, while ML enables a computer to optimize driving through repetition These two technologies complement each other Customer service, provided by chatbots or voice-enabled computer-based customer representatives, would be the most immediate use of AI and ML in the financial services industry Distributed Ledger Technology/Blockchain: Distributed Ledger Technology (DLT) is a database of asset transactions that are shared and stored in multiple locations at the same time There is no centralized administrator or storage location When a ledger is updated, each machine in the network votes by consensus to determine which copy is correct, and other machines update their own copy of the ledger The adoption of blockchain technology and cryptocurrencies are expected to increase in the digital banking sector Blockchain can improve security, transparency, and efficiency in areas such as payments, identity verification, and cross-border transactions Banks may also explore offering cryptocurrency-related services to meet evolving customer demands Internet of Things (IoT): The integration of IoT devices with banking services will expand Connected devices, such as wearables and smart home systems, can enable convenient and secure banking interactions, including making payments, monitoring financial health, and managing accounts Collaboration with Fintech: Collaboration between traditional banks and fintech companies will continue to grow Banks may partner with fintech firms to leverage their innovative technologies and agility, while fintech companies can benefit from the established customer base and regulatory expertise of banks Financial Inclusion: Digital banking has the potential to enhance financial inclusion by reaching unbanked and underbanked populations Technology- 71 driven solutions like mobile banking, digital wallets, and microfinance platforms can provide financial services to individuals who have limited access to traditional banking 72 CONCLUSION OF CHAPTER By applying these lessons learned from the Asian experience, Vietnam can accelerate its digital banking development and reap the benefits of financial inclusion, enhanced efficiency, and economic growth In conclusion, Chapter highlights the importance of learning from successful digital banking experiences in Asia and provides valuable insights and recommendations for Vietnam By implementing appropriate strategies, fostering collaboration, and prioritizing customer needs, Vietnam can effectively navigate its digital banking journey and unlock the full potential of digital financial services for its citizens and economy 73 CONCLUSION In conclusion, this master's thesis has explored the development of digital banking in Asia and the lessons learned that can be applied to Vietnam Through an in-depth analysis of the digital banking landscape in various Asian countries, valuable insights have been gained that can guide Vietnam in its digital banking journey The experiences of countries such as China, Singapore, and South Korea have highlighted the importance of embracing digital transformation, enhancing financial inclusion, collaborating with fintech startups, focusing on user experience and security, developing a robust regulatory framework, investing in digital skills and literacy, and promoting public-private partnerships By incorporating these lessons learned, Vietnam can pave the way for a successful and sustainable digital banking ecosystem This includes leveraging digital technologies to provide convenient and accessible financial services to all segments of the population, particularly the underserved It also entails fostering collaboration between traditional banks and fintech startups to drive innovation and expand service offerings Moreover, ensuring a seamless user experience and robust security measures will build customer trust and encourage the widespread adoption of digital banking services A comprehensive regulatory framework that addresses key areas such as data protection, cybersecurity, and consumer protection is essential to maintaining stability and safeguarding customer interests Investing in digital skills training and financial literacy programs will empower customers to make informed financial decisions in the digital era, contributing to their financial well-being Additionally, fostering public-private partnerships will leverage resources, expertise, and infrastructure to accelerate the development of digital banking in Vietnam Overall, the development of digital banking in Asia provides valuable lessons that Vietnam can learn from and adapt to its specific context By applying these 74 lessons and tailoring strategies to the local landscape, Vietnam can position itself as a leader in digital banking, driving financial inclusion, economic growth, and technological innovation 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