ADB, Switzerland give 5 million USD to help Vietnam improve fintech
(VOVWORLD) -The Asian Development Bank (ADB) and Switzerland have signed a co-financing agreement of up to 5 million USD to develop financial technologies (fintech) that can improve financial inclusion in Vietnam, particularly among small and medium-sized enterprises (SMEs).
 (Photo: VNA) |
This funding, along with a 2 million USD contribution from the Japan Fund for Prosperous and Resilient Asia and Pacific, will support a technical assistance (TA) project that aims to expand finance in Vietnam.
The technical assistance will help the State Bank of Vietnam (SBV) strengthen the regulatory framework for digital finance, build the capacity of government and other industry stakeholders, and help financial institutions develop digital banking.
ADB Director General for Southeast Asia Winfried Wicklein said the technical assistance will also help SBV refine its policies on green banking and communicate them to finance sector stakeholders. Green banking is poised to help Vietnam achieve the 11 billion USD annual financing needed to reach net-zero carbon emissions by 2050.