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Analyzing the challenges that the commercial banks in Vietnam have to face when the Fintech business increasingly developing, 2018

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Analyzing the challenges that the commercial banks in Vietnam have to face when the Fintech business increasingly developing, 2018

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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

COMMENTS OF THE ADVISOR

.......................................................................................................................................

Ho Chi Minh City, …………20…

Advisor

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

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

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 4 chapters:

CHAPTER 1 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 3 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

chapter 3 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

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