Mô hình cho vay ngang hàng và một số vấn đề pháp lý đặt ra cho việt nam

MO HINH CHO VAY NGANG HANG VA MOT SO V A N D E PHAP LY DAT RA CHO VIET NAM Tran Thi Dien Tom tat: Trong nhieng ndm gdn day, ngdnh cdng nghe tdi chinh (Fintech Financial Technology) dd phdt trien nhanh chdng a nhieu qude gia, cho vay ngang hdng Id mdt md hinh kinh doanh diin hinh Tgi Viet Nam, cho vay ngang hdng ngdy cdng trd nen phd biin thuc tien, nhien ede nghiin cuu khoa hpc ve ITnh vuc ndy vdn chua nhieu Bdi viet nhdm cung cdp gdc nhin khdi qudt vd ca bdn nhdt vi hogt dpng cho vay ngang hdng, cdc quy dinh phdp ludt diiu chinh vdn di ndy tgi mpt sd quoc gia cung nhu dua mdt sd de xudt tie thuc trgng khung phdp ly diiu chinh ddi vdi cho vay ngang hdng a Viet Nam hien Abstract: In recent years, financial technology (Fintech) has grown rapidly in many countries, including Peer-to-Peer lending (hereinafter referred to as P2P lending as a typical business model In Vietnam, P2P lending is becoming widespread in practice, however, scientific research articles in this field are still limited The article aims to provide a general and basic view of peer-to-peer lending, legal provisions governing this issue in some countries as well as recommendations given the state of the legal framework on P2P lending in Vietnam Qua trinh hinh vd phat trien Cho vay ngang hang [Peer - to - Peer Lending (P2P Lending)] dugc hieu la viec su dung cdng nghe tai ehinh de ket ndi nhung ngudi dang tim kiem ngudn vdn vdi nhihig ngudi cd tien ddu tu ma khdng su dyng dich vu cua mdt td chue tdi chinh chinh thuc lam trung gian Anh va Hoa Ky dugc xem Id hai qude gia di ddu frong viec hinh nen tdng P2P Lending P2P Lending xudt hiSn Idn ddu tien tai Anh nam 2005 vdi cdi ten Zopa, cd try sd tai Vuang qude Anh Zopa duge cdng nhan Id td chue cung cap nen tdng P2P ddu tien fren the gidi Tai Hoa Ky, mdt gidi tdi chinh vao nam 2007, Cau lac bd cho vay (Lending Club) dugc xem la td chue dilu hanh P2P Idn nhdt the gidi, edu lac bd ' Sinh vien Khoa Luat Thuang m^i, Trudng Dai hpc Luat Tp H I Chi Minh da tai trg khodn vay fri gid ban 20,6 ty USD vdo thdng 6/2016^ Mac du kinh doanh cho vay P2P khdng bdt ngudn tai Trung Quoc, nhung ngdnh cdng nghiep P2P tai qude gia cd mdt sy tang tmdng ddng kinh ngac Theo dii lieu cua Wangdaizhijia da cd 1.553 nen tdng cho vay P2P frong hoat dpng binh thudng d§n nua ddu nam 2017^ Tdng khdi lugng giao dich cua cac nen tdng cho vay P2P da dat 4.648 nghin ty nhdn ddn te (RMB) Trong nua ddu nam 2017, khdi lugng tien cua ngudi vay va nhd ddu tu tryc tuyen Idn lugt ' ThS.Vii Xuan Thanh, '^'^Cho vay ngang hdng: Thuc ti vd ky vong" Tap chi Thi trudng tai chinh tien t6, http://thitruongtaichinhtiente.vn/cho-vay-ngang-hang -thuc-te-va-ky-vong-23198.html, truy cap 9/11/2019 ^ Pingfan Song, Yunzhi Chen, Zhixiang Zhou and Huaqing Wu, Peer-to-Peer Online Lending Platforms in China, https://www.vi'dzj.com, truy cSp 9/11/2019 75 NHA NUOC VA PHAPLUATSd 3/2020 dat 4,32 tiieu EIMB vd 8,3 ttieu RMB NIU so sdnh vdi Cdu lac bd cho vay duge dat tai Hoa Ky^ de dang thdy rang, sy tang tradng cua nganh cdng nghiep P2P tai Trang Qude nhanh hon nhieu so vdi Lending Club tai Hoa Ky cdc nude ASEAN, noi cho vay P2P vdn cdn d giai doan non tre (chua den 0,1% cdc khodn vay cd ngudn gdc thdng qua cho vay theo hinh thuc P2P)'^ Theo dii lieu cua Tracxn, tinh den thdng 12/2017 cd 54 cdng ty cho vay ngang hdng hang dau khu vyc ASEAN, chiem 8% thi tradng Fintech^ Mdt sd nude ASEAN cung da ban hdnh hodc dang cd nghien ciiu va hodn thien de ban hdnh khuon khd quy dinh ve cho vay ngang hang Vdi mdt he sinh thai ky thuat sd vdng chdc, Singapore dugc coi la noi cd dieu kien tdt nhdt de frd thdnh mpt trang tdm hang ddu phdt trien cho vay ngang bang ASEAN Co quan Ti6n te Singapore (Monetary Authority of Singapore - MAS) la CO quan quy dinh dieu kien boat dpng ngdnh P2P Lending vd nen tang gdy quy edng ddng ndy cdn cd vdn, gidy phep dieh vy thi tradng de hoat ddng tai qude gia ndy^ Ndm 2016, Ngdn hdng Tmng uang Thai Lan ban hanh Cdm nang trien khai Khudn khd phdp ly thd nghiem eho vay ^ http://lendingclub.com, truy cap 9/11/2019 •" Henry Lim (2016), "The Future OfP2P Lending In Southeast Asia", The Medium, https://www.ey.com/ Publication/vwLUAssets/ey-state-of-tintech-in-asean /%24File/ey-state-of-fintech-in-asean.pdf, truy cap 9/11/2019 ^ BBVA report (2017), "FinTech in Emerging ASEAN: Trends and Prospects", https ://www.bbvare search.com/wp-content/uploads/2017/07/June-2017ASEAN-Fintech-Trendsl.pdf, truy cap 10/11/2019 ^ Umted Overseas Bank Limited, "Sate of Fintech in Asean", https://www.ey com/Publication/vwLUAs sets/ey-state-of-fintech-in-asean/%24File/ey-state-offintech-in-asean.pdf, tmy cap 10/11/2019 76 ngang hang Ndm 2017, Co quan Qudn ly dich vy tdi chinh cua Indonesia da ban hdnh cdc quy dinh vl cho vay ngang hang Thdm chi, mdi ddy, Co quan cdn edng bd mdt danh sdeh khodng 200 doanh nghiep cho vay ngang hang bdt hgp phap dang hoat dpng tai nude Viet Nam, thi tmdng P2P Lending mdi hinh thanh, theo thdng ke dugc Trang Ngan hdng tara Nghien cim kinh tS Thuang mai Cd phdn Hdng hdi Viet Nam (MSB) cho thdy, hien cd 40 cdng ty cho vay ngang hang (P2P Lending) dang boat dpng Trong sd dd, cd cdc cdng ty cd ngudn gdc tii Trang Qude va mdt sd cdng ty tu Indonesia va Singapore tieu bi6u nhu Lenbiz, Tima, Megalend Nhieu md hinh P2P Lending boat ddng khd hieu qud, nhdt la nhimg cdng ty cho vay nhdm vdo phdn khuc doanh nghiep nhd vd vua (SME)^ M6 hinh cho vay ngang hang Den nay, cd rdt nhieu khdi niem ve P2P Lending Theo Miriam Segal (2015), P2P Lending Id mdt lua chgn de tang vdn dugc thuc hien bdi Internet, la sy ket hgp giira gdy quy cgng ddng (tap hgp sd lupng nhd tu nhieu nha ddu tu) va cho vay fren thi tradng^ Mpt khdi niem khdc, P2P Lending Id viec ket hgp giila ngudi vay vd nha ddu tu thdng qua mot nen tang tryc tuyen vd nha dieu hdnh P2P, vdi tu cdch Id dai ly cho cdc nhd dau tu vd thu hdi ng cua ngudi vay^ Gdn ddy, P2P Lending dugc gpi la cho vay ^ Hoang Thj Duyen, D6 Thi Tuyet Mai, Cho vay ngang hdng tren the gi&i vd thuc tien tgi Viet Nam, Tap chi Tai ehinh, ky 1, thang 4/2019, tr 31 ^ CJ Todd, https://www.platfonnos.com/blog/post/ blog/christine-kymn-and-minam-segal-discuss-peerto-peer-lending, truy c§p 10/11/2019 ^ Davis & Murphy (6/2016), ASSA Paper, P2P Lending: Structures, risks and regulation Tap chi Jasssa The Finsia Journal of Applied Finance, tr MO HINH CHO VAY tren thi tnrdng (Marketplace lending) hoac cho vay nen tdng tryc tiiyln - Id mpt nganh cho vay phi ngdn hang su dung edng nghe tai chinh sang tao dl cho vay ddi vdi ngudi tieu dung vd doanh nghiep nhd'** ^ Nhu vdy, P2P Lending la md hinh kit ndi trye tuyin giiia ngudi cho vay va ngudi di vay, dugc xdy dung fren cdng nghe chudi khdi (block chain) ma khdng phai thdng qua bat ky trung gian tdi ehinh ndo Theo do, se cd mpt cdng ty P2P Lending cung cdp nIn tang giao dich tiirc tiiyln (platform) dl ngudi di vay kit ndi true tiip vd thyc hien giao dieh vay mugn ngudi eho vay Todn bd boat ddng vay, frd ng (gdc, lai) giua ngudi di vay va ngudi cho vay dugc nIn tdng giao dich tryc tuyin ghi nhan vd luu trii bang cdc bdng dien tu, sd hod P2P Lending dugc van hanh theo mpt ca che vdi ede can phdn bao gdm nha dau tu hoac ngudi eho vay, nen tdng P2P Lending va ngudi vay Cd the thdy, neu nhu ede ngdn hang thuang mai Idy chenh lech lai sudt lam Igl nhuan thi cdc cdng ty cung cdp P2P Idy phi qudn ly thdng qua xep hang tin dyng, ddnh gia, qudn ly rui ro dya vdo cdc dvc lieu ddu vdo (Big Data), tu tdc ddng tryc tiSp den quyet dinh cua cac ben frong giao dich eho vay ngang hdng Dudi ddy la sa dd minh hpa cho mdt giao dich cho vay ngang hdng^^: [ TlMnhiBinainvarlitogitiaiig [ [ THinhWtollhivayliiHgeitog [ ( *—I fill Ifnh cho vsr I BaoMaiv»n ChmrfeiBfaidio' Theo md hinh fren se c6 ba chu the lien quan den giao dich, bao gdm: 2.1 Bin cho vay (Investor) Ben cho vay frong giao dich cho vay ngang hdng thudng la cdc nha ddu tu la td chue hoac cd nhdn cd ngudn vdn nhdn rdi Thay vi dung tien de gui tiet kiem hodc chung chi tien gui ghi danh vdi lai sudt thdng thudng, hp dung sd tien de ddu tu cho cdc khodn vay vdi Igi nhuan cao ban < ' • David W Perkins (2018), Marketplace Lending: Fintech in Consumer and Small-Business Lending, Congressional Research Service R44614-Version 4, Washington, D.C., United States " Quang Thang, Ai chiu thiet Ion nhdt giao dich vay online lai sudt tdi 700%?, https://news zing.vn/ai-chiu-thiet-lon-nhat-trong-giao-dich-vayonline-lai-suat-toi-700-post880903.html, truy cap 10/11/2019 77 NHA NUdc VA PHAPLUATSd 3/2020 Sy da dang frong viec chpn lya cac gdi cho vay ciing giup cho nha ddu tu hodn todn cd the chu ddng dua cdc quyet dinh dau tu dya fren diem ddnh gid tin dung vd "sd thich" cua minh 2.2 Bin di vay (Borrower) Trong giao dich cho vay ngang hang ben di vay thudng Id cac ca nhdn, td chuc cd nhu cdu su dung vdn, nhung khdng cd khd nang tiep can vdn hodc ban che frong viec dap ling cae dieu kien de dugc eho vay tu cdc td chue tin dung Dien hinh la cdc doanh nghiep SME, hg rdt khd khdn frong viec chung minh nang lyc tai chinh cung nhu dua cdc bien phdp bao ddm cho khodn vay Mpt ddi tugng nda md thi tradng cho vay ngang hdng mudn hudng den Id nhdm khdch hang cd nhdn, ddi vdi nhdm nhu cdu su dung vdn thudng Id ehi cho tieu dung cd nhdn hoac mua sdm cdc frang thiet bi phuc vy eho gia dinh vay nen hp khdng nhdt thiit phdi cd tdi sdn ddm bao bu ddp rui ro, vdy hp khdng chiu frach nhiem nil ro tin dung ma ehi dnh hudng bdi xIp hang danh gid tin nhiem tu khdch hdng vay cung nhu ben eho vay Lgi nhuan thu dugc tii hinh thuc kinh doanh ndy chinh Id khoan phi giao dich ma cdc ben phaifrdeho nha cung cdp thye hien giao dich hodn tdtfrennen tang ndy 2.3 Ben eung cdp dieh vu P2P Lending Cac doanh nghiep cd chuc nang cung cap giai phdp cdng nghe va tu vdn ddu tu, hd frg tdi chinh Id cdc ben cung cap dich vy P2P Lending Hien nay, tai Viet Nam cdc don vi eung edp nen tdng cho vay P2P deu Id cdc doanh nghiep dang ky ngdnh nghe kinh doanh tu vdn qudn ly^^ nhu Cdng ty Cd phdn Ddi mdi cdng nghe tai chinh Fiin, Cdng ty Cd phdn Lenbiz Doanh nghiep kinh doanh dich vy cho vay ngang hang khdng ddu tu bat ky ngudn vdn nao cua hp cho cdc khodn vay fren nen tang P2P, ddng tien chi ludn chuyen giiia Ben cho vay vd Ben di vay Doanh nghiSp cung chi Id trang gian ket ndi gida ngudi di vay vd cho (ii) Md hinh thu dpng: Cdc nhd ddu tu se lya chpn loai rui ro, thdi gian ddo ban, he thdng se danh gia rui ro, ddnh gid cdc tieu chi de ghep ndi vdi danh sach ngudi di vay phii hgp