Financial Technology: Implementation Experience in Some Countries and Policy Implications

Abstract

Digital financial services have flourished from simple peer-to-peer money
transfers to advanced financial technologies that make use of the latest technologies in
digital banking, distributed ledgers, and central bank digital currencies. Governments,
corporations, and individuals may all benefit from new digital financial services.
Expanding inclusive economic growth and addressing the Sustainable Development Goals
can be accomplished through the development of inclusive digital financial services in an
environment with the right regulatory framework and policies. The number of financial
technology (Fintech) companies globally has grown, attracting billions of dollars new
investments in recent years. However, Fintech companies remain relatively small
compared with traditional financial service providers in developed countries. In contrast,
Fintech services and products are becoming economically important in some developing
countries. The article summarizes the experience of implementing Fintech in some highranked Fintech countries such as the United States, United Kingdom, Singapore, Australia,
China and Indonesia; thereby providing policy implications for regulators in Vietnam.