Perfecting The Legal Framework for Digital Banks in Vietnam

With the current explosive development trend of science and technology, change and adaptation will have to occur daily. The economy, society, people, as well as all aspects of social life are changing. A digital economy and a digitized society are inevitable. Therefore, the digital transformation process is taking place across all sectors, and the application of digital technology to banking operations is no exception. This process has led to a structural change in the financial and banking market with the emergence of large financial technology companies that compete with traditional banks in providing financial and banking products. In this context, digital banking is the direction for commercial banks facing significant competition from financial technology companies. However, the lack of a complete legal framework for the establishment of digital banks is a hindrance to the development of digital banking in Vietnam.