On November 8th 2019, within the framework of the Creative Challenge Program with financial technology Vietnam (Fintech Challenge Vietnam – FCV), the Fintech Vietnam Forum (FVF) was held at Melia Hanoi Hotel. VietCredit Financial Company was honored to be the companion of this program.
The Creative Challenge Program with financial technology Vietnam is organized by the State Bank of Vietnam (SBV) with the support of the Mekong Business Initiative Program (MBI), a project funded by the Australian Government and the Asia Development Bank (ADB).
This is a competition for Fintech companies to encourage the application of new technologies and promote the cooperation between banks, financial companies and technology solutions providers to motivate the development of financial market in Vietnam.
The theme of the competition is “Support the digital transformation of credit institutions to increase the accessibility to banking – financial services in Vietnam”, which concentrates on three priority areas, namely: Big Data and Data Analysis using artificial intelligence; Access to financial services; and Cybersecurity. After the implementation period, the competition has received more than 200 application files from local and foreign Fintech companies from 28 countries in the world.
Speaking at the Forum, Deputy Governor Nguyen Kim Anh believed that this is a good time accompanied with extremely favorable conditions that may facilitate steady progress of the financial – banking system of Vietnam to catch up with the speed and level of development of advanced financial – banking systems in the world.
Deputy Governor of the State Bank Nguyen Kim Anh spoke at the forum. Picture: Ta Dung
“The form is also an opportunity for the Fintech community and banks to discuss the possibility of better cooperation in the future. Through the Fintech Forum 2019, we would like to express our expectation of continuing support for the development of the Fintech ecosystem in Vietnam”. Deputy Governor said.
Also at the event, Mr. Eric Sidgwick, Country Director, Asia Development Bank (ADB) commented that: “FCV is a positive sign for the universalization of finance and digital finance in Vietnam. New technologies bear great potential in the enhancement of financial accessibility for groups who do not have yet or have limited access to banking services, at the same time reinforce the efficiency and financial security in a rapidly growing market like Vietnam”.
Mr. Eric Sidgwick, Country Director ADB spoke at the Forum. Picture: Ta Dung
Being one of the small number of financial companies always pioneering in the study of the application of technology in Vietnam, VietCredit joins FCV with a role of a companion of the board of organization and a unit directly supporting the partner Active Intelligent (Singapore) – one of 15 teams selected to complete the solutions competing in the final round (on November 7th 2019). During 2 months of company, VietCredit gave advice, assistance and accompanied in building ideas, products, methods for the organization of business model as well as approaches to financial market in Vietnam.
Teams in the final round of FCV 2019. Picture provided by the Board of Organization
In the midst of the fact that there are many banks and financial companies still taking care of customers, dealing with hundreds of questions and inquiries and requests of users through consultants, which may cause customers to wait for a long time and sometimes be the reasons for frustration and unnecessary unpleasantness, the solution of using Chatbot with the natural language processing technology, the automatic answering of questions in different structures of Active Intelligence may facilitate the company to bring about the quickest, easiest and most convenient experience, promote the interaction between enterprise and customers via virtual assistant.
It can be seen that VietCredit has selected applications and solutions that provide customers with optimal benefits based on the well understanding of customers’ needs and difficulties. The cooperation with the FCV Program in general and Fintech Companies in particular, once again demonstrates VietCredit’s orientation towards being a pioneer in the field of financial technology, being innovative and creative constantly to offer quick, simple and convenient types of services to customers.