Fintech legal framework: International experiences and lessons for Vietnam

Abstract

Financial technology (Fintech) has developed rapidly over the years, bringing benefits to the
economy. However, Fintech also provides exposures that impact on the stability of the financial system.
Accordingly, the legal framework is recognized and constructed by countries towards effective management
of Fintech, ensuring fairness for innovation and development of Fintech, the stability of the Fintech system
as well. The research reviwed the experiences of building a legal framework for Fintech activities in China,
Singapore, Thailand and some other ASEAN countries, which focusing on two main aspects: Controlled
Testing Mechanism and Legal Reform. Therefore, the lessons learned are to review and promulgate legal
regulations on Fintech businesses, E-payment, crowdfunding, peer-to-peer (P2P) lending and soon issue
regulations on Sandbox the relevant legal lessons will be discussed to complete the legal framework for
Fintech activities in Vietnam.