Vietnam’s ambition to develop its first financial centre should begin with strengthening regional competitiveness before going global, according to Co-President of the Swiss FinTech Association (SFTA) Philip J.Weights.

In a recent interview with the Vietnam News Agency on the threshold of the country’s 80th National Day (September 2), J.Weights shared insights on Vietnam's socio-economic achievements over the recent past and its determination to establish a financial centre in Ho Chi Minh City and Da Nang city.

Given his extensive work across Asia, he suggested that in the initial phase of the centre development, Vietnam should focus on securing success in the region rather than aiming for the global market.

Cooperation is the key to regional success, he said, pointing to Singapore as the regional leader in innovation technology and regulatory frameworks, with pioneering sandbox model for testing fintech solutions over many years. J.Weights praised Vietnam’s recent resolution which mentions sandbox models and specifically addresses areas such as open banking and credit rating enhancement.

The country could learn valuable lessons from major regional financial centres like China’s Hong Kong and Singapore, he said, welcoming the Vietnamese National Assembly’s adoption of a resolution on the establishment and operation of the international financial centre as well as related special mechanisms for it.

At a Geneva forum on recommendations for Vietnam to build and operate the international financial centre, the SFTA signed a Memorandum of Understanding with the Ministry of Finance. J.Weights voiced his hope that the association would deepen its engagement in Vietnam.

Drawing from his experience developing Dubai's international financial centre, where he lived for a decade and witnessed growth from two employees to over 25,000, he offered an encouraging perspective, stating HCM City and Da Nang, with stakeholder cooperation, will become important contributors to the national economy.

The above-said resolution, adopted on June 27, aims to create an attractive environment for investment in the financial service sector to promote investment attraction and the free movement of international capital between the international financial centre and the world; develop the stock and insurance markets, banking activities, fintech, digital assets, commodities, and e-commerce in Vietnam and integrate with international markets.

It targets attracting and developing innovation and financial services supporting green and sustainable projects in Vietnam; improving financial services and support services in accordance with international practices; and attracting and developing high-quality human resources capable of providing financial services and related professional services which meet international standards./.

Source: en.vietnamplus.vn/vietnams-financial-centre-should-compete-regionally-before-going-global-swiss-expert-post324879.vnp