In the last few days, it's been hard to ignore the fact that (according to this VN Express article) Vietnam leads the world in cryptocurrency adoption. A survey by US-based consultancy Finder found that of survey respondents 41% of those based in Vietnam had invested in cryptocurrency, with 28% of the total investing in Bitcoin. [...]
Lately, I've been busy with some research surrounding crowdfunding in Vietnam. Perhaps I'll address some of those issues at a later date, but right now I want to discuss something I discovered during that research. As of 1 July 2019, a Singaporean company VNDC Holding PTE., LTD., introduced the VNDC stablecoin to the market (You [...]
Last month the Government issued a draft decree on the process for obtaining and using electronic IDs in Vietnam. This comes as a welcome installment in Vietnam's slowly moving modernization of its legal regulations regarding the internet, data, and digital media. This post will review the basics of the draft decree relevant to most people [...]
Intermediary payment services (IPS) are regulated and licensed by the State Bank of Vietnam. IPS include very specific activities, namely: e-payment infrastructure supply services, including: Switching service; Electronic clearing service; Online payment portal service. Services supporting payment services, including: Authorized collection or payment service; Online money transfer service; E-wallet service. All of these services require [...]
As I've written before, Vietnam currently views cryptocurrency as a prohibited form of payment (see Cryptocurrency in Vietnam). The State Bank of Vietnam (SBV) has repeatedly made it clear that it does not recognize cryptocurrency or any digital currency as legal tender. Although a recent program initiated a pilot program for e-money (see Mobile Money [...]
I wrote a couple weeks ago about the interest rate cap on loans as applicable to P2P lending in Vietnam (see Interest Rates for P2P Lending in Vietnam) in which I discussed the problem we've seen with P2P lenders being accused of criminally exceeding that cap through the application of fees on loans. Another problem [...]
As a relative newcomer to fintech, and with limited experience working with peer-to-peer lending (P2P Lending), I thought that the scope of such lending was similar to crowdfunding. Individuals could go to a P2P Lending website, lodge a request for loans, and be matched with individual lenders. I didn't realize that the concept of P2P [...]
by Steven Jacob, Foreign Associate On 3 March 2021, the Prime Minister of Vietnam issued a decision that authorized a pilot program for the use of mobile money in Vietnam. This is a major step forward in the use of non-physical currency in the country and marks a potential change in the direction of the [...]
by Steven Jacob, Foreign Associate Last week I attended a year-end party and was asked about business-to-business, or B2B, lending in Vietnam. While I was familiar with the legal issues surrounding peer-to-peer, or P2P, lending (see my post on that topic here) I hadn't had the chance to investigate the somewhat different issues surrounding the [...]
by Steven Jacob Cryptocurrency's Rise Cryptocurrency in Vietnam is problematic. For one thing, it's illegal. But that's not the full story nor does it promise to be the last word on the issue. Vietnam is a large market, the fifteenth-most populous country in the world, large enough to add considerable support to any product or [...]