TAI CH(NH - Ming 9a017

AN NINH TAI CHINN/ TIEN TE TAI VIET NAM

Cuec Cdch mang ding nghe 4.0 du'ac kir vong tao ra balk chi* Igen manh me viii sitphdt
tan kinh toim du. Sy 'phdt tan nhanh cluing caa cong nghe tai chinh tren the" dee
dem lai nhieu Ili ich va w hei cho ngual tieu dimg, cdc doanh nghiep. Tuy nhien, slt phdt triin nay
cling &ft ra khong it thcich them) not batla thdch that trona viec bdo ve an ninh tai chinh, den
te dal vai tang dinh chitai chinh. FM kip thai eng pho Mac nhahg thdch that nay, Viet Nam can
tao mot nen tang cling nghe tai chinh hien dal ditty) dd quan trona cho kinh titdng truang bin
rang trong alai loan tot
Ter kh6a: Cong nghe ten chinh, an ninh tai chinh, den te, Cdch mang cong nghe 4.0

The Industrial Revolution 4.0 is expected con nguii, day chuyen san xual se dugc van hanh
to make significant changes in the socio- ti,r dOng mat cach thich hap, tang voi lugng hang ton
economic development of the world. The quick kho. Pham vi anh hating cua cuOc cach mang nay
development of global financial technology rang leen tren town eau vai hau het cac nganh cong
brings about large benefits and opportunities nghiep a mai qu6c gia veei tac dOng via sau, vira
for both customers and businesses. However, rang, dan tad su chuyen dal cua toan b6 he thong
this quick development also creates new san xuat, quan ly va quan tri cua xa hai loci
challenges especially in the financial and Ging nghe tai chinh cling khong nam ngoai dang
monetary security for financial institutions. chay cua cuac cach mang ding nghe. "Fintech",
To tackle these challenges, Vietnam has to tat ciia "Financial Technology"- Cong nghe tai
establish a developed financial technology chinh, hating den den giai phap tai chinh bang cach
infrastructure to ensure sustainable economic sir dung ding nghe. Tai chinh va cong nghe song
development in the coming period. hanh phat trien cling nhau ke tit nam 1968, khai dau
bang viec nganh cong nghiep ngan hang trien khai
Keywords: Financial technology, financial and cac hoat dOng nhu ATM hay ngan hang dien tar.
monetary security, Industrial Revolution 4.0 Ke tax nam 2008, mat ky nguyen mai cua FinTech cid
n6i len a ca cac qu6c gia phat trien va clang phat trien.
Fintech 3.0 biing no trong bai carth cu6c Cach mang
NA, nhi)n bai: 4/8/2017 cong nghe 4.0 bat dan xuat hien, phat trien va nee nee.
Ngdy hob thien bien tap: 22/8/2017 Day la nganh phat trien kha nhanh, veei mire &Su ttx
NA, duyft clang: 17/8/2017 khoang tax 12 ty USD den 197 ty USD vao nam 2014.
Su phat trien nhanh cua nganh cong nghe tai
Tinh hinh phat Wen cOa cong nghe tai chinh chinh do chiu su tac dijng cua cac yen to sau:
trong b6i canh Cach mang cong nghe 4.0 Thic nhtft, Om chi phi va nang cao hieu qua cung
cap cac san pham va dich VIA trong nganh cong nghe
Cu6c Cach mang cong nghe 4.0 dugc danh gia tai chinh.
se vugt ra khai quy mo cong xuang, doanh nghiep Thin hai, trao nhieu guy& lgi cho khach hang,
(DN) khi van vat dugc 1(6'1 not bai internet (IoT - nhu viec thaa thuan true tieP, lien tkic va linh hoat
Internet of Things). Cu the, tat ca may mac, thiet bi vai cac nha cung cap san pham va dich vu tai chinh.
trong cong xuang dirgc vai nhau thong qua Thir ba, gaup cac DN dap irng tot hon nhu eau
internet, d6ng thai nhieu cam bien dugc lap slat de cita lchach hang nho viec tang cueing phan tich dir
thu thap dir lieu. Cach lam nay giup may mac cg the lieu; d6ng thai, hien ro hart ve hanh vi va nhu cau
"giao \raj nhau ma khong can sty cg mat cita cua Ichach hang.

15
 sk)Antwituda nomad' cAtaliditiOp KINN geint
CACH MANG CONG NGHE TAI CHiNH
Du tril Lien bang My (FED), cac hoat d6ng ding
Maki hang DN tddl nt3100p
C6,10 00110 tP0
cac solaodich
ty Fintech aing nhu cac to chirc tai chinh truyen
thong dtra vao chia se du lieu va thong tin c6 the
tao ra rui ro ve bao mat, quyen rieng to va quyen
so him dii lieu, ngay ca khi chUng mang lai sir tien
0011.
chinh loi cho ngtrai tieu dung. Cac sir viec xay ra gan day
Dinh gig
nL r0 tin dyng
c6 lien quan toi gian lin quy mo 16n va vi pham an
ninh mang cho thay sir nguy hiem cda rui ro bao
mat. Vai sir phat trien ngay cang tinh vi ala ding
1968 - 2000 2007 2009 -1001. tt1 2018 -7U0ng
nghe s6 va xu Inrong chuyen dan sang dien town
dam may, ca the quan tri rui ro va giam sat ngan
Ngu6n: Amer, Douglas W. and Battles, Janos Nathan and
Buckley, Ross R, The Evolution of Fintech. 2015
hang dtra teen cac phtrang phap try& thong c6 the
thong con phi]. hop.
Thin tae, Fintech ding mang lai nhung clung Khao sat cita PwC cho thay, nganh dich vu ngan
g6p tich cuc d6i v6i kinh vi me) thOng qua viec hang va thanh town se chiu nhieu ap lire nhat tir cac
tang cuing sty hea nhap tai chinh va lap day cong ty FinTech. T6 chtic nay cfmg trac tinh, trong
khoang trong ve tai chinh, dac biet tai cac thi vong tir 3 - 5 nam nfra, tong mac dau tu vao FinTech
truing mai n6i. tren town eau c6 the vucrt mire 150 ty USD. Cac dinh
Bao cao nghien dru gan day dia McKinsey che tai chinh va cong ty cong nghe se canh tranh
Global Institute du clown, viec ap dung rOng rai tai Ich6c het nham gianh thi phan cung cap dich vu tai
chinh dien ttr c6 the lam tang GDP dia tat ca cac nen chinh tren thi truing
kinh to mai n6i twang 'Mg Ichoing 6%, 3,7 nghin ty Su xuat hien con qua mai me aia nhieu san pham,
USD vao nam 2025. giai phi') tai chinh da Ichien cac cong ty Fintech mai
Ben canh do, sty tang truong nhanh chung ctia thanh lap thong nhiing phai canh tranh lch6c het,
Fintech ding tao ra yeu eau cao han trong viec ma dui khi con phai lien hanh hop tic voi cac dinh
quan VT, giam gist, nham giup thi truing tai chinh the tai chinh truyen thong de' c6 the duct phep hoat
van hanh mOt each thong su6t va lanh manh. Do Nog. Cdc dinh the tai chinh nay thuang rat 16n
do, ter sau 2008, Cong nghe quan 1)2 - RegTech - manh, dtrac quan tri chat the va dac biet la rat han
"Regulatory Technology"ding ra dot ghip nang cao checac thay d6i, do lo so phat sinh them chi phi va
nang lire quan tri dieu harsh cua DN cong nhu quart rtii ro. Cac cong ty khoi nghiep ding nghe tai chinh
Vr, Om sat ciia cac ca quan quan ly nha ntrac trong khi lam viec se gap van de cham chap ve mat thai
thai ky bUng no cong nghe. gian do phai thuyet phuc, xir 15r nhieu quy trinh, thu
Theo do, Regtech tao ra nhung loi ich to 16n cho tuc, tir do d'In den viec kho keu goi von dau
nganh ding nghiep tai chinh nhu: (i) Trao guy& Ben canh do, luon ton tai m8t sty mau thuan
cho cac DN de ciao tao nhan vien va quan 13i rui ro chien Itrac ca ban giiia cong nghe va tai chinh. Theo
tuan thu tot han; (ii) Nang cao nang lire quan ly rid Chris Myers - D6ng sang lap va CEO cua BodeTree
ro trong cac DN c6 trach nhiem clang ke c6 the phat d6ng thai la tic gia cua cuon sach "Enlightened
sinh tir sty khong tuan thii; (iii) Thiic day van hod Entrepreneurship", tat ca cac nha dau tu, tix cac
cong ty trong linh vire dich vu tai chinh. nh6m lien doanh truyen th6rtg den cac nha dau ttr
Met s6 thach thec thien than, deu da quen v6i doing cong tang truing
d6i vai he th6ng tai chinh the giel ciia linh vtrc cong nghe hien dai. Hau het cac quy
deu c6 thai han dau fix tir 3 - 5 nam. Dieu nay c6
Tuy mang lai nhieu ca hOi va loi ich cho khu vtrc nghia la khi cac nha dau by barn von vao mOt DN,
dich vu tai chinh nhung ding nghe tai chinh van ton ky vong thud hien hoa loi nhuan phai trong khoartg
tai nhiing rui ro, thach thirc ctoi v6i tinh on dinh cita thai gian dau to do.
he thong tai chinh the giai. Cu then Thi truing lao dOng trong lInh vtrc ngan hang
Ddi von cdc (firth chi tai chinh ding se. co sir thay dui manh me. Nhart lire cho thu
vtrc nay dan dui hoi nhan sty chat luting cao (gioi
Truck het, an ninh dir lieu luon la van de ding Ca ve chuyen mon nghiep vu ngan hang va cong
quan ngai nhat dui Arai linh vtrc cong nghe noi nghe thong tin). SO' luting nhan sir c6 the bi giam
chung va cong nghe tai chinh n6i rieng. Theo Lael sot dOt ng6t do bi thay the 136i may mac va cac
Brainard, thanh vien cua H6i d6ng thong do'c Ctic thiet bi tir d6ng. Vi du, tai Mk, tinh dein cuoi nam
16
1
 TAI CHfNH - Mang 9/2017

2015, cac to chirc tai chinh Ian nhu Citigroup hay Theo s6 lieu cita Ngan hang The giai ve he thong
JP Morgan da cat giam so hrong nhan sty dr 10-13% ngan hang, trong giai doan 2010-2016, tin citing
so vai nam 2011. danh cho tieu dung da co to'c d6 tang throng manh
06i val quan quan Ijr, glom sat tai chinh
me dr chi 2,3% len 8% va hien clang b mire tren 100
nghin ty' clung, trong khi do, 79% dan so Viet Nam
Cac co quan quan 13'T ding tucmg tix nhu nganh van chua dugc tigp can vai cac dich vg tai chinh.
Dich vu tai chinh clang phai dOi mat vai nhu cau F)61 vai cac DN lchai nghiep, cong nghe tai chinh la
sir citing cong nghe dg giai quyel nhung thach thirc mgt kenh &Su to tigm nang khi hau het cac khoan
trong viec theo doi va thgc thi cac quy dinh trong vay hien nay mai chi duqc cung cap bed cac dinh
boi canh thi truong bign d6i nhanh, tang truong chg tai chinh truygn thong.
manh va mang tinh xuyen bien giai. Dac biet la o cac Tuy nhien, sir phlt trien cong nghe tai chinh
ntrac clang phat hien, dien hinh nhu Trung Quek - ey Viet Nam van con phai doi mat vai mgt so lcho
gap phai nhung thach thUc cua sir xual hien nhanh khan, thach thirc sau:
chong dm FinTech. Cac co quart 1)'T bugc phai cai tien mot la, chua có N thong van ban phap 1)'T va sr
cac each tiep can ye quan VT ma khemg gay tro ngai huong dan fa rang cho cac hoat dgng trong rirth vire
cho sir phat trien va d6i mai cita cong nghe tai chinh ding nghe tai chinh. Digu nay lchien so luong t'.mg
trong khi van han the dugc rid ro doi vai ngtrai sir dung va giai phap tai chinh duqc phep va c6 the
dung va sir on dinh oh he thong tai chinh. dugc cung cap tai ngtrai tieu thing van con han chg.
Cac co quan hoach dinh chinh sach, quan 13', se Hai la, nguoi clan-clang con Icha de dat yeti viec sir
phai d6i mat vai thach third cita viec chuyen d6i dung cac dich vu tai chinh trgc tuyen sau hang boat
nhanh cita he thong tai chinh trong nhung nam tai va vu viec tai khoan Ichach hang bi mat tign khi cong
bugc phai xay chyng co so ha tang can thiel dg ho trg nghe ngan hang chua clap Ung dugc van d'e bao mat
digu hanh va third thi cac quy dinh cita ho. Nen qua cho khach hang.
cham tre7 trong viec cap nhat cac cong nghe vg quan Nhin rgng ra, sir phat trien cita cong nghe tai
1)'T thong tin, du dieu quy ma ban, se tao ra nhigu chinh cong se dat ra nhung van de ye an ninh tai
khoang trong trong quan 4r va Om sat thi throng. chinh, tien to cita nuoc. Hien tai van chua có
Digu nay lam tang lcha nang gay khitng hoang ten 'nett dinh nghia thong nhat vg an ninh tai chinh, tien
quy mo rgng, khi cac hoat &Ong quan ly va giam sat to va cac chuyen gia thuong sir citing thuat ngir on
khong dugc den hanh day clic va can trong. dinh tai chinh, tien te. CO the hien an ninh tai chinh,
Dang ltru y nhat tren thi truong tai chinh hien tin to la trang thai ma he thong tai chinh co the third
nay la sty phat trien va dan dugc chap nhan rgng hien dugc cac chirc nang cua minh mgt each có hieu
rai cita cac clung tien dien to Ichong do cac ngan qua, an toan va bgn yang; khi doi dien Wei nhfing
hang trung ucmg phat hanh (nhu bitcoin, onecoin, cu sod thi van co Icha nang hap thu/phan -Ling va
lifecoin). Vg phuong dien thi truong tai chinh, viec phtic h6i dg co the thgc hien chirc nang cita minh
dau to vao tien dien to con kha nhigu riti ro cho ma Ichong bi gian doan.
nha dau to khi gia cua cac d6ng tien nay bien &Ong Do do, sir phat trien cua ding nghe tai chinh se dat
vai bien d6 ban trong cac phien giao dich. Ve phia ra mgt s6 thach third doi vai sty on dinh cita he thong
cac nha dieu hanh chinh sach, sir xuat hien cna tien tai chinh Viet Nam ey nhung khia pith nhu sau:
dien tir có the se gay anh huong den hieu qua cita Thie nhat, cac dinh chg. tai chinh se phai doi mat
cac chinh sach tign to eY moi quo'c gia, dac biet la van vai van dg vg an ninh du lieu tai chinh; sir canh
dg ty gia va lai tranh Ich6c liet gifra mo faith tai chinh truyen thong
Yeu ciu 414t ra ve an ninh tai chinh, tien to &Viet Nam yen mo hinh tai chinh hien dal anh huong den sir
an toan va lgi nhuan cita cac to chdc tai chinh, sty
Tai Vi0 Nam, cong nghe tai chinh Bang la mien thu hep quy mo cita cac clinh the tai chinh truygn
dal hira. T)'/- le ngued so him tai khoan ngan hang thOng va anh huong den tinh thanh khoan cita toan
mai chi ey mac 20% va s6 ngtrai có the tin dung chi h'o
la 3%. VI vay, Viet Nam van la mot thi truong hap Voi dac digm hg thong tai chinh Viet Nam phg
dan, dem 'tang cho cac cong ty dich vg tai chinh thu6c ban vao rinh vire ngan hang, trong khi cong
trong va ngoai mrac dau to vao ph& trien cong nghe tai chinh chit yen dugc phat trien tai cac ngan
nghe tai•chinh. Day la co heti thud sr cho cac cong hang hang dau, sr phat trien on dinh, an toan va
ty clang cung cap m8 hinh kinh doanh dga tren nen lanh manh cua cac to chirc tin dung se tac &Ong
tang IcS-, thuat so. manh me den sty on dinh cita ca he thong tai chinh.
17 I
 9APA BAO AN NINH TAI CHINN, TIEN n TRONG BOICANH 1101 NHAP KINN Tt

Thic hai,stir luu hanh rang rai cua cac d6ng lien hien "ming" cira ding nghe mang lai.
dien tir (nhu bitcoin, onecoin, viec giao Thit hai, dOi voi cac chinh sach vi mo, can ca su
dich ngoai h6i het sure des clang qua cac cong thanh hai hea gifia cac chinh sach khuyen khich phat trien
town dien tir nhu Paypal hay e-gold se tac dOng den cong nghe tai chinh va chinh sach quan ly va giam
van de dieu hanh chinh sach Wen to qu6c gia: He sat cac dich vu tai chinh hien dai. Theo do, ben canh
s6 nhan lien se tang nhanh ch6ng, tST gia va lai suat viec khuyen khich phat trien cong nghe tai chinh,
se bi tac dOng, firth trang do la haa tram trong hon. can tang arong quy dinh ye bao mat va minh bach
Dieu nay se keo theo viec kho kiem soat cac mvc thong tin tai cac dinh chetai chinh.
deli on dinh vi mo nhu kiem soat lam phat, on dinh Thar ba, doi voi cac co quan Om sat, can nang
thi truong tai chinh. cao nang lvc quan ly, giam sat phu hop voi su
Thu' ba, he thong giant sat tai chinh se gap thach phat trien nhanh chang cira he thong tai chinh
thirc trong viec giam sat thirc thi cac quy dinh cira cac
hien dai. CO the xem xet nghien thu dua vao sir
Binh the tai chinh trong boi canh thi truer% bien doi dung cong nghe quan ly Regtech hien dai trong
nhanh, tang throng marsh va mang tinh xuyen bien viec quan ly giam sat.
gioi. Viec cap that cac cong nghe ve quan VT thong tin Thir ter, doi voi cac dinh the tai chinh, can phai nang
cham tre, du dieu quy mo Ion se tao ra nhieu khoang cao nang lirc hors nira dip &rig cac tieu chuan hien dai
trong trong quan ly va giam sit thi throng. theo thong le qu6c te; chti trong quail VT an ninh mang
fle chuSn bi cho bung no dm cong ngh0 tai chinh nhu quan tarn den viec xay dung trung tam du phang
dtx lieu; nang cap he th6ng an ninh, bao mat a mac
Tai Viet Nam, song hanh cong cac giai dog' cita cao, an town, mang lai hieu qua lau dai.
cac cuOc each mang ding nghiep tren the giai, sir Thin film, xay dung chi& luqc dao tao ngu6n
phat trien cua cong nghe tai chinh se la mot xu the than luc chat luting cao Wham thich irng voi sir thay
tat yeu. Di kern voi xu the do la nhiing co hen cho d6i va thu hep quy mo thi truong lao dOng trong
cac DN, cac dinh the tai chinh, nguiyi Heti dung va ca rmh vvc tai chinh - ngan hang (nhu kha nang may
cac qu6c gia. Tuy nhien, se khong tranh khoi nhiing mac va tri tue than tao) se" thay the lao dOng thir
kha khan, thach thdc ma the' giai da va clang chang ding, gia re.
kiert, ben canh nhiing thach thirc dac thir rieng doi
vai nen tai chinh Viet Nam neu tren. Tai liOu tham khao:
Do do, de chuan bi cho sty bung no ye ding nghe 1.Amer, Douglas W. and Barberis, Janos Nathan and Buckley, Ross P, The
tai chinh sap tot N thong tai chinh va cac co quan Evolution of Fintech. (2015). A New Post-Crisis Paradigm?. University
quan ly, giam sat cua Viet Nam can phai ca nhirng of Hong Kong Faculty of Law Research Paper No. 2015/047; UNSW Law
btrac chuan bi va chien ltroc hanh dong cu the. Research Paper No. 2016-62. Available at SSRN: https://ssrn.com/
Nham tan dung Col da nhilng co hOi tir CuOc each abstract=2676553;
mang cong nghe 4.0 dem lai, tao da dua tang truong 2.Amer, Douglas W and Barberis, Janos Nathan and Buckley, Ross P, FinTech,
kinh to nu& to len mirc cao hat trong giai doan Regrech and the Reconceptualization of Financial Regulation (October 1,
2018-2020; dong thai han chedtroc cac rtzi ro va dam 2016). Northwestern Journal of International Law& Business, Forthcoming;
bao an ninh tai chinh, lien te, bai viet goi ma mot so University of Hong Kong Faculty of Law Research Paper No. 2016/035.
de xuat nhu sau: Available at SSRN: https://ssrn.com/abstract=2847806;
Thin nhdt, nhanh chong hoan thien N thong 3.Greg Medcraf (2017). The Fourth Industrial Revolution: Impact on financial
van bin phap ly cho phep cac dinh the tai chinh services and markets. A speech at ASIC Annual Forum 2017 (Hilton, Sydney);
hoe dOng trong rinh vvc cong nghe tai chinh voi 4.Lee, H.S (2017). Finance in the fourth Industrial Revolution: Expected
sty huang dan cu the cac quy dinh. Ben canh do, changes and Responses;
can xay dung chat the cac luat le de bao ve ngtrai 5.McKinsey Global Institute (2016), Digital finance for all: Powering inclusive
tieu thing tai chinh tnroc nhung mat trail ma sir phat growth in emerging economies, p. 10.

Ti6n thu6 là cua dan,