i DECLARATION I hereby declare that the graduation thesis entitled "Developing products and services applying Fintech in VnDirect Securities Company" was carried out by myself and subm
LITERATURE REVIEW
Overview of the studies in Vietnam
As technology 4.0 advances, the integration of fintech in Vietnam's securities industry has garnered significant attention, necessitating thorough investigation and effective application on the stock exchange This evolution demands clear guidance and stringent oversight from state agencies Research highlights both the promising growth potential of fintech and the associated risks, underscoring the need for robust management measures to optimize its implementation and efficiency.
In 2019, Nguyen Quang Khai from the University of Economics Ho Chi Minh City published a research paper titled "Fintech Ecosystem in Vietnam and Experience in Accessing Fintech Worldwide." The paper presents a strong viewpoint on the Sandbox scoring test, fintech management, and enhancing the strengths of fintech ecosystem participants It draws on global experiences, legal frameworks, and fintech management policies, alongside empirical research conducted in Vietnam, to provide insights into the evolving fintech landscape.
Hai and MSc Do Minh Thu of the Banking Academy published an article titled
In the December 2017 issue of "Vietnam Science & Technology Magazine," a study highlighted Vietnam's potential as a Fintech market, while noting that its Fintech ecosystem remains underdeveloped To fully leverage the benefits of Fintech in the financial and banking sectors, the study recommends enhancing the Fintech ecosystem through targeted research, implementing compensation strategies to attract and train skilled personnel, and utilizing technical support from international organizations Additionally, fostering collaboration among relevant ministries and industries is essential for promoting Fintech growth in Vietnam.
In their 2019 article titled "Fintech in the Startup Ecosystem: Determinants and Implications for Vietnam," Le Dai Chi and Tran Hoai Nam from the Faculty of Finance at the University of Economics Ho Chi Minh City explore the crucial role of institutional integrity in the growth of Vietnam's Fintech startup ecosystem They emphasize that institutions are vital in creating an environment that both encourages and limits Fintech development The authors highlight opportunities such as rapid policymaking and strategic development of startup centers, while also addressing challenges like keeping pace with global innovation and attracting talent to advance Fintech in Vietnam.
Vu Thi Anh Tuyet and Vu Thi Thu Thuy from the University of Labor and Social Affairs will publish a report titled "Application of Financial Technology in Vietnam" in 2021 This study evaluates the current state of technology integration in Vietnam's financial sector and its impacts The authors highlight the challenges facing Fintech development and propose measures to enhance its application and growth, including finalizing legal regulations, developing a strategic growth plan, and promoting the exploration and implementation of Blockchain technology and distributed ledger solutions.
The article emphasizes the importance of developing high-quality human resources, network governance, and network security in the Fintech sector It offers a comprehensive analysis of current Fintech applications and outlines future development strategies using a specific methodology This resource equips analysts and business leaders with a deep understanding of Fintech's role in enhancing the operations of professional organizations Additionally, Gia Bach's 2018 article from the Department of Financial Informatics and Statistics, titled "Technology Application of the Fourth Industrial Revolution in the Financial Sector," presents a detailed roadmap for digital transformation aimed at advancing the financial market and aligning with global trends.
A 2018 study titled "Fintech with Financial Institutions in Vietnam" by Tran Hoang Truc Linh and Duong Quynh Nga highlights the necessity of collaboration between technology companies and financial institutions The research emphasizes that traditional financial institutions must proactively adapt, invest, and evolve in response to the growing influence of Fintech to remain competitive in the future.
Fintech investments significantly influence financial services, as highlighted in the 2018 publication by Ngo Van Toan and Nguyen Le Thanh Minh, which discusses both the positive and negative impacts on financial institutions While challenges such as reduced margins, market share loss, and security concerns pressure these institutions, the adoption of new technologies can lead to cost reductions, streamlined processes, improved service delivery, enhanced customer retention, and increased profitability The author also offers recommendations for advancing Fintech development in Vietnam, emphasizing its transformative potential in the finance and banking sectors.
In 2019, Hoang Tung from the University of Economics, University of Danang, highlighted the significant growth of Fintech in Vietnam's financial and banking sectors, particularly in payment activities, capital calling platforms, online lending, and personal finance To foster Fintech development, he proposed several solutions, including the urgent establishment of a legal framework for regulation, the formulation of Fintech development policies aligned with the banking and financial system's evolution, and the encouragement of research and implementation of blockchain technology.
The 2017 study "Financial and Monetary Security in Vietnam in the Context of the 4.0 Technology Revolution" by Phung Thu Hien and Le Thi Ngoc Tu explores the impact of Fintech on financial security, identifying challenges such as financial data security, intense competition among modern financial models, and the shrinking size of traditional institutions, which threaten their safety and profitability The study emphasizes the need for a robust financial supervision system to effectively monitor regulations amid rapidly evolving markets and cross-border economic growth Additionally, it highlights the risks posed by outdated information management technologies, leading to oversight gaps To address these challenges, strategies for enhancing financial and monetary security in Vietnam are essential In 2020, Dr Nguyen Quang Thuong published a paper on international experiences with Fintech in the stock market, which underscores the potential risks associated with its application, serving as a cautionary guide for Vietnam's financial landscape.
13 developed nations to pay attention to try to improve and avoid risks during the development process
In the 2018 publication "Application of Blockchain technology in the stock market - experiences of countries around the world and suggestions for Vietnam" by
In their analysis, Le Van Lam and Than Thi Thu Thuy highlight the significant potential of blockchain technology within the stock market by exploring its fundamental concepts and operations They outline the advantages of implementing blockchain in this sector and offer strategic recommendations for integrating this technology into the Vietnamese stock market, drawing insights from global practices.
The article "Management and Supervision of Financial Technology in the Field of Securities" by Master Tran Trong Triet (2021), published in the Journal of Financial Markets and Money, reviews the management and supervision of financial technology (Fintech) within Vietnam's stock exchange It emphasizes the importance of understanding Fintech's role for individual and corporate customers, as well as securities firms, while addressing the necessary conditions for its effective implementation within the existing legal and infrastructural framework The evaluation also draws on international experiences in regulating Fintech activities, identifying key steps for developing Fintech and establishing a strategic future direction for its application in Vietnam's financial markets.
To investigate more extensively into the application of Blockchain technology in the stock market, the securities magazine No 2 - 3/2022 with the topic:
The article explores the application of Blockchain technology in the stock market, focusing on its current development in Vietnam It highlights the significance of Blockchain within the Fintech sector and presents proposals aimed at enhancing its integration into the Vietnamese stock market.
Blockchain technology holds significant potential for Vietnam's economic development across various industries While its advantages are clear, it is crucial to implement strict regulations to prevent illegal exploitation To advance Blockchain in the securities sector, it is essential to explore its applications within the Vietnamese stock market The State Securities Commission should work alongside the Stock Exchange and the Depository Center to assess the effectiveness of Blockchain products tailored for this market Furthermore, the Ministry of Finance should collaborate with other key ministries, including Justice, State Bank, Science and Technology, and Information and Communication, to share insights and enhance the legal framework surrounding Blockchain technology.
To enhance Vietnam's stock market, it is crucial to address both the advantages and challenges of integrating fintech across various sectors of the international economy and the securities industry Effective policies and mechanisms governing the incorporation of financial technology will ensure that Vietnam's stock market remains competitive on a global scale.
Research gap and research question
Research on Fintech primarily focuses on the broader ecosystem and its effects on the banking and financial sectors, with limited in-depth studies examining its implementation in the stock market Notably, the innovative products and services offered by specific securities companies have not been thoroughly analyzed This gap in research has significant implications, as it can hinder investors from making more informed and objective decisions regarding their investments.
15 products Consequently, the author selects the subject: " Developing products and services applying Fintech in VnDirect Securities Company "
SUMMARY
The first chapter summarizes research on the financial applications of Fintech by both domestic and international authors While studies in Vietnam have explored the overall impact of Fintech on financial institutions, there has been a lack of detailed examination regarding its application to the products and services of securities companies, specifically VnDirect.
THEORY FRAMEWORK OF DEVELOPING PRODUCTS AND
Overview of Financial technology
2.1.1 Concept and features of Fintech
Financial services are experiencing transformative changes driven by the rise of new technologies, significantly influenced by the Fourth Industrial Revolution Although the term "financial technology" has been in discussion since the early 1980s in the United States, it gained prominence with advancements from the Internet revolution that facilitated the growth of electronic finance The emergence of the 4.0 revolution and various innovative technologies has further accelerated the popularity and rapid development of Fintech in the financial sector.
Fintech, short for Financial Technology, refers to the integration of technology into financial services Despite its growing significance, there is currently no universally accepted legal definition of the term According to the Financial Stability Board (FSB, 2017), Fintech encompasses a wide range of innovations and applications in the financial sector.
Fintech represents a transformative intersection of finance and technology, focusing on innovative business models, processes, applications, and products that significantly influence markets and financial institutions This sector is reshaping traditional financial frameworks through technology-driven regulations, ultimately enhancing the provision of financial services, particularly for securities firms.
Fintech refers to the integration of innovative technology within the financial sector, aimed at delivering efficient, transparent, and cost-effective financial solutions and services to customers, surpassing traditional offerings.
The State Bank of Vietnam defines Financial Technology as the integration of innovative and modern technologies within the financial sector This approach aims to deliver transparent, efficient, and convenient financial services to customers, often at a lower cost compared to traditional methods.
Fintech, a term that lacks a universally accepted definition, refers to innovative financial technologies that challenge traditional financial methods in delivering services Examples of fintech include mobile financial services, investment platforms, and cryptocurrencies, all aimed at enhancing public access to financial services.
The rapid growth of fintech during the covid-19 pandemic is closely linked to advancements in Internet and mobile technology As technology companies increasingly enter the financial and banking sectors, fintech has emerged as a significant trend, supported by a robust ecosystem that includes market access, legal frameworks, and capital availability This ecosystem consists of three key players: the government, which establishes the legal framework for fintech development; financial institutions, which provide investment, support for startups, and funding for fintech solutions; and fintech firms, including startups and technology developers specializing in areas like Big Data and cloud computing Additionally, financial customers are crucial to the fintech ecosystem, serving as the primary source of revenue for these innovative companies (Pham Tien Manh, 2022).
There are numerous classifications within Fintech's primary field of operation
According to Dorfleitner et al (2017), there are four major Fintech segments: Finance; Asset Management; Payment; and Other types of Fintech
Finance (including crowdfunding and credit)
Crowdfunding is a financial platform that allows individuals and organizations to raise funds directly from the public, bypassing traditional financial intermediaries It operates through three primary models: lending, capital contribution, and investment Users can support projects and ideas they believe in by contributing funds, enabling innovative initiatives to thrive.
Peer-to-peer lending (P2P lending) is a popular credit activity that connects borrowers and lenders directly through a technological platform This innovative system allows individuals with excess capital to lend directly to those in need, eliminating the need for traditional financial intermediaries As a result, borrowers can lower their borrowing costs while lenders enjoy higher returns on their investments.
Asset Management (social investment, robot-advisor, personal asset management)
Social investment allows users to monitor, replicate, and share the investment transactions of experts within a social network This platform operates on the belief that the collective intelligence of numerous investment professionals surpasses that of any individual Many new market entrants often struggle with understanding indicators or the implications of economic events Consequently, they can leverage the strategies and trends of seasoned professional investors to enhance their investment decisions.
19 developed to aid investors in gaining more knowledge from experience Users may be charged separately for the platforms of each development company.
A robo advisor is a digital platform that delivers automated financial planning services using algorithms, eliminating the need for human oversight It analyzes a customer's financial situation to provide tailored investment advice This platform simplifies account setup, goal planning, account administration, and portfolio management, all at a lower cost compared to traditional financial advisors Robo advisors are ideal for individuals with a median net worth, offering affordable and convenient consulting services.
Wealth management provides comprehensive investment consulting services alongside various financial solutions, effectively addressing clients' financial challenges Utilizing advanced software, it allows customers to manage their assets, including deposits and loans, all within a single, user-friendly application.
Payment (non-traditional payment methods and Cryptocurrency)
Non-traditional payment methods allow users to make cashless transactions through applications or software These payments can be easily processed via platforms offered by credit institutions or third-party providers Recently, e-wallets have gained popularity as a key platform for non-traditional payments, serving as online accounts that enable users to pay for online services and purchase electronic goods efficiently.
Digital currency is a non-physical form of currency utilized for transactions via Internet-connected devices While its usage is somewhat restricted, it can still be employed to buy goods and pay for services The foundation of digital currency relies on Blockchain technology, which securely stores the underlying information.
A blockchain is a public record of data collected through an internet-based system The blockchain consists of "blocks" of blocks, each of which contains a
Blockchain technology relies on 20 fragments of data and complex algorithms to securely link blocks, ensuring that any modification to existing data fractures the chain This inherent structure makes it nearly impossible to alter blockchain data, as any attempts will be detected and rejected by the system As a result, blockchain offers transparent, immutable, and secure records Initially rooted in cryptocurrencies and payment systems, blockchain has gradually expanded into the financial market, with a growing trend towards its application in transactional and business applications.
Overview of securities company
2.2.1 The definition and characters of securities company
The definition of securities firms
Entities participating in stock market trading play a crucial role in fostering a successful market environment The primary goal of the stock market's creation is to draw long-term investment capital to support economic growth and enhance liquidity for securities Consequently, the establishment and effective management of securities firms are vital for promoting the efficient functioning of the stock market.
A securities company can be defined in multiple ways, but according to the Law on Securities (Law No 54/2019/QH14), it must operate as either a limited liability company or a joint stock company, adhering to the Law on Enterprises and receiving approval from the State Securities Commission The establishment and operation of a securities company are contingent upon obtaining a license from the relevant authorities in the country.
According to Circular No 210/2012/TT-BTC, which outlines the regulations for the establishment and management of securities companies, a securities company is defined as a business entity involved in securities trading, participating in one or more related activities.
23 the following: Set of operations including securities brokerage, securities trading, securities underwriting, and investment advisory services
A securities company is a legally established financial institution that engages in various securities-related activities, including securities brokerage, trading, underwriting, and investment consulting.
A securities company operates under specific legal conditions and must comply with industry regulations, distinguishing its activities from those of businesses in other sectors.
Securities companies must meet specific legal capital requirements for establishment, which differ based on the country and time period Unlike businesses in production, commerce, and service trade, these companies are subject to unique regulations governing their capital.
The securities industry operates in a complex environment characterized by high risks and a substantial influence on socio-economic dynamics As a result, it is essential for employees and leaders within securities firms to possess specific qualifications, strong moral character, and a valid practicing certificate from an authoritative body.
To register for operation, a securities company must meet specific requirements for its office and technical facilities, essential for securities trading Given the specialized nature of the industry, a dedicated trading floor is necessary, along with compliance with facility standards when establishing the company Furthermore, a securities firm must be equipped with modern technology to efficiently transmit customer orders.
24 notification of transaction results, and the facilitation of account balance checks and information searches The system of information (Nguyen Phuong Anh, 2021)
Conflicts of interest often arise between customers and securities companies, despite the companies' commitment to delivering optimal services Key activities such as securities brokerage, proprietary trading, and investment consulting can create situations where the interests of the firm diverge from those of its clients Understanding these conflicts is essential for both parties to navigate the complexities of financial transactions effectively.
2.2.2 The role of securities company
Securities firms are essential to the stock market and the broader economy, acting as direct investors and intermediaries between issuers and investors They facilitate the balance of supply and demand for securities, stabilize the market, and offer products and services that enhance business efficiency.
Acting as a bridge between supply and demand for securities
Securities firms act as crucial intermediaries between investors and issuers in the primary market, facilitating the pre-sale procedures and public distribution of securities through underwriting These companies actively seek clients with idle capital who are interested in investing in financial instruments Their professional consultants and brokers analyze and deliver comprehensive, accurate, and timely information about issuers to investors Ultimately, the efforts of securities firms play a significant role in ensuring successful securities issuance and enabling issuers to quickly raise capital for their projects.
Securities companies function as intermediaries among investors in the secondary market By means of brokerage operations, securities firms provide customers with information, investment advice, and satisfaction of their trading
Securities brokerage services enable investors to reduce transaction and information search fees while making informed investment decisions These companies act as a vital link, channeling excess capital to areas in need and enhancing liquidity within the stock market.
Contributing to market price regulation and stabilization
Rapid market fluctuations can profoundly impact investor sentiment and the stock market's long-term growth Securities firms play a crucial role in maintaining market stability by engaging in proprietary trading, which involves the buying and selling of securities.
To effectively regulate and stabilize securities prices, some countries mandate that self-trading securities companies disclose a specific percentage of their transactions This practice helps maintain market stability by encouraging the purchase of securities during price declines and selling them when prices reach extreme highs.
Providing services for the stock market
In a highly competitive landscape among securities firms, there is a pressing need for these companies to continually enhance the quality of their products and services to meet the evolving demands of investors.
The factors influencing the development of fintech application products and
To successfully develop Fintech applications and services, a clear legal framework and government support are essential As this field is relatively new, it is important to promote growth while mitigating legal risks A well-defined legal environment not only protects consumer interests but also creates favorable conditions for securities firms to thrive Without proper regulations, the integration of Fintech into products and services could expose both securities and Fintech firms to significant legal challenges.
The development of the securities market is crucial for the integration of Fintech into the products and services offered by securities firms Market demand drives the adoption of technology in these offerings, leading to the evolution of Fintech applications that align with current trends and requirements Conversely, Fintech products and services that fail to meet market needs will be phased out, highlighting the importance of continuous adaptation in this sector.
The risks of financial technology
In addition to the benefits that Fintech applications provide, there are also risks associated with their implementation in products and services (Truong Thi Hoai Linh, 2022)
Information security risk refers to the potential loss stemming from fraud or hacking attempts aimed at stealing personal data or conducting unethical financial transactions The rise of the Internet and the adoption of new technological applications and services have heightened these risks, making it essential for individuals and organizations to prioritize cybersecurity measures.
39 privacy and personal and organizational data can be compromised by hackers at that time.
System vulnerability risk arises from weaknesses in application algorithms and the underlying infrastructure of an organization This type of risk encompasses problems originating from Fintech applications or within Fintech companies, leading to sluggish performance or system outages.
Financial risks: The possibility of incurring a financial deficit when utilizing
Fintech-enabled services carry inherent risks, primarily due to the accuracy of the information provided by these applications Inaccurate data can lead users to make poor financial decisions, resulting in potential losses Additionally, errors or fraudulent activities by involved parties can create payment risks during the use of Fintech products and services.
Tech-savvy and Internet coverage
Customer knowledge of technology and internet access significantly influences the adoption of technological advancements in securities products and services The widespread acceptance of these innovative offerings relies heavily on users' ability to understand and utilize technology effectively Consequently, financial technology products and services become easier and safer to use for consumers who possess a higher level of tech-savviness.
The accessibility of most Fintech products and services is primarily reliant on the Internet, highlighting its significant role in shaping the development of Fintech applications.
Human capital plays a vital role in the successful implementation of Fintech by driving the development of tailored products and services To effectively meet customer needs, emerging Fintech companies must employ professionals who possess deep knowledge and understanding of the industry.
The integration of Fintech in the financial sector has led to the automation of numerous activities, significantly reducing the need for manual human resources This shift requires employees to possess advanced professional expertise and a strong grasp of new technology applications Proficiency in Fintech not only empowers staff to effectively utilize products and services but also equips them to address customer inquiries about these innovations Consequently, the development of Fintech products and services must take into account the capabilities and characteristics of human resources.
The emergence of Fintech stems from the rapid advancement of information technology, necessitating a strong IT infrastructure for the development of Fintech applications and services Securities firms must invest in modern information technology systems to effectively leverage Fintech for their products and services Additionally, a skilled IT team is essential for selecting appropriate technologies, managing systems, and mitigating risks associated with the creation of Fintech-based offerings.
Securities firms need significant investment capital, alongside robust infrastructure and skilled human resources, to develop Fintech application services This capital is essential for conducting research and development, hiring Fintech companies for tailored solutions, purchasing technological equipment, and training staff to ensure efficient operations As they navigate the ongoing industrial revolution 4.0, these firms are engaged in a relentless technological race, continually investing to enhance their product and service offerings for customers.
41 Fintech application services with the aim of maximizing customer contentment when utilizing the service.
SUMMARY
The second chapter provides a comprehensive overview of the financial industry's core concepts, focusing on the role of securities companies and the integration of financial technology (Fintech) in their product and service development It highlights various technologies, products, and services employed by these firms while establishing sub-criteria for evaluating the incorporation of Fintech into their offerings The chapter emphasizes the significant impact of technology on product and service innovation, addressing legal considerations, market development, potential risks, and the importance of human and capital resources, as well as technical infrastructure, in successfully deploying Fintech-based solutions.
EVALUATE THE CURRENT STATUS OF DEVELOPING
Overview of VnDirect Securities Company
3.2.1 The process of formation and development
VnDirect Securities Joint Stock Company is a prominent securities firm in Vietnam, licensed by the State Securities Commission (SSC) to operate in the Finance and Securities sector Its key business activities include brokerage services, securities custody, corporate financial consulting, proprietary trading, underwriting, and investment portfolio management Additionally, VnDirect is affiliated with IPA Investments Corporation, a diversified private investment group.
VnDirect Securities Joint Stock Company was established on November 7, 2006, under Business Registration Certificate No 0103014521 from the Hanoi Department of Planning and Investment It commenced securities trading activities with License No 22/UBCK-GPHDKD issued by the State Securities Commission on November 16, 2006 The company started with an initial charter capital of 50 billion VND and is headquartered at No 100 Lo Duc, Hanoi.
In May 2007, the company increased its charter capital to 300 billion dong, becoming the first in Vietnam to offer comprehensive online trading solutions for securities Additionally, it established a branch in Ho Chi Minh City to expand its business operations.
In January 2008, VnDirect invested in its own technology platform, developed its own Core system and created the first premise for VnDirect's digital platform.
On March 30, 2010, VnDirect's shares were officially listed on the Hanoi Stock Exchange (HNX) under the stock code VND By the end of 2010, the company successfully increased its charter capital twice, growing from 300 billion dong to 450 billion dong and then to 1,000 billion dong.
In 2012, the Company introduced the FIX Bloomberg gateway, enabling Direct Market Access products for institutional clients Additionally, a partnership was established with CIMB to enhance analytical services for foreign institutional customers.
In 2014, VnDirect raised its charter capital to VND 1,550 billion, boosting its equity to around VND 1,900 billion, positioning itself as one of the top three securities companies by capital on the stock exchange.
In 2016, VnDirect dominated the market in terms of personal accounts, and the total net assets of customers managed by VnDirect amounted to approximately VND 26 trillion.
In 2018, VnDirect received a capital increase certificate from the State Securities Commission, raising its capital to VND 2,204.3 billion and positioning it as the third-largest securities firm in the market by charter capital The company is actively modernizing its digital banking platform and enhancing connections with local customers through the Open API ecosystem By 2019, VnDirect held a 9.66 percent share of the brokerage market on UPCOM, alongside the launch of its Myaccount e-customer service platform.
In 2020, VnDirect achieved a milestone by opening 100,000 new securities accounts, accounting for 40% of all newly established accounts in the market As a leader in the implementation of eKYC for online account openings, VnDirect continues to support users with valuable information on retirement products and Dstock stocks.
In 2021, the Company's charter capital will increase to 4,349 billion Vietnamese Dong At the beginning of 2021, the company launched a DGO investment account stream at VnDirect.
3.2.2 The organizational structure of of VnDirect Securities Company
VnDirect's organizational structure comprises the Board of Directors, Executive Board, Board of General Directors, and Supervisory Board The company offers a diverse range of services, catering to individual, large, institutional, and digital customers, including securities services, investment management, investment banking, and capital markets services.
3.2.3 The VnDirect Securities Company’s business results over the period from 2019 to 2021
Table 1: VnDirect Securities Company’s consolidated business results over the period from 2019 to 2021
Interest on loans and receivables 408 361 1167
Revenue from securities brokerage operations
Revenue from underwriting securities issuance agency
Return on Average Assets (ROAA) 3% 5% 9%
Return on Average Equity (ROAE) 12% 20% 35%
Source: VND’s Consolidated financial report
VnDirect's total revenue from business activities consists of four key components: investment activities, interest from loans and receivables, securities brokerage, and securities underwriting and issuance From 2019 to 2021, VnDirect experienced fluctuations in revenue, yet the overall trend was upward Operational revenue rose from 1,502 in 2019 to 2,135 in 2020, marking a 42.14% increase In 2021, net revenue surged by 182.86%, reaching 6,039 The majority of the company’s net income is derived from profits generated through investment activities and securities brokerage.
Operating costs are closely tied to revenue, experiencing significant fluctuations In 2019, business operation costs were 302, which surged by 79.8% to 543 in 2020 By the end of 2021, these expenses skyrocketed to 2,325, reflecting a staggering 328.18% increase.
VnDirect's profit after tax surged from 383 billion VND in 2019 to 693 billion VND in 2020, marking an impressive 80.94% increase By the end of 2021, this figure soared to 2,383 billion VND, reflecting a remarkable growth of 243.87% Throughout this period, profit after tax exhibited a consistent upward trend, with its growth rate outpacing revenue growth, demonstrating VnDirect's effective cost management strategies.
Current status of fintech application in products and services in VnDirect
3.3.1.1 Products and services applying Fintech variety
In 2020, VnDirect became the first company to implement and validate online accounts through eKYC technology Their multi-asset trading platform allows investors to manage and execute transactions with ease on a unified interface.
The year 2020 posed significant challenges globally as the Covid-19 pandemic reshaped daily life Strict social isolation measures led to profound changes in the behavior and trading strategies of market investors.
The rapid development of eKYC (Electronic Know Your Customer) technology is transforming the way securities companies, like VnDirect, engage with customers This innovative approach enables businesses to verify customer identities online, eliminating the need for in-person meetings and simplifying paperwork through biometric verification With eKYC, customers can open accounts anytime, enhancing convenience and accessibility Additionally, this technology allows companies to broaden their reach to domestic customers in remote areas, including Vietnamese individuals living and working abroad.
The process of opening an account using eKYC
Below, the author illustrates the process of opening a securities account using eKYC at VnDirect securities company
Step 1: Log in to VnDirect's trading application or visit the company's website https://www.vndirect.com.vn/ and choose to open an account
Step 2: Customers fill in the required information.
To open an account, customers must complete the required information and agree to the terms before clicking "Open an account." The company will then send an OTP verification code to the registered email or phone number Once the customer receives the code, they should enter the OTP sent to their phone to complete the verification process.
The customer submits a double-sided photo of their identification card, which the system processes using OCR technology to extract and display the relevant information on the screen Additionally, customers are required to provide their contact and bank account information.
Step 4: VnDirect made a notification of successful account opening and successful Identification card update.
To verify a signature, customers can take a photo of their signature, use an existing signature sample image, or authenticate via a video call with the securities switchboard.
The electronic identification process, known as eKYC, typically takes just 5-7 minutes, varying with each customer's speed This innovative approach has significantly enhanced business efficiency for VnDirect, especially during the rapid growth phase of the epidemic, marking a substantial improvement over traditional identification methods.
In 2021, VnDirect aims to enhance its core technology capabilities to develop digital platforms that align with its current and future business model, while consistently prioritizing safety, stability, and timeliness The company will allocate resources to improve these platforms to better serve its objectives.
• Asset management platforms (DGO apps)
• Investment support service platform (DSB apps)
• Information platform, data analytics and intelligence artificial (Stockbook)
VnDirect's stock trading platform is recognized as the premier choice for facilitating securities investment transactions while providing a comprehensive range of cost-effective information services, products, and transaction facilities By the end of 2021, the ecosystem of VnDirect's securities trading platform was firmly established, reinforcing its position in the market.
VnDirect has transitioned gradually from a traditional stock trading platform to a multi-asset trading platform where customers can readily access product information, manipulate products, and conduct product transactions.
VnDirect launch an E-contract in early 2022, allowing customers to complete account opening entirely online – no paper documents required – One-time activation only.
VnDirect is committed to enhancing the customer experience by continuously introducing innovative trading utilities integrated into its platform Notable features include Trading Ideas, which help users identify promising stocks through technical analysis and insights from VnDirect’s seasoned investment consultants Additionally, VnDirect is focused on research and development to improve transaction convenience, offering services such as Algorithmic Trading (Algo Trading) and Trade by Expert (DTOP Trading), along with various other utilities.
In 2021, the asset management platform will transition to mobile apps, specifically DGO - My Account, enhancing customer experience in treasury asset management, securities investment, and trading This platform aims to support users in achieving their financial goals and fostering long-term prosperity through exceptional features, including seamless connectivity, clear reporting, and timely alerts, ultimately empowering investors on their journey to financial health.
The Investment Health Compass empowers customers to assess their financial health and investment status, creating a personalized guide for improving investment well-being It facilitates access to a wide range of market investment opportunities while enabling individuals to effectively manage their own assets.
Investment Compass: View investment recommendations and individualized products and services for each client.
Market compass: Up-to-date information based on the market's pulse, expert opinion, and advice pertinent to the customer's holdings and interests.
The mobile app version 3.0.0 was launched on June 21, 2021, and has garnered significant feedback from users aimed at enhancing its functionality In early August, a customer satisfaction survey revealed an impressive rating of 4.15/5, indicating that users recognize and appreciate the ongoing improvements made by the Mobile app development team.
In addition, DGO Protrade provides investors with professional trading facilities, allowing them to either copy the professional's trades (copied trades) or select their own broker.
Data Analytics and Artificial Intelligence Platform
VnDirect is dedicated to enhancing its information organization, storage, and system capabilities, alongside developing a data management platform that incorporates advanced data analysis technologies This initiative aims to empower both customers and the VnDirect team to capitalize on business opportunities aligned with current market conditions The platform uniquely reflects the financial health of businesses and offers insights into community assessments of listed companies It also serves as a hub for experts to deliver high-quality, in-depth content on investment topics, ensuring that users stay informed about evolving market trends.
3.3.1.2 The number of customers using products and services applying Fintech
In 2021, VnDirect experienced significant growth in its individual consumer base, servicing over 300,000 investor accounts, which marks a remarkable 78% increase from the previous year This surge in accounts represents 20% of the market share for newly opened individual investor accounts, highlighting VnDirect's strong presence in the stock market.
56 individual investor accounts are presently managed by VNDIRECT, representing approximately 17% of the total number of individual investor accounts on the market
Figure 3: The number of individual accounts of VND in the period from 2017 to
3.3.1.3 The increase of revenue and brokerage market share
According to the published report, VnDirect's estimated profit before taxes for the first six months of 2022 is VND 1,620 billion, up 43% from the same period in
Evaluate the current status developing products and services applying Fintech
The diversified application of Fintech to products enables VND to attract more investors due to the benefits brought by the products, thereby enhancing the service quality of securities companies
The rise of technologically-advanced products has significantly enhanced the competitiveness of securities firms The integration of Fintech into securities offerings has led to increased operating revenue, expanded market share, a more diverse customer base, and reduced operating costs through automation.
Firstly, VND has diversified and popularized their products and services through the use of Financial technology applications
VND has embraced advanced technology in finance, moving beyond initial applications to enhance customer order placement on its digital platforms Leveraging the innovations of the industrial revolution 4.0, VND now offers a diverse range of products, including virtual assistants, automated investment advisory robots, trading social networks, and virtual derivatives This integration of financial technology not only enables the development of new products and services but also improves existing securities trading support with enhanced features.
The integration of Fintech into VND's services has successfully broadened the accessibility of securities services, appealing to a diverse range of customers across different ages, locations, and professions This advancement not only enhances customer engagement but also promotes the widespread use of various financial products and services.
76 securities products and services facilitates consumer access to those products Customers can access the service at any time, from any location, with just an Internet- connected mobile device
Secondly, the VND’s Fintech application services and products have increased the number of investors and provided customers with satisfaction and benefits
The swift expansion of fintech applications and services has led to a remarkable increase in customers from various regions engaging with VND's offerings This growth has broadened VND's customer network and effectively removed geographical barriers, enhancing accessibility to its products and services.
New fintech applications offer a range of benefits that enhance customer satisfaction by allowing users to access services anytime and anywhere from any internet-connected device With real-time stock codes and market data, customers receive timely and accurate information, leading to faster data processing and transaction operations compared to traditional methods This ease of access through smart device platforms further simplifies the user experience.
Technology application products and services offer investors significant economic advantages by facilitating informed decision-making through stock recommendations and timely news updates By connecting investors and enhancing portfolio management with Fintech solutions, these tools boost investment efficiency and mitigate market risks Additionally, utilizing advanced technology reduces travel costs and saves time on transactions and asset management, clearly demonstrating that these innovations meet and fulfill investors' needs effectively.
Thirdly, the Fintech products and services utilized by VND has contributed to the company's increased revenue and competitiveness
To remain competitive, securities firms must navigate intense technological competition by investing heavily in software and integrating robotic applications into their investment processes This technological evolution not only allows customers to access innovative products and services but also drives firms to enhance their core offerings continuously By utilizing technology for trading facilitation, stock recommendations, and portfolio management, securities firms can identify exceptional trading signals and anomalies that alert investors to potential market surges Furthermore, the diverse application of Fintech solutions enables these firms to attract more investors, ultimately improving service quality and customer satisfaction.
The rise of technologically advanced products has significantly enhanced the competitiveness of securities firms By integrating Fintech into their offerings, these firms have experienced increased operating revenue, expanded market share, diversified customer bases, and reduced operational costs through automation.
Firstly, the application of fintech to products and services for VND is not particularly well-liked by consumers
Currently, VND provides a diverse range of innovative goods and services that leverage modern technology However, these offerings primarily utilize technology to enhance transaction processes, lacking true diversification in their product range.
VNDirect has yet to fully integrate technology across all areas of its operations, particularly in comparison to other companies in the securities industry that have embraced Fintech application services While VNDirect offers a wide range of products, its online presence remains limited, with most data primarily available in text report format.
Secondly, many of the goods and services offered by the securities industry's Fintech application providers remain in their infancy
Despite the advancements made by VND, some goods and services still misuse advanced technology and exhibit notable flaws Stockbook aims to create a social investment network, allowing new investors to mirror trades from experienced professionals without directly executing them It has effectively connected market investors by publicly displaying orders along with their profit and loss outcomes.
The variety of technology-based securities products in VND is limited compared to those available from international Fintech firms Notably, the VND securities market has yet to adopt blockchain technology, while many countries, including the United States and Australia, have successfully integrated this innovation into their stock market products and services.
Thirdly, VND's Fintech application products and services continue to have quality issues that leave consumers unsatisfied
Concerns about security and information risks remain prevalent among users, particularly regarding the protection of personal data when utilizing technology-driven products and services A recent survey highlights that consumers are increasingly wary of potential threats, especially given the vulnerabilities associated with online platforms where hackers can exploit software flaws to access sensitive information Therefore, it is crucial for VND to prioritize security measures in the development of its Fintech products and services.
Customers frequently face challenges with transaction products due to technical errors in hardware and software, network downtime from transmission line congestion, and viruses disrupting information exchange These system failures often prevent investors from accessing essential products and services, leading to significant inconveniences and economic losses For instance, on March 23, 2019, VND's transaction system on both its website and mobile platform experienced issues that hindered user logins due to an overloaded authentication system During critical trading periods, many customers were unable to place orders, resulting in financial setbacks Additionally, investors remain skeptical about the accuracy of forecasts from securities services, such as Robo Advisor's buy/sell predictions.
VnDirect Securities firm lacks the investment necessary to develop Fintech :
The growth of Fintech within VND is hindered by a lack of necessary resources, as most capital is allocated to core business activities like proprietary trading and margin lending Developing high-utility Fintech applications requires a clear strategy and significant investment in testing and development, along with a skilled development team Currently, VND is facing challenges in product development, with a limited number of collaborations with fintech firms due to constrained resources in the securities investment sector.
SUMMARY
Chapter 3 explores the integration of financial technology within Vietnam's securities companies, highlighting their innovative approaches to developing convenient products and services for investors While these advancements have made significant strides in addressing investor needs, challenges remain in their implementation The analysis of these difficulties lays the groundwork for recommendations in Chapter 4, aimed at overcoming barriers to the development of financial technology-based offerings These solutions seek to empower securities firms to diversify and improve their product quality, ultimately enhancing their competitiveness in the market.
SOLUTIONS TO DEVELOP PRODUCTS AND SERVICES
Orientation to develop Fintech application into products and services of
4.1.1 Orientation to develop Fintech in Vietnam
Vietnam's stock market is experiencing significant growth, driven by increasing public awareness of securities investment and robust economic development The government is implementing policies to create a transparent, safe, and comprehensive market, aiming to enhance its efficiency as a capital mobilization channel for economic growth This strategic focus is essential for the future development of Vietnam's stock market and has been a key topic of discussion between the government and the Securities Commission.
To foster the growth of Vietnam's stock market, state policies that promote technology and innovation in the securities sector are essential A comprehensive development plan for the Vietnamese stock market is crucial to achieve these goals Government initiatives should support securities firms in enhancing customer systems and increasing their market share Additionally, establishing a robust set of management regulations is vital for creating a transparent stock market, preventing manipulation, and enforcing strict penalties for violations These measures will ultimately encourage foreign investment in Vietnam.
Vietnam's stock market is experiencing significant growth, marked by a rising number of new account openings and a robust increase in market capitalization Trading liquidity is consistently reaching new heights, highlighting the market's potential for securities companies In response to this growth, numerous innovative technologies and modern Fintech products have been introduced, further enhancing the market's development.
84 brought about very high efficiency The proof is the strong revenue and profit growth of the stock market in 2020 and 2021.
The securities industry acknowledges the importance of enhancing Fintech application products to boost quality and effectiveness To attract a significant consumer base in the future, it is essential to deliver an exceptional customer experience The cornerstone of consumer attraction lies in creating products and services that offer convenient features and substantial benefits Ongoing investment and promotion in the development of modern, diverse Fintech applications will enhance customer service and satisfaction.
Establishing a dedicated product development department within a securities firm is essential for fostering innovation and competitiveness By collaborating with fintech companies or employing leading foreign experts, the firm can enhance its capabilities Additionally, implementing continuous training programs will ensure that the team remains adept at utilizing the latest technologies in the financial sector.
To prevent the loss of customer data and assets, strict supervision and management are essential In the event of incidents impacting customers and securities firms, prompt action is necessary Additionally, fostering collaboration with experienced Fintech companies in the securities sector can enhance team training and drive continuous product innovation.
4.1.2 Orientation to develop Fintech application into products and services of VnDirect Securities Company
VnDirect is a leader in integrating digital technology within the securities industry, having prioritized technological advancements in financial services for years Chairwoman Ms Pham Minh Huong emphasized the company's commitment to technology as a key driver of growth, stating that VnDirect has created a market-leading technology platform The firm plans to further invest in its human resources, technology, and value chain to transition all service operations and products to a digitized model, ultimately improving management efficiency and service quality.
VND's strategy focuses on creating an open technology-based ecosystem, targeting retail, banking services, and capital markets The company aims to automate trading processes for diverse assets and optimize product operations, thereby reducing resource shortages, minimizing costs, and enhancing customer service Additionally, VND is committed to addressing risks linked to technology integration, including network security, telecommunications infrastructure issues, and human-related risks.
Solutions to develop products and services applying Fintech in VnDirect
Fintech plays a crucial role in the growth of securities companies, yet capital constraints pose a significant challenge to its development in Vietnam Addressing this funding issue is essential for securities firms to enhance their competitiveness within the regional market To overcome the financial barriers to Fintech development, several strategic solutions can be implemented.
To enhance investment in Fintech development, it is essential to increase the annual profit deduction rate Recent years have seen a rise in revenues and profits for VND, driven by stock market growth Aligning with the company’s strategic direction, VND aims to boost provisions from after-tax profits to focus on advancing Fintech initiatives.
VND can enhance its capital by issuing shares, which will boost funds for margin lending and support investments in Fintech development However, the issuance of bonds, considered debt assets, entails higher risks, placing VND under pressure to meet repayment obligations.
86 to develop a plausible plan for loan mobilization, the firm must carefully balance and evaluate risks.
Access from government support loans: This is also a viable strategy for VND to raise capital for Fintech development when taking advantage of the State's preferential loans.
VND must prioritize investment in Fintech development to stay competitive; however, integrating Fintech into its existing trading system poses significant challenges Currently reliant on outdated technology, the company faces frequent issues when attempting to implement new Fintech products and services, impacting both investors and VND To effectively leverage Fintech, it is crucial to upgrade and enhance the current infrastructure, minimizing potential operational problems.
VnDirect Securities firm may select from the following options:
Investing in new, high-performance technical equipment is essential for replacing outdated machinery Although this upgrade demands a significant initial financial commitment, the costs will be amortized over time through improved operational efficiency, ultimately enhancing the company's revenue.
Partnering with experienced securities firms to upgrade to international standards will enable VND to save time and costs on future maintenance By investing in modern products from the beginning, VND can create a valuable asset that will drive the development of a revenue-generating customer network.
Currently, during the transaction process, VND frequently encounters issues that result in order blocking, influencing both customer assets and company assets
In order to protect the interests of customers and limit the loss of the company's assets,
87 it is necessary to develop a secondary trading system in the event of a problem with the primary trading system.
The development of trading systems is a crucial issue for VND The efficient and trouble-free transaction system aids the firm in attracting customers and protecting investor assets.
To successfully develop Fintech application products, it is essential to understand customer requirements and stay updated on technological advancements Incorporating Fintech effectively into products is crucial for achieving optimal efficiency Consequently, skilled human resources are vital in the development of VND's Fintech applications To improve the quality of these human resources, the company should consider implementing strategic measures.
To build a high-quality ministry team, it is essential for VND to invest in a management structure that emphasizes ethical standards, competence, and Fintech expertise By doing so, VND can ensure that qualified personnel lead Fintech training courses for employees, enabling effective redeployment and skill enhancement within the workforce.
Regularly organize Information Security courses for employees Be aware of stock market scams to cultivate fraud prevention awareness
To achieve the Company's development objectives, it is essential to continuously recruit high-quality personnel with Fintech expertise Targeting former employees of Fintech companies and participating in Fintech competitions can effectively identify and attract talented individuals in this dynamic field.
Consider compensation for exceptional individuals: In order to attract and retain qualified employees, VND should offer incentives commensurate with their performance in order to boost work output.
To enhance competitiveness in the stock market, VND must collaborate with Fintech firms to train and develop their workforce, as there is currently a shortage of employees knowledgeable in Fintech By prioritizing the training of high-quality human resources who are adept in modern technology, VND can significantly strengthen its human capital, which is crucial for the growth of securities firms.
VND should create a dedicated product development department and invest significantly in it by hiring foreign experts for training or sending employees to advanced countries to acquire Fintech application experience in the securities sector This specialized team will research and recommend the direct introduction of innovative products to clients.
VND should establish a dedicated network security department to oversee system operations and enhance incident detection and response This proactive approach is essential for identifying early threats, such as attacks on the firm's trading system, to protect both investor and company assets.
Fintech risk poses significant challenges to the advancement of Fintech-driven products and services, as many investors have yet to fully appreciate the critical importance of user data security and safety To mitigate financial risks linked to securities products and services while improving their quality through Fintech innovations, it is essential for VND to prioritize robust security measures and enhance user trust.
To enhance the security of information systems, it is essential to improve risk assessment capabilities by digitizing the stock rating and analysis platform This will facilitate the evaluation of creditworthiness, customer ratings, and market opportunities while identifying potential risks By implementing rapid and precise evaluation tools, decision-making capacity and speed for the sales team will significantly increase.
In addition, enhance the analysis of customer transaction data and develop a set of principles for early fraud detection In addition, software should be developed
89 to identify peculiar transactions based on time, geographic location, transaction frequency, and the number of incorrect logins or unusual access signs to other information systems.
Establishing a dedicated network security division is crucial for preventing cyber intrusions and attacks This department should implement a system that delivers real-time updates on the security status of all critical components, including firewalls, network devices, servers, and workstations, while continuously monitoring network traffic Leveraging advanced technologies like artificial intelligence can enhance data processing and anomaly detection, enabling administrators to respond swiftly to potential threats.
Recommendations for the Government
4.3.1 Building a legal framework on financial technology for securities
The lack of legal frameworks poses a significant challenge for VND in integrating Fintech into their offerings While Fintech solutions enhance the efficiency and speed of securities trading, they also create opportunities for illegal activities and transactions To foster healthy development of these products and mitigate negative impacts without restricting their benefits, clear guidelines and specific regulations are essential Additionally, it is important to research and implement international standards for security and safety in information systems within legal documents to properly regulate Fintech applications.
In addition, the Prime Minister tasked the State Securities Commission with completing the legal basis for Fintech activities of securities firms SSC must expedite particular activities:
The publication of legal documents regulating online transaction activities, automatic transactions (Online-Trading), AI Asset Management, and automated investment advice (Robo-Advisory) is essential for ensuring compliance in the fintech sector This framework supports the digitization of financial assets on the stock market, enhancing transparency and security in digital financial operations.
Examining the ability to gradually implement blockchain technology in select market segments or transaction stages in order to increase the efficiency, integrity, and transparency of investor data
To enhance operational quality in the securities sector, the State Securities Commission is developing specific Fintech regulations while also updating guidelines for securities trading organizations to ensure financial safety standards This includes establishing regulations for the creation and operation of risk management systems and outlining corrective measures for organizations that do not comply with safety criteria.
4.3.2 Improve technology literacy and Internet coverage.
Internet accessibility plays a crucial role in the growth of Fintech products and services To improve the technical knowledge of the population, several recommendations have been proposed to the government and relevant ministries.
Spread technological knowledge in schools.
To sustainably enhance technology literacy, it is crucial to promote technology knowledge among students in schools This approach will enable a significant portion of the future population to attain essential technological skills It is important to develop and integrate non-technical technology subjects into both elementary and university curricula Furthermore, regular updates to the curriculum are necessary to keep pace with the evolving technological landscape.
91 the teaching of technology in accordance with the global and Vietnamese development trends.
Promoting novel technologies through the media
Mass media serves as a crucial tool for improving technological understanding among the general population, particularly for those unable to access formal training By providing clear and accessible reports, articles, and snippets about technology and its applications, mass media helps facilitate the public's grasp of essential technological knowledge Additionally, it promotes the benefits of using modern technological products, making them more approachable for everyday users.
Expanding Internet access nationwide is essential for improving public knowledge of modern technology and ensuring that all individuals can easily access technology products and services To achieve this, the government and relevant ministries must create favorable conditions for telecommunications companies to extend their services to every region of the country.
SUMMARY
Chapter 4 explores the development strategies of Vietnam Securities Company and the Fintech applications offered by VnDirect Securities It identifies limitations and their causes, proposing recommendations to enhance the appeal of high-tech securities products and services To overcome these challenges, the chapter emphasizes the need for both industry-specific solutions and government support to foster the growth of Fintech in Vietnam.
The Fourth Industrial Revolution is reshaping socioeconomic development globally, including in Vietnam, where the rapid evolution of financial technology (Fintech) is transforming the behaviors and business models of market participants such as customers and service providers Although Fintech has existed for some time, its adoption in Vietnam has surged recently Recognizing its potential in the securities sector, firms are making significant investments in advanced technologies to enhance their offerings Despite facing various challenges, companies like VnDirect have successfully launched innovative products in the market.
The thesis with the topic "Developing products and services applying Fintech in VnDirect Securities Company" has completed the following tasks based on a theoretical foundation and scientific research methods:
Summarise previous domestic and international research on the applications of financial technology to the field of financial securities.
Systematise the theoretical foundation of fundamental concepts, classification, and the role of financial technology in the development of securities companies' products and services.
Determine the current state of financial technology applications in the product and service development of Vietnam's securities firms and VnDirect securities firm.
Outlining a number of solutions to develop financial technology-based products and services for securities firms, based on an analysis of achieved results and identified limitations.
This research aims to enhance understanding of financial technology and the innovative products and services provided by securities companies, focusing on the development status of Fintech applications at Vietnamese securities firms, particularly VnDirect Given the novelty of Fintech concepts and the limited timeframe for research, some errors may be present The author welcomes feedback from educators to refine the thesis topic.
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FINANCIAL TECHNOLOGY APPLICATION PRODUCTS & SERVICES
OF VNDIRECT SECURITIES COMPANY'S INVESTORS SATISFACTION Section 1: General Information
2 You are in the age group of:
5 Your income per month is (millions VND):
Section 2: Your knowledge about Financial Technology
1 Do you often access the Internet?
2 Do you use online financial transaction services?
3 What financial technology products and services have you used of VNDirect securities company?
Applications to support stock investment
Stock and market health check
Section 3: Your satisfaction when using financial technology products and services of VnDirect company.
Please rate your satisfaction with VnDirect's fintech products and services by selecting a number from 1 to 5 for each question, where 1 means "Completely disagree," 2 means "Disagree," 3 means "Neutral," 4 means "Agree," and 5 means "Completely agree."
Stocks and market status are updated continuously and accurately
Investors can confidently make their own investment decisions based on the information provided from the product
Fintech products and services provided by VNDirect help to perform many different transactions
Fintech products and services provided by VnDirect help save time compared to traditional methods
Fintech products and services provided by VnDirect help save costs
Fintech products and services provided by VnDirect have a simple interface
Fintech products and services provided by VnDirect are easy to query for information
Fintech products and services provided by VnDirect have simple and fast implementation
Personal information, account information is highly secured
If an incident occurs, it causes less financial loss and is handled quickly
Fintech products and services provided by VnDirect are guaranteed by law
Easily log in or out of the system when transacting via Fintech provided by VnDirect
Fintech products and services provided by VnDirect can be traded anytime, anywhere
Very satisfied when trading through
Will continue to use VnDirect's
Actively use and introduce others to participate in using Fintech products and services that VnDirect provides
Appendix 2: Survey statistics on the Group of age
Appendix 3: Survey statistics on the Workplace
Appendix 4: Survey statistics on the level of using online financial transaction services of the respondents
Appendix 5: Survey statistics on the level of Internet use of the respondents
Appendix 6: Survey statistics on the “Income per month” of the respondents
Appendix 7: Survey statistics on the “Usefulness” of VND’s fintech application products and services
Appendix 8: Survey statistics on the “Easy to use” of VND’s fintech application products and services
Appendix 9: Survey statistics on the “Safety and security” of VND’s fintech application products and services
Appendix 10: Survey statistics on the “Accuracy” of VND’s fintech application products and services
Appendix 11: Survey statistics on the “Attitude of investors” of VND’s fintech application products and services
Appendix 12: The results of the reliability test of the variable "Usefulness"
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted
Appendix 13: The results of the reliability test of the variable "Easy to use "
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted
Appendix 14: The results of the reliability test of the variable "Safety and security”
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted
Appendix 15: The results of the reliability test of the variable "Convenience"
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted
Appendix 16: The results of the reliability test of the variable "Accuracy"
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted
Appendix 17: The results of the reliability test of the variable "Attitude of investors"
Scale Variance if Item Deleted
Cronbach's Alpha if Item Deleted
Appendix 18: Consolidated income statement of VND in 2019
Appendix 19: Consolidated income statement of VND in 2020
Appendix 20: Consolidated income statement of VND in 2021