Vietnamese government tells central bank to draft fintech rules

Move follows central bank warnings of dangers posed by unregulated fintech sector

State Bank of Vietnam, Hanoi
The State Bank of Vietnam

Vietnam’s government has asked the country’s central bank to develop a fintech sandbox scheme and draft rules on regulating financial technology.

Last year the central bank warned the country’s government about the risks arising from Vietnam’s failure to regulate its fast-growing fintech sector. The State Bank of Vietnam cautioned about the lack of supervision for fintech companies in a June 2020 statement, when it also called for a fintech sandbox.

The government authorised the sandbox in a

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