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Fintech Business Day 2018 boosts SK & VN cooperation in fintech

Released at: 14:00, 30/11/2018

Fintech Business Day 2018 boosts SK & VN cooperation in fintech

Photos: KISA

Mr. Kim Jin Man, President of the Internet Infra Group at the Korea Internet & Security Agency (KISA), tells VET about cooperation between South Korean fintech and Vietnamese enterprises.

by Minh Do


What were the notable results from Fintech Business Day 2018?

We are happy to say that six memoranda of understanding (MoUs) were signed between South Korean fintech and Vietnamese enterprises yesterday: Paycoq - VietSoftware; Paycoq - VNPT Epay; AIZEN Global - Vietsoftware; Antock - VietSoftware; Winningl – Vnpay; and Bl Cube - your TV group.

The results are the beginning of cooperation between these businesses. The application of fintech has seen good results in South Korea and we expect the same in Vietnam.

Mr. Kim Jin Man, President of Internet Infra Group under KISA How would you comment on Vietnam’s fintech industry?

In recent years, technology and the internet have very much impacted on the socioeconomic development of many countries and cooperation in the fintech industry is increasing. In particular, in South Korea, many businesses operating in the two sectors have worked together a great deal.

Doing business in the fintech industry has no borders. First of all, to apply fintech requires an environment with internet and mobile use. Vietnam has nearly 100 million people and many internet users. The country also has a young population and even people working in State agencies are quite young. The cooperation between South Korean and Vietnamese enterprises is becoming easier.

That’s why South Korean enterprises are very interested in Vietnam and attended Fintech Business Day 2018 in Vietnam.

What do you think about legal issues in Vietnam affecting South Korean fintech companies in the country?

In the past, South Koreans used credit cards every time and everywhere, so they did not have high demand for smartphone payments, which was a barrier to fintech development in our country. Meanwhile, South Korean regulations are very tight.

In Vietnam, the regulations are not complete so this may be an opportunity for fintech businesses to have easier access. In addition, Vietnam has few credit card users while the number of smartphone users is very high. I think the development of fintech in Vietnam will be easier.

I have not yet thoroughly researched the legal issues in Vietnam, but I have many experiences in South Korea to address these issues. These problems will be quite similar in the beginning of the field’s development. In South Korea, there are many issues related to protecting the security of users and I think this will be similar in Vietnam. We will support South Korean businesses but they must actively explore the legal environment along with Vietnamese businesses when doing business here.

What is your plan for the development of the fintech industry in Vietnam in the future?

According to our figures, South Korean enterprises have a need to expand their business scale and the most popular destination is Vietnam, so we are very interested in the market and will promote it in the future.

As a State agency specializing in supporting companies’ technological growth, we will also organize annual events in Vietnam to promote opportunities for businesses from the two countries to meet and cooperate. We will also continue to have many meetings with the Vietnamese Government and State agencies.

We are looking for State agencies or companies that want to apply fintech in Vietnam or establish a fintech research company or agency or technical cooperation between the two countries to work together to build a new system in Vietnam.

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