Analyzing the challenges that the commercial banks in vietnam have to face when the fintech business increasingly developing

MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIET NAM BANKING UNIVERSITY OF HO CHI MINH CITY QUACH THI NGOC NHAN ANALYZING THE CHALLENGES THAT THE COMMERCIAL BANKS IN VIETNAM HAVE TO FACE WHEN THE FINTECH BUSINESS INCREASINGLY DEVELOPING BACHELOR THESIS SPECIALITY: FINANCIAL BANKING CODER: 7340201 HO CHI MINH CITY, 2018 MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIET NAM BANKING UNIVERSITY OF HO CHI MINH CITY QUACH THI NGOC NHAN ANALYZING THE CHALLENGES THAT THE COMMERCIAL BANKS IN VIETNAM HAVE TO FACE WHEN THE FINTECH BUSINESS INCREASINGLY DEVELOPING BACHELOR THESIS SPECIALITY: FINANCIAL BANKING CODER: 7340201 ADVISOR PHD DAO LE KIEU OANH HO CHI MINH CITY, 2018 i COMMENTS OF THE ADVISOR Ho Chi Minh City, …………20… Advisor ii COMMENTS OF APPROVAL COUNCIL Ho Chi Minh City, …… …… 201… Moderator of the council iii ABSTRACT The world is experiencing rapid innovation from technology, with breakthrough initiatives such as cloud computing, virtual reality technology, In the trend of international economic integration as today These achievements are widely applied throughout the world and not just in Vietnam The application of modern technology, applying the most advanced technology in the financial field is called Fintech The year 2008 marked a new era of Fintech, Fintech definitions appeared and popular all over the world Fintech is today considered as the combination of the financial services and information technology together in parallel This era is defined not by the financial product or services provided but defined by quickly put into practice the advanced technology application on retail and wholesale operations The development of the FinTech was led by start-up businesses, and this led to challenges for financial institutions in the world, especially the challenge of balance between the benefits of innovation and the risks can occurs when applied the new methods The year 2008 marked a new era of Fintech, Fintech definitions appeared and popular all over the world Fintech is today considered as the combination of the financial services and information technology together in parallel This era is defined not by the financial product or services provided but defined by quickly put into practice the advanced technology application on retail and wholesale operations The development of the FinTech was led by start-up businesses, and this led to challenges for financial institutions in the world, especially the challenge of balance between the benefits of innovation and the risks can occurs when applied the new methods In global, Fintech was appeared in 1980s and developed strongly and stably, bring tremendous profits for major companies and contribute greatly to the development of the countries In addition, in middle of the year 2017 in Vietnam, there are more than 40FinTech companies are primarily active in the field of iv payments and had the strongly impressive marks According to the IFC, in the year 2017, MoMo (specializing in the field of payment) and Trusting Social (specializing in lending) in the top 100 innovative companies and towards the comprehensive financial solutions in worldwide With two companies of Vietnam in this list are world popular names such as TransferWise (specializing in the field of payment), Ant Financial (specializing in payment, financial plan, savings, loan) The rising rapidly of Fintech has changed the business landscape in banking asking for more innovative solutions These recent tendencies require the banks to increase investment in Fint ech, rethink service distribution channels, especially the business-to-consumers models, increase further standardization of back-office functions, etc Some members of the financial services industry see the boom in FinTech as a threat to traditional banking industry Others believe that FinTech has become a challenge that can be turned into an opportunity as it provides more flexibility, better functionality in some areas, and aggregation of services Overall, this is the reason why I choose: “ANALYZING THE CHALLENGES THAT THE COMMERCIAL BANKS IN VIETNAM HAVE TO FACE WHEN THE FINTECH BUSINESS INCREASINGLY DEVELOPING” to be my graduation thesis The aim of this thesis is to analyze the recent trends in banking, identifying opportunities and risks of FinTech for banks A timely integration of FinTech into business allows banks to get an advantage in growing competition Thereby proposing petitions and solutions to help commercial banks overcome the challenges in advance of the rapidly developing of the Fintech companies Identified the main risks related to development of FinTech and financial innovations the banks are exposed to on the micro- and macrolevel Recommendations for regulators and banks to ensure reduction of risks associated with development of FinTech Analysis of FinTech market has shown growing competition, including from nonfinancial institutions Providing practical recommendations to commercial banks for strengthening the position in financial v innovations and controlling the risks associated with introduction of financial innovations Analytical methods to analyze the causes and effects of Fintech on the bank, compare those analyzes with previous research at home and abroad Next, analyze and synthesize solutions from previous studies, find solutions suitable to the economic model and development trends in Vietnam and answer the question "What are the actual developments of FinTech nowadays in Vietnam?'' and synthesize solutions from previous studies, find solutions suitable to the economic model and development trends in Vietnam and answer the question "What solution to harmonize Fintech's products and services?" The thesis is divided into chapters: CHAPTER Introduction: Brief description about reason for choosing the topic; Research objectives of the project, Object and scope of the study; Research Methods; Information of the research contribution; Research structure; Literature review CHAPTER 2: Theoretical basis about Fintech and Banking services Summary of the Fintech theoretical basis; The appearance of Fintech; Key segments of Fintech; Typical products; Impacts from Fintech changing the financial landscape; Definition of commercial banks; Financial services of commercial banks From these comparisons, readers can visualize the similarities in products and services that help Fintech become a competitor to the Bank in the future Through chapter 3, the author will highlight the advantages of Fintech that will make the Bank will have difficulties in the future and the causes of those difficulties CHAPTER 3: Challenges that commercial banks in Vietnam have to face when the Fintech business increasingly developing The Current Situation and Development Trend of Fintech in Vietnam and Banks' Difficulties Presentation of Fintech developments in Vietnam; Development trend of Fintech; Difficulties of banks and their causes which covers aspects: Demographic, Technology and distribution channels and products CHAPTER 4: Recommendations To help banks develop in line with new technology trends Proposing some recommendations to the Government and solutions for commercial banks; Some recommendations for Fintech business The author is based on the real situation in vi chapter about trends and developments of the current Fintech companies in Vietnam as well as the available knowledge and some surveys by other authors related to the same owner so that some recommendations can be made to enable the Bank and Fintech companies to cooperate bilaterally That requires a great deal of effort from the banks, with the help of the State having solid development strategies in the future to be able to achieve the same results as your country in the area where the author Please refer to the lessons learned The essay highlights the basic theories of Fintech companies, services of Fintech as well as banks, highlighting the current situation, how the development direction of the Fintech companies have impact on how to banking services Through this, the author proposes recommendations that primarily establish co- operative relationships between banks and Fintech companies so that both of these financial actors can further develop and contribute to the economy Besides, this thesis also mentions lessons learned from China, Singapore and India, countries experiencing difficulties like Vietnam, so that the Government and banks in Vietnam can refer and improve the finance industry The author hopes that this thesis will serve as a reference for further research purposes on the subject of the latter and to provide Fintech and the bank with a more positive overview about each other in this competitive market However, due to short study time and limited knowledge, this essay may have g the valuable and useful inevitably mistakes I hopefully look forward to reviewing comments of the teachers in the Council as well as the readers Author Quách Thị Ngọc Nhân vii SUMMARY Along with the development of the market economy, the demand of customers in the financial sector has also increased Historically, banks and financial institutions have played an important role in providing financial services to their guests However, the world is witnessing a technological revolution coming from a new financial institution - Fintech With financial products with its outstanding advantages, Fintech has soon got its own development market and more potential in the future This is causing difficulties for current financial institutions in acquiring customers, so banks are the largest financial institution in the financial sector needing to devise a wise plan to face challenges for Fintech companies and maintaining their position in the market This essay offers solutions to promote harmonious cooperation between Fintech companies and banks, with the necessary help from the State From this partnership, the bank can improve operational efficiency and meet customers' needs with new products and services In addition, the thesis also discusses lessons from China, Singapore, India, countries that have experienced difficulties like Vietnam, for the completion and development of the financial sector of State and bank in Vietnam viii PLEDGE I reaffirm the thesis "ANALYZING THE CHALLENGES THAT THE COMMERCIAL BANKS IN VIETNAM HAVE TO FACE WHEN THE FINTECH BUSINESS INCREASINGLY DEVELOPING " is my own article This thesis has never been submitted for graduation at any university This thesis is the author's own work, the research results are honest, in which there are no previously published content or the content made by others except the quotes full source in the thesis I will take full responsibility for my pledge Author Quách Thị Ngọc Nhân 55 and supplements to laws and ordinances aimed at perfecting the legal framework for management and handling of virtual property and virtual money 4.2 The direction commercial banks operation in Vietnam in the competition with Fintech companies Most countries think cooperation is the best development trend for this relationship Fintech companies have created an ecosystem with data collected from customers is huge and create trust for customers Traditional financial institutions recognize the importance of these ecosystems and are trying to work with these companies and apply technological advances in their operations The rate of cooperation between traditional financial institutions and global financial firms from Fintech increased on average from 32% in 2016 to 45% in 2017 In all countries, 82% of respondents expect that they will cooperate with fintech companies in the next to years (PwC Report, 2017) In addition, IDC's survey of banks around the globe shows that the number of banks that the trend of co-operation in this relationship accounts for most in all regions However, in Europe, the proportion of banks that regard Fintech as a threat represents the largest proportion, and Latin America strongly supports the view that Fintech is a partner for cooperation 56 Chart The views of banks on Fintech companies The views of banks on Fintech companies 120% 100% 80% Play no role 60% Using their technology Cooperation opportunities 40% Threats 20% 0% Global North America Europe Latin America Pacific Asia (Source: IDC, 2016) Vietnam is not out of the general direction of the global development trend for Vietnamese banks can also go in the direction of: development cooperation, it is a threat and competition, or Just take advantage of technological advances and apply them to your operating model or even to the internal investment bank upgrade your technology 4.3 Solutions for Vietnamese commercial banks to overcome the challenges when the FinTech companies are constantly developing Hundreds of new FinTech businesses have been founded with large investments, and the innovative brain has become an alternative to traditional banking According to a global survey conducted by PwC in 2016, banking operations alone account for up to 95% of FinTech companies, in addition to those surveyed In the next five years, the remittance and remittance markets are under 57 intense competition, leading to the loss of nearly 28% of FinTech's market share, which banks say could lose up to 24% of market share This is a clear competitive challenge when compared to traditional methods used by banks The fact that banks in Vietnam are in a better position than FinTech businesses due to the level of security in the comprehensive data center, customer access network and effective risk management Banks are always strict and prestigious, safe for society, so although the infrastructure of the payment market does not seem to change but the risk of the traditional banking industry no However, they now realize the importance of technological innovation Chart Status of Fintech in Vietnam Fintech in Vietnam 65.3% Partner 27.7% Opponent Not related 6.9% (Source : Statista Report (2017)) 58 The survey charts of well-known foreign companies from Citigroup, Banco Santander, Goldman Sachs, show that the global trend of choosing partners with FinTech companies is the optimal solution with a 65.3%, more than double the rate if the competition option is 27.7% Cooperative model is an opportunity for both sides to develop their strengths in the field they provide This helps FinTech and the Bank advance to a more technologically advanced platform in banking, supporting customers to monitor their finances independently and access information at their fingertips (Mellon, 2015) Timo, Vietnam's first new generation bank, is an example of a Fintech company that works with VP Bank instead of becoming a licensed bank Timo was launched in 2015 to succeed in providing alternative banking Instead of running through official affiliates, Timo uses the Timo Hangout model to minimize procedures, costs incurred, save users time as well as allow bank transactions through web pages or application is safe Firstly, the Bank should choose to cooperate with FinTech in order to promote the two sides' strengths, such as launching a buy-back strategy or conducting a market review of how many FinTech companies are eligible to become partner; research on the management of FinTech's organization and management as well as the potential of software engineering and cost-effectiveness At the same time, the bank should ensure the level of human resources with extensive knowledge of digitization to control and address risks such as currencies and payments; Be alert to ensure the bank is prepared and active Secondly, the government should ensure the safety of users by administrative, technical (hardware) and software (algorithms) in order to prevent professional hackers from stealing personal information Customer through data security loopholes 59 The government interfered in the management of FinTech because the entire network security system was handled by the Government of Vietnam and the status of FinTech was everywhere, but not under the control of FinTech The Government or even the State Bank The government is encouraging not to use social networking sites like Facebook and Youtube, but rather the applications and software developed by the country (Wechat, Weibo, ), they are easier to control people more closely China's online payment services, such as Alipay or Taobao, have been guaranteed by the government and are therefore responsible for the service, although very few companies are available Use and trust to send large sums of money into your account for electronic payments Third, the government needs to legislate the rules and set a strict legal framework This needs a balance to protect FinTech and limit damage to customers It can be stated that FinTech should comply with the Banking Law, the Law on Consumer Protection; It is necessary to have a commercial contract and specific agreement with customers on services, software; Regulations on the management of virtual property, virtual currency and the issue of legal recognition in order to limit the risk of technology as well as the risk of third parties when receiving the specific trust is in finance and banking; Promulgating legal documents dealing with cases of taking advantage of technology to make profiteers profoundly affect the economy 4.4 Recommendations Fintech is not just a combination of financial services and advanced technology, which are innovative solutions to traditional products and services Banks and financial systems in countries have realized the benefits that Fintech brings and embraces this new trend According to a report by PwC 2017, banks and financial institutions are developing cooperation relationships with Fintech companies, according to research by JP Morgan Chase, one of the largest US banks The relationship between the bank and Fintech shows that if the bank and Fintech develop together they will take 60 advantage of Fintech's experience and market share, the investment efficiency will be the highest But the truth is, Fintech companies in Vietnam are still new to the people, only some Fintech companies develop in their own markets and only 5-7 companies that, according to the report ADB-MBI, surveyed from Vietnamese enterprises, 72% of business models of Fintech businesses need the cooperation of banks To achieve that, it is first necessary to begin to make Fintech more familiar and to enable the Bank and Fintech companies to grow together Table 4.3 below shows the profit growth that companies Expected to cooperate with Fintech companies Chart Expected Earnings Growth of Companies Distributed by Region Expecting profit 33 26 20 13 Asean North AmericaLatin American Africa Europe Global (Source: PwC) 61 4.4.1 For the State bank and the Government  On policy and legal issues The government has always played a pivotal role in paving the way for Fintech to grow It can be seen in some examples from foreign countries such as, to achieve the current success Wing has not been able to grow as current if not enjoy the progressive policies such as granting bank license and to provide tax collection services to the state budget In Kenya, the government holds 35% of the equity in Safaticom operates M-Pesa; At the same time, the rules are very clear to users who register to use Fintech In Vietnam, apart from payment fields, there is a legal framework for entry into the market and development, and other areas of Fintech are not The development of a legal framework for the application of digital technology helps people get closer to these modern technologies First of all, Phuong needed to study the Fintech models so that they could issue the corrective documents Then, direct the State Bank to implement the decision approving the project "Enhancing access to banking services for the economy", promulgating and implementing the Banking Development Strategy until 2025 The vision of 2030 is based on technology and people, fulfilling the legal and policy framework for developing e-banking services to enable Fintech companies to grow at the same time control of technology services and Fintech companies providing new services  Support and investment Introduce policies to support, increase investment, adopt policies to encourage investment in projects with development prospects, investment in human resources for information technology, network management, contests Innovative, state-of-theart research facilities for Fintech start-ups - periods in which capital is needed to reduce the cost of expensive technical infrastructure investments and as a driving force Let these companies grow healthy 62 Currently, the field of payment is being developed by Fintech companies Therefore, the Government and the State Bank shall coordinate with related functional agencies to ensure the development of the payment sector on a par with that of other countries in the region such as Thailand and Malaysia At the same time, in the context of globalization and international financial integration, the application of International Financial Standard ISO 20022 to communicate and exchange information with the world contributes to the development of the sector Such as: payment, securities, capital management and money transfer are the areas that have potential development in our country  Application and service delivery The Government and the State Bank of Vietnam should be the first to research and test the Fintech models, applications and automation into public services, business processes, operations or events such as taxation and security Social welfare The government has grasped the development of Fintech to develop direction and help to get rich and to benefit from these services With the diversified needs of customers, commercial banks need to analyze the behavior and demand, provide additional services and products to meet the specific needs of customers through the construction of the system Integration of large databases On the other hand, banks need to change the design of the new interface more refined and eye-catching than the traditional security designs in the past, to build easy-to-understand and compact approach, the application package technology application There is a limit to the amount of financial transactions, the reduction of unnecessary paperwork, instead a non-cash payment cycle through electronic banking services that some banks are operating effectively E-banking, online banking for the number of transactions is very fast and is growing Avoid exerting pressure on clients in terms of time spent selecting services and the conditions under which they are being met 63 Transaction offices are also a point to attract customers, with many different packages now, what customers need when coming to the bank are the advice from the bank staff in private, because guests They feel uncomfortable and insecure when others can hear their financial situation Therefore, the bank should redesign the transaction office, including the lounge in the direction of friendly customers can frankly say their win and create a comfortable feeling for customers, expanding the number of transaction offices In high transaction locations and transaction time for customers to meet the number of office customers and the number of transactions are increasing even over the weekend 4.4.2 For the commercial banks  Recruiting and training human resources Develop training courses, fostering banking personnel with specialized skills such as: good business skills, reactions, adapt to rapid innovations, fast learning, working methods advanced, highly professional, meet the needs of operating management and understanding the current technology systems Combining training to raise the level, surveying modern technology in the country and internationally, the implementation of the treatment of specialists to attract the human resources from abroad In addition, encouraging employees to improve their language skills is also a smart step so that banks can more easily talk to large foreign investors to attract them invest into the banks  Cooperate with Fintech companies This is the most beneficial solution for banks and is being applied by developed countries in the world Banks should cooperate, merge and consolidate if necessary, acquire Fintech companies with a clear contract of accountability for each party's risk and harmony between the parties Having successfully contracted with 64 Fintech companies, banks are approaching and utilizing the combination of their technologies, learning, adjusting the product range, integrating multiple skill sets Add the customer experience and their needs, reduce paperwork, focus on services on mobile internet devices At present, many banks this, as many banks have joined hands with Fintech to bring new experiences to the next generation of banking Specifically, TP Bank has developed customer service with the system of online transaction points, chatbot autoresponder; Timo and VP Bank work together to direct users to pay on electronic devices more with a simple interface, money transfer with finger swipe or free money transfer services at Smart Link ATMs / Banknetvn, card services, accounts from applications Developing a clear roadmap for technology upgrades to ease the call for capital from foreign investment as well as to avoid the technological risks brought by Fintech companies Consult and learn international technologies from previous countries, especially countries that have developed and successfully applied new technologies in Southeast Asia Table 4.3 shows the number of firms that are and will be working with Fintech 4.4.3 For the Fintech companies in Vietnam Building a strong legal environment: Ensuring the privacy of your personal information is an important requirement, especially in financial operations Based on experience from other countries in the region, it is necessary to develop a law that protects customer data The Act will set standards for the collection, use and disclosure of personal information for the purpose of balancing the privacy rights of individuals with the information needs of organizations In addition, financial institutions must put in place strong controls to detect and stop the flow of illegal funds through the national financial system 65 Closely related stakeholders are involved in the development of the legal framework: According to experts, Vietnam is a country possessing many favorable conditions and potential for the development of Fintech field However, the Fintech ecosystem in Vietnam does not have a close connection between stakeholders (including regulators, financial institutions, Fintech companies and startups, investment funds and infrastructure companies) finance, telecommunications ) Therefore, the relevant authorities and financial institutions and Fintech companies need to work closely together to understand the structure of Fintech's operations, its role in the economy to build a suitable legal framework Chart Number of companies are and will cooperate with Fintech 100 will co-operate with Fintech in the next to years Co-operating 75 50 25 Singapore Indonesia America Taiwan France Japan Korea HongKong (Source: PwC) 66 SUMMARY CHAPTER In Chapter 4, the author is based on the real situation in Chapter on the trends and developments of the current Fintech companies in Vietnam as well as the available knowledge and some of the surveys Other authors refer to this same topic in order to make some recommendations to help the Bank and Fintech companies to mutually benefit bilaterally That requires a great deal of effort from the banks, with the help of the State having solid development strategies in the future to be able to achieve the same results as your country in the area where the author Please refer to the lessons learned 67 OVERALL In today's digital technology, everything is digitized to meet the increasing needs of customers, so the bank is always trying to be able to best meet the needs of customers But the bank is slowly losing its market share to the development of new technology companies through mobile devices and the Internet, introducing new, more convenient and modern experiences into the Vietnamese market has achieved certain achievements in the past years, become a powerful arm for many businesses that are mainly in the field of payment Understanding the situation, banks in Vietnam are implementing innovative policies to keep up with the trend, but still face many difficulties in many aspects of changing the traditional business model, legal framework Unfinished Nevertheless, Vietnam remains one of the most highly appreciated countries in the region, attracting large amounts of capital from abroad Fintech companies in Vietnam still need help from banks to bring the products to customers, maintaining the combination between Fintech and the Bank will be very beneficial, creating a great impact on the market, improve competitiveness and contribute to boosting the economy of the developed country because in all areas, there is a need for payment and loan services The thesis highlights the basic theories of Fintech companies, services of Fintech as well as banks, highlighting the current situation, how the development direction of Fintech companies have impacted on how to banking services Through this, the author proposes recommendations that primarily establish co-operative relationships between banks and Fintech companies so that both of these financial actors can further develop and contribute to the economy The author hopes that this essay will serve as an exploratory paper for further research purposes on the subject of the latter and to provide Fintech and the bank with an overview of the positive More about each other in this competitive market 68 REFERENCES Foreign References Bank of New York Mellon (2015) Innovation in Payments: The future is Fintech Available at https://www.bnymellon.com/_global-assets/pdf/ourthinking/innovation-in-payments-the-future-is- fintech.pdf Basel Committee on Banking Supervision, 2017 Chen, D (2015) Singapore Management University Emergence of FinTech and LASIC Principles Available at http://skbi.smu.edu.sg/sites/default/files/skbife/research_papers/Emergence% 20of%20FinTech%20an d%20the%20LASIC%20Principles.pdf European Commission Single Euro Payments Area (SEPA) (2015) Available at http://ec.europa.eu/finance/payments/sepa/index_en.htm Fintechnews Singapore "27 Non-Bank Organizations Licensed To Provide Payment Services In Vietnam: The Complete List." CK Finanzpro GmbH April 4, 2018 http://fintechnews.sg/17689/vietnam/mobile-payment-serviceproviders-in-vietnam-the-complete-list/ (accessed April 6, 2018) Global Fintech Report 2017, PcW, 6/2017 Oxford Dictionary http://www.oxforddictionaries.com/definition/english/fintech PwC How Fintech is reshaping Banking Survey, Global: PwC, 2016 The Role of Financial Services in Society: Understanding the impact of technology-enabled innovation on financial stability, Report of World Economic Forum, 2016 10 WEF: Here are the biggest risks in fintech, Oscar William – Grut, 4/2016 69 Local References Hà Văn Dương, Hà Phạm Diễm Trang, Nguyễn Hoàng Mỹ Lệ "FINTECH: Hệ sinh thái nước vận dụng Việt Nam." Tạp chí ngân hàng, September 2, 2018 Huyền Trang Khởi nghiệp Việt Nam thu hút 291 triệu USD đầu tư năm 2017 Việt Nam: Báo điện tử VnEpress, 2017 Kim Tuyến " Thời báo Kinh tế Việt Nam." 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Tài chính-Ngân Hàng, 2017 ... sector of State and bank in Vietnam viii PLEDGE I reaffirm the thesis "ANALYZING THE CHALLENGES THAT THE COMMERCIAL BANKS IN VIETNAM HAVE TO FACE WHEN THE FINTECH BUSINESS INCREASINGLY DEVELOPING. .. ? ?ANALYZING THE CHALLENGES THAT THE COMMERCIAL BANKS IN VIETNAM HAVE TO FACE WHEN THE FINTECH BUSINESS INCREASINGLY DEVELOPING? ?? to be my graduation thesis The aim of this thesis is to analyze the recent... 38 xi CHAPTER 3: CHALLENGES THAT COMMERCIAL BANKS IN VIETNAM HAVE TO FACE WHEN THE FINTECH BUSINESS INCREASINGLY DEVELOPING 39 3.1 Developments trend of FinTech in Vietnam 39