Solutions to enhance the positive impacts and mitigate the negative social impacts of fintech in Vietnam

Fintech, with its combination of technology and finance, has quickly become an important driving force in the development of the digital economy. In Vietnam, Fintech not only promotes the growth of modern financial services but also contributes to expanding financial access for various groups, from rural residents to small and medium-sized enterprises (SMEs). The positive impacts of Fintech, such as increased convenience, improved income, and the promotion of financial inclusion, have brought numerous benefits to society. However, alongside these advantages, Fintech also poses potential negative impacts, including cybersecurity risks, imbalances in financial access, and issues related to online fraud. In this context, seeking solutions to enhance the positive impacts and mitigate the negative social effects of Fintech has become an urgent requirement. This article analyzes the social aspects influenced by Fintech, including both positive and negative impacts. It also proposes solutions to optimize the benefits that Fintech brings while minimizing the negative impacts, thus aiming for a safer and more effective Fintech ecosystem for all stakeholders in Vietnam.