ASEAN needs to connect its Fintech ecosystem.

On June 9th, at the seminar "Building a Regional Fintech Ecosystem: From Policy to Action," Deputy Prime Minister Nguyen Van Thang emphasized that ASEAN should not only connect markets, but also move towards connecting an open, safe, transparent, inclusive, and sustainable Fintech ecosystem.

Deputy Prime Minister Nguyen Van Thang speaks at the seminar - Photo VGP/Duc Tuan

Also attending the seminar were Lao Deputy Prime Minister and Minister of Foreign Affairs Thongsavan Phomvihane; leaders of Vietnamese ministries and agencies; and representatives of domestic and international businesses and experts.

Vietnam has the potential to become a "testing ground" for Fintech solutions.

At the event, Deputy Governor of the State Bank of Vietnam, Pham Tien Dung, stated that financial technology (Fintech) is becoming a crucial driving force in reshaping the financial and banking industry. Vietnam has also developed important infrastructure such as the financial switching and electronic clearing system, the national credit information platform, the electronic identification and authentication system, and connection channels between banks and the national digital platform.

Thanks to this, Vietnam has achieved significant results: approximately 88.96% of adults have bank accounts; credit information coverage has reached about 70% of the adult population; over 90% of banking transactions are conducted through digital channels; QR payments have grown by an average of over 100% per year in both quantity and value during the 2021-2025 period. Most basic banking operations have been digitized in a more online, comprehensive, automated, and intelligent manner, thereby better serving the people and businesses.

Deputy Prime Minister Nguyen Van Thang stated: We will find it difficult to build a strong fintech ecosystem if it is fragmented by "data islands" - Photo VGP/Duc Tuan

Mr. Marc Woo, Director of Google Vietnam, believes that the development of technology and AI is not only an optimization tool but also brings many new values ​​to the financial sector. To maximize this potential in Fintech, he suggested that ASEAN needs to quickly build a unified AI governance platform, while standardizing information and data security standards across the bloc. In addition, establishing testing mechanisms (sandboxes) for AI applications is considered a top priority to create a sustainable innovation ecosystem.

Google representatives highly appreciate Vietnam's role in this value chain. With many advantages, Vietnam has the potential to become a "testing ground" for data-driven Fintech solutions and digital transformation. Not only limited to the domestic market, Vietnam can fully play a central role in innovative solutions at the regional and international levels.

Attending the seminar was Lao Deputy Prime Minister and Minister of Foreign Affairs Thongsavan Phomvihane - Photo VGP/Duc Tuan

During the discussion, Ms. Mari Pangestu, former Minister of Economy and Tourism of Indonesia, presented an analysis on building a digital finance cooperation ecosystem within the overall ASEAN regional cooperation framework.

Ms. Mari Pangestu noted that the ASEAN region is witnessing strong development in establishing digital payment systems in several countries. The progress in borderless payments, with impressive growth rates in recent times, is not only a technological achievement but also represents landmark projects that are completely changing the payment habits of users in the region.

However, there is a significant disparity in digital finance development among countries in the region. In this context, building an ASEAN Fintech ecosystem should not be limited to bilateral agreements and cooperation between individual countries, but should require the construction of a multilateral "connecting axis," creating an interconnected and secure payment network on a regional scale.

Speakers agreed that ASEAN needs to build an interconnected Fintech ecosystem based on AI, data, and digital technology; while promoting cross-border payments, harmonizing institutions, developing innovation testing mechanisms, strengthening inclusive finance, and public-private partnerships to enhance the region's competitiveness, resilience, and connectivity in the digital age.

Deputy Governor of the State Bank of Vietnam Pham Tien Dung speaks at the seminar - Photo VGP/Duc Tuan

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Fintech helps bring development opportunities closer to every citizen.

In his concluding remarks, Deputy Prime Minister Nguyen Van Thang stated that the seminar was very practical and in line with the spirit of the ASEAN Future Forum, which is to jointly create new spaces for cooperation for the region's future.

"Through today's discussions, I believe we are all seeing a clear reality: Financial technology is no longer just a story for the banking or digital payment sectors; it is becoming a strategic infrastructure, driving economic growth, connecting across borders, and building and strengthening trust in the ASEAN digital economy, while also acting as a connecting factor that amplifies the strength among ASEAN countries," Deputy Prime Minister Nguyen Van Thang stated.

Besides the "hard infrastructure" of integration, such as roads, air transport, seaports, and logistics chains, data, digital connectivity, and smart financial flows are the "soft infrastructure" that determines the competitiveness and self-reliance of each nation and the entire region. More importantly, financial technology is contributing to realizing a very fundamental goal of ASEAN: bringing development opportunities closer to every citizen, every business, and every community that is still lagging behind in the digitalization process.

According to the Deputy Prime Minister, to become a digital financial hub of the Asia-Pacific and the world, ASEAN must not only connect markets but also move towards connecting the financial technology ecosystem. The Deputy Prime Minister stated that the proposals from businesses and experts at the seminar on cross-border payment infrastructure, international financial centers, artificial intelligence, big data, blockchain, and sandboxes all demonstrate a prerequisite: effective coordination and connection between the State, regulatory agencies, businesses, financial institutions, investors, and service users.

Many major regional and global corporations attended and spoke at the seminar - Photo VGP/Duc Tuan

Four requirements for building an ASEAN Fintech ecosystem.

"It will be difficult for us to build a strong fintech ecosystem if it is fragmented by 'data islands,' incompatible standards, or gaps in trust and governance," the Deputy Prime Minister emphasized.

With that spirit in mind, Deputy Prime Minister Nguyen Van Thang proposed jointly creating an open, secure, transparent, inclusive, and sustainable ASEAN fintech ecosystem. "Open" for connectivity. "Secure" for development. "Transparent" to build trust. "Inclusive" so no one is left behind. "Sustainable" to withstand challenges and go further.

To achieve that goal, the Deputy Prime Minister emphasized four key requirements.

Firstly, infrastructure connectivity – standard synchronization. Accordingly, ASEAN needs to more strongly promote the connectivity of next-generation cross-border payment infrastructure, expanding from QR payments or retail transactions to real-time payments, embedded finance, open application programming interface (API) standards, and a coordinated mechanism for combating financial fraud across the region.

Secondly, encourage innovation while ensuring safety.

We need to build transparent, stable, and balanced legal frameworks; create conditions for the development of AI, blockchain, and new technologies, while also effectively controlling risks to the financial system and users. We also need to strengthen research into the feasibility of establishing an "ASEAN Fintech Sandbox" at the regional level, facilitating safe, transparent, and regulated cross-border fintech solutions.

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Third, expand cooperation and connect the public and private sectors.

In this model, the government creates institutions, businesses lead innovation, financial institutions provide resources, and investment funds expand the scope for development; bringing genuine innovation and creativity to every citizen and business.

Fourth, put the people at the center – use effectiveness as the measure of success.

The success of the fintech ecosystem will not only be measured by how many new applications we have or how many tech unicorns are created – but by whether people and businesses in ASEAN have widespread access to and equitable benefits from it, and whether the digital society is safer and more transparent. That is the true measure of success.

Deputy Prime Minister Nguyen Van Thang and delegates attending the seminar - Photo VGP/Duc Tuan

Deputy Prime Minister Nguyen Van Thang stated that ASEAN is facing an opportunity to become a financial technology hub with an increasingly important role in the region and globally. The Deputy Prime Minister affirmed Vietnam's commitment to continue working alongside ASEAN countries and international partners to strongly promote a more open, connected, secure, and humane regional financial technology ecosystem. Because the future of ASEAN will be shaped not only by its growth rate but also by the quality of its development, not only by its technological strength but also by its ability to serve people, and not only by the level of integration but also by its ability to bring prosperity to all its citizens.

Source: https://thoibaonganhang.vn/asean-can-ket-noi-he-sinh-thai-fintech-183237.html