This funding, along with a 2 million USD contribution from the Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR), financed by the Government of Japan, will support the expansion of inclusive and climate finance in the country.
The technical assistance is crucial in helping advance the access to finance of small- and medium-sized enterprises (SMEs) and women-owned and women-led SMEs (WSMEs) in particular via supporting the SBV in developing and implementing the regulatory framework for strengthening the digital finance sector, ensuring safe market conduct and a thriving ecosystem.
At the ceremony, SBV Deputy Governor Pham Tien Dung said the central bank highly values the technical assistance project, considering it an important support in building a favorable environment for fintech development. This, in turn, will help improve the quality and diversification of fintech services and products, contributing to boosting the national financial inclusion.
ADB Country Director for Vietnam Shantanu Chakraborty said following earlier fruitful collaboration with the SBV, the ADB is excited to join efforts in further fostering the digital banking transformation in Vietnam’s fast-growing market.
This technical-assistance programme further expands Switzerland’s comprehensive supports to strengthen Vietnam’s financial sector. Through fostering Vietnam’s fintech industry and digitalisation of the banking sector, the programme offers new opportunities for SMEs to improve their access to financing, said Swiss State Secretary for Economic Affairs Dominique Paravicini./.
Source: VNA