The Ministry of Finance is seeking comments on the draft Decree establishing the International Financial Center (IFC). Accordingly, the IFC will be located in Ho Chi Minh City and Da Nang with different functions and tasks.

Testing cryptocurrency, digital assets, fintech

According to the draft decree, the development orientation of the International Financial Center in Ho Chi Minh City is to promote the concentrated participation of financial capital, technology, and human resources of organizations, financial institutions, banks, and large investment funds in the direction of industry clusters to become an International Financial Center with the role of providing specialized financial services.

This international financial center will focus on developing the capital market associated with asset management services, fund management, insurance, financial products, financial derivatives; banking system, money market products; testing mechanism (sandbox) on fintech, innovation in the financial sector.

Establishment of specialized exchanges, new trading platforms; commodity markets, commodity and derivatives exchanges; regional supply chain services, logistics centers, seaport transportation.

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The Ministry of Finance wants to test digital assets, digital currencies, and fintech in the international financial center. Photo: Nguyen Hue

Meanwhile, the International Finance Center in Da Nang City focuses on developing green finance and trade finance fields serving small and medium enterprises, innovative enterprises, non-resident organizations and individuals (offshore financial services), cross-border trade activities associated with free trade zones, high-tech zones, open economic zones, and industrial parks.

Controlled testing of new models such as digital assets, digital currencies, payments, digital money transfers; establishment of new exchanges and trading platforms.

Attract investment funds, remittance funds, small and medium-sized fund management companies; promote the development of startups providing financial solutions for consumption, tourism, trade, logistics and associated with services in the Free Trade Zone...

The International Trade Center in Da Nang city will focus on innovation, applying strategic technologies such as artificial intelligence, cloud computing, quantum, big data, blockchain... to create competitive advantages.

Focus on attracting large investors and developers, startups, technology experts and global thinkers to live, work and create outstanding value in Da Nang thanks to a friendly living and working environment, identity, high-quality services, security, safety and transparent governance.

A Vietnamese bank cooperates with South Korea to open a cryptocurrency exchange

According to the submission, the drafting agency said that one of the focuses of the draft Decree is to cut down and simplify administrative procedures within the scope of the International Financial Transactions, creating a favorable environment for investors.

Specifically, the procedure for registering as a member of the International Financial Center is very simple. Investors can register via the electronic portal, postal service or directly.

The executive agency will quickly appraise within 1 working day from the date of receiving all valid documents, will issue a temporary approval document for membership (valid for a maximum of 1 month), and within 7 days will officially decide on membership recognition.

The registration file also only includes basic documents (business registration, 3-year financial report, operation plan).

Economic organizations on the Fortune 500 list will be recognized as members without registration procedures. According to the drafting agency, this spirit will be specified in the regulations of the International Financial Center, helping to attract large financial corporations.

In addition, other administrative procedures related to specific policy mechanisms are regulated in a "one-stop" manner. Specifically, the procedure for granting a license to test fintech (sandbox) will be considered and granted by the TTTCQT management agency itself; inspection and supervision activities will be carried out by the TTTCQT supervisory agency.

In a new development, the Military Commercial Joint Stock Bank (MB) and Dunamu Group - one of the largest digital asset enterprises in Korea, signed a memorandum of understanding (MoU) to cooperate in deploying the first digital asset trading floor in Vietnam.

Under the agreement, Dunamu will be a strategic partner of MB, sharing technology, infrastructure and consulting on legal compliance, investor protection and human resource development.

Mr. Oh Kyoung-suk, CEO of Dunamu Group, highly appreciated the potential for digital asset development in Vietnam with more than 20 million people owning digital assets and an annual transaction volume exceeding 80 billion USD, ranking in the top 5 countries with the largest blockchain asset capital flow in the world.

He believes that by combining this potential with Upbit's model, it is possible to build not just an exchange, but an entire digital financial infrastructure based on trust.

How will financial centers in Ho Chi Minh City and Da Nang differ from those in Singapore and Hong Kong? Financial centers in Vietnam will focus on strategic niche areas instead of overlapping with Singapore or Hong Kong (China).

Source: https://vietnamnet.vn/thu-nghiem-tai-san-so-tien-so-tai-trung-tam-tai-chinh-quoc-te-tphcm-va-da-nang-2431869.html