Under the pilot, only P2P lending companies licensed by the State Bank of Vietnam (SBV) will be allowed to operate. Foreign banks are excluded from participation. While credit institutions and fintech firms may join the trial, participation does not guarantee future compliance with business or investment regulations once formal laws are enacted.

The State Bank of Vietnam (SBV) has been developing a sandbox for fintech banking and gathering feedback on a draft regulating the sector.

The State Bank of Vietnam (SBV) has requested credit institutions to enhance management to ensure their staff adhere to legal regulations and do not take part in “black credit” activities.

With peer-to-peer lending becoming increasingly popular in Vietnam, experts said a legal framework is needed to regulate the activity to prevent loan-sharking.

Vietnam will create conditions for the development of a sharing economy, Deputy Prime Minister Vuong Dinh Hue said at a recent conference about the compilation of a sharing economy model.

The list of 16 finalists in the Fintech Challenge Vietnam (FCV) – the first-ever financial technology contest in the country has been officially announced, according to the Asian Development Bank (ADB) in Vietnam on March 20.