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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 .1 Aims and objectives of the research 3 Scope of the research Research methods .4 Research structure .4 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 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
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