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Finance & Banking

Last updated: Friday, September 22, 2017

 

FinTech Boom Needs Strong Guidance to Navigate Regulatory Hurdles

Posted: Wednesday, October 26, 2016


The seminar themed “FinTech: Threats & Opportunities” was organized on October 25 in Ho Chi Minh City by The Association of Chartered Certified Accountants (ACCA) and Dragon Capital with the support from PwC Vietnam with the participation of more than 150 representatives from international and domestic financial associations, chief executive officers, chief financialofficers, and financial leaders.

Dominic Scriven OBE, Chairman of Dragon Capital Group said “The Fintech community in Vietnam, although young, is probably most vibrant in the information technology field. Dragon Capital is delighted to be playing an active role via the Vietnam Fintech Club, AND THE RECENTLY LAUNCHED VIISA ACCELERATOR. We look forward to supporting and working with Fintech startups and institutions that are innovating the financial services industry.”

Mr. Tran Quoc Dung, Partner, Information Technology Consulting services at PwC Vietnam said, "Fintech is a source of opportunities awaiting to be discovered. PwC's Global Fintech Survey 2016 revealed that partnering with fintech companies could increase the efficiency of incumbent businesses, enable them to deliver a differentiated offering, improve customer retention and bring additional revenues. In this regard, 74% of fund transfer and payment institutions consider additional revenues to be an opportunity from fintech"

"Integrating fintech will come with challenges. A common challenge fintech companies and incumbents face is regulatory uncertainty. Fintech represents a challenge to regulators, as there may be a risk of an uneven playing field between the financial services and fintech companies. Small players have to navigate a complex, ever-increasing regulatory compliance environment as they strive to improve their compliance functions", Tran Quoc Dung explains.

Faye Chua, head of business insights at ACCA, thinks that the rise of FinTech is good news for industry innovation and consumer choice; finance. Despite the fact that FinTech has been causing significant digital disruption to global finance for almost a decade, the sector is still in need of strong guidance against regulatory hurdles.
 
While the scale of transformation is hard to predict, there is no doubt that the impact of FinTech across the traditional functions of finance has been significant. Major banking institutions are already responding through large-scale research and investment in the face of competition from start-up challengers. This is good news for consumers and firms, as the explosion of choice in a traditionally conservative industry offers a range of new possibilities of doing business based around their bespoke needs.’
 
Faye Chua adds that it is professional accountants who will be best placed to navigate these obstacles. There’s a greater emphasis on the importance of having forward-thinking professional accountants equipped with a strong digital understanding and vision to guide firms through the opportunities and challenges ahead.’
 








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