Blockchain Firms Sought By Central Bank of Vietnam for FinTech Challengebr>
The State Bank of Vietnam (SBV), the central bank of the country, has announced its first FinTech Challenge to spur innovation in financial services for greater financial inclusion in the country. The project is being organized by the central bank with support from the Mekong Business Initiative, a program funded by the Government of Australia and the Asian Development Bank (ADB).
FinTech Challenge Vietnam will focus on solutions that can help enhance the reach of financial services to the underserved and unbanked. The challenge is looking for FinTech companies who are interested in collaborating with commercial banks to pilot and scale solutions that improve financial services in the following categories: electronic payments, e-KYC (Know Your Customer) / e-Identification, Open APIs, blockchain and peer-to-peer lending.
The companies selected for the challenge will receive access to customized programs of coaching with experienced financial experts; access to members of the FinTech community who can provide advice on FinTech solutions and access to potential partners including banks and other FinTech firms, along with introductions to accelerators and FinTech investors.
The deadline for applications is January 18 and is open for companies worldwide. The finalists will be selected on February 15 and the program begins on March 12 and will run until May 26.
“The SBV wants to create an enabling ecosystem for financial innovation that improves access to financial services for Vietnam’s micro, small and medium-sized enterprises and other underserved populations,” said Nguyen Kim Anh, SBV Deputy Governor and head of the SBV FinTech Steering Committee and Working Group, which was formed earlier this year to promote the uptake of financial technology in the country.
“The Fintech Challenge Vietnam will create opportunities for Vietnam’s commercial banks to engage with FinTechs and to consider how they might take advantage of the technology and creative new approaches to expand financial services to the unbanked,” said ADB Country Director Eric Sidgwick.