i CERTIFICATE OF ORIGINALITY I hereby declare that the thesis “ Opportunities and Challenges for Fintechs in Cooperation with Banks: The case of Finsify Technology Company Limited and T
INTRODUCTION
Rationale
The Fourth Industrial Revolution, or Industry 4.0, is fundamentally disrupting industries across the globe, particularly in the realm of information technology Innovations such as the internet, smartphones, and cloud computing are reshaping human behavior and bridging gaps in economic, cultural, and social development This transformation is significantly impacting the financial market as well.
2008 global financial crisis, this revolution has spawned a new generation of startups called Fintech- technology startups supply monetary- financial services
In the banking sector, many Fintech startups initially focus on payment services; however, through strategic growth, they gradually expand into areas traditionally dominated by banks, including lending, capital raising, and asset management.
The rise of digital banking services and fintech entrepreneurs poses a significant challenge to traditional banks As customer behavior increasingly shifts towards technology-driven solutions, the disparity between customer expectations and the service capabilities of banks is likely to widen To remain competitive, traditional financial institutions must proactively reshape their strategies to meet the evolving demands of their clients.
Banks are increasingly moving from competition to collaborative partnerships with Fintech startups, allowing Fintechs to access a vast customer base and bank capital This cooperation enables banks to adopt advanced technologies quickly and cost-effectively While this trend of collaboration is growing, research literature on the partnership between Fintechs and banks remains limited.
My research revealed that the majority of studies concentrate on the opportunities and risks Fintechs present to traditional banks, with limited analysis on the perspective of Fintech companies themselves Recognizing the significance of this gap, I chose to explore the "Opportunities and Challenges for Fintechs in Cooperation with Banks."
2 case of Finsify Technology Company Limited and Tien Phong Commercial Joint Stock Bank”.
Objectives of the study
+ Systematizing, analyzing theoretical background on Fintech startups opportunities and challenges of cooperation with banks in Vietnam in general, and go further into the case of Finsify and TPBank
+ Investigating the cooperation between Finsify and TPbank on Instant.vn through cooperation model, opportunities and problems in cooperation on Finsify's side
+ Proposing solutions to improve the efficiency of cooperation between Fintech startups and banks in Vietnam
Along with the objectives, the study sought to answers of the following questions:
+ What are the opportunities and challenges for Fintech startups in cooperation with banks?
+ What are the opportunities and challenges for Finsify in cooperation with TPBank?
+ What are the recommendations to improve the efficiency of Fintech- banking collaboration in Vietnam in general, Finsify- TPBank partnership in particular?
Significance of the study
Fintech and Fintech-bank collaborations are emerging trends that have not been extensively explored in research, particularly in Vietnam Most studies have concentrated on the opportunities and risks that Fintechs present to banks, with limited analysis from the perspective of Fintech companies themselves Therefore, it is crucial to investigate the opportunities and challenges faced by Fintechs in their partnerships with banks, specifically examining the case of Finsify Technology Company Limited and Tien Phong Commercial Joint Stock Bank This research will enhance the understanding of Fintech-bank dynamics for leaders at Finsify, as well as the State Bank of Vietnam (SBV).
3 bank relationships and received recommendations to improve the efficiency of cooperation between Fintech startups and banks in Vietnam in general, Finsify- TPBank in particular.
Subjects and Scope of the study
+ Subjects of the study: Practical cooperation between Finsify and TPBank
+ Scope of the study: Opportunities and challenges for Fintech startups in cooperation with banks.
Definition of key terms
a) Definition of banks and commercial banks
Banks are vital organizations that significantly impact both the economy and local communities The precise definition of a "bank" remains a subject of debate among scholars Essentially, banks function as financial institutions that facilitate the payments system, offer credit across various sectors, and typically serve as a secure repository for depositors' funds (Berger, A.N., Molyneux, P., Wilson, J O S., 2012).
The 2010 Law on Credit Institutions in Vietnam (No 47/2010/QH12) defines a "bank" in Section 2, Article 4 as a type of credit institution authorized to perform all banking operations as stipulated by the law Banks are categorized into commercial banks, policy banks, and cooperative banks, based on their specific characteristics and operational objectives.
Banking definitions vary by country and territory, shaped by local laws In Vietnam, the 2010 Law on Credit Institutions (No 47/2010/QH12) provides a clear definition of a commercial bank, stating that it is a type of bank authorized to perform all banking operations and engage in other profit-driven business activities as outlined by the law.
Fintech, short for "financial technology," has become a prominent term in the financial industry, reflecting the intersection of financial services and information technology A study by Schueffel (2016) defines Fintech as a new financial industry that utilizes technology to enhance financial activities The IMF and World Bank describe it as technological advancements that can transform financial service provision, leading to innovative business models and products According to McKinsey & Company (2016), Fintech players include startups and companies that leverage technology for essential financial functions, influencing how consumers manage their money It is crucial to differentiate between Fintech and Fintech startups, as noted by Gimpel et al (2018) While there is no single definition of financial technology, it is commonly understood in three contexts: Fintech companies, technology in finance, and financial technology services, with this thesis focusing specifically on Fintech startups.
LITERATURE REVIEW
Literature review
Despite numerous reports on the opportunities and challenges in the collaboration between banks and Fintechs, there is a scarcity of academic studies that empirically examine this relationship Most existing research tends to focus on the perspective of banks or a combined view of both banks and Fintechs, with limited attention given to the Fintech perspective alone The following studies, referenced during the research process, primarily address the Fintech aspect, highlighting the need for more targeted investigation into this sector's unique challenges and opportunities in collaboration with traditional banking institutions.
The studies "Why Fintechs Cooperate with Banks - Evidence from Germany" by Bửmer and Maxin (2018) and "Strategic Alliances between Banks and Fintechs for Digital Innovation: Motives to Collaborate and Types of Interaction" by Klus et al (2018) provide frameworks that elucidate the motivations behind Fintechs forming alliances with banks Key reasons include regulatory support, resource sharing, trust, customer acquisition, and learning opportunities Bửmer and Maxin (2018) analyzed 14 collaborative cases in Germany, proposing three main hypotheses: (1) banks facilitate fintech market entry, (2) banks enhance fintech profitability, and (3) banks support the development of new fintech products Meanwhile, Klus et al (2018) conducted interviews with 9 banks and 7 Fintechs to gather insights on their collaborative interactions.
A comprehensive overview of the motivations driving cooperation between banks and Fintechs was gathered from two consultants, analyzing 18 cases of companies currently in collaborative relationships The findings indicated that while banks exhibited a diverse range of motivations, Fintechs displayed less variation in their reasons for collaboration.
The findings of this study align with those of Bomer & Maxin (2018), as both focus on case studies conducted in Germany Key motivations for Fintech companies include meeting regulatory requirements, leveraging resources from traditional banks, capitalizing on the banks' reputation to broaden their customer base, and gaining insights into the market and industry.
The research conducted by Havard Heggland and Omri Nadav in 2019, titled "Fintech firms and incumbent banks: competition or collaboration?", explores the collaboration dynamics between Fintech firms and traditional banks in Norway's peer-to-peer lending sector Through in-depth interviews with four Fintech firms and three banks, the study identifies key factors influencing collaboration The findings reveal that a favorable regulatory environment and an innovative mindset among Fintech firms promote looser collaboration with banks Conversely, factors such as the desire to build trust, customer-centric approaches, capital needs, branding challenges, growth ambitions, and alignment in organizational culture and expertise encourage tighter partnerships While collaboration offers Fintechs opportunities for expanding customer networks and enhancing brand image, challenges such as regulatory uncertainty and differing innovation mindsets can hinder successful partnerships with banks.
The qualitative case study "Bank and Fintech Competitive Dynamics and the Perceived Value of Partnerships in an Open Banking Market Environment," conducted by Niemela Miikka (2019), explores the evolving relationship between banks and Fintech companies in the European financial landscape Through theme-based semi-structured interviews with three executive-level bank representatives and six Fintech executives from Sweden and the UK, the study highlights the competitive dynamics and the significance of partnerships in an open banking context.
Research in the USA, Canada, and Singapore highlights that collaboration between banks and Fintechs can leverage their respective competitive advantages, fostering mutually beneficial models that enhance customer value Key benefits for Fintechs include direct access to banks' customer bases and distribution channels, enabling rapid market entry and efficient risk management However, challenges persist, such as the slow pace of banks, reliance on a few major clients, and the potential negative impact on Fintechs if a bank decides to end a partnership.
Another qualitative study of collaboration between Fintechs and banks called
A qualitative study by Gviniashvili (2016) explored the collaboration challenges and risks faced by Norwegian Fintechs in forming alliances The research identified five primary categories of obstacles, with long sales cycles being the most prevalent challenge These delays stem from difficulties in identifying decision-makers and slow decision-making processes within established institutions Additionally, slow implementation was noted as a significant issue, often due to incumbents' reluctance to allocate resources promptly The study also highlighted power imbalances, where established firms might exploit the inexperience of Fintechs to gain a more favorable share of revenue or ownership Furthermore, a lack of trust in Fintech technology and delivery capabilities exacerbated existing challenges, contributing to prolonged sales cycles and sluggish decision-making.
8 also found that Fintech startups use both relational management tools and formal management tools to handle issues when collaborating with large partners
Both “ World Fintech Report 2018” conducted by Bose et al (2018) from
Capgemini, LinkedIn, Efma, and Deloitte (2018) highlighted the evolving relationship between Fintechs and traditional financial institutions, transitioning from competition to collaboration, though this potential is still in its infancy Bose et al (2018) identified challenges faced by both parties in forming effective partnerships and scaling innovation, noting that their unique competitive advantages make collaboration advantageous Fintechs excel in agility, customer experience, and flexibility, but struggle with trust, brand recognition, and regulatory compliance—areas where traditional institutions typically thrive Additionally, Deloitte (2018) pointed out that traditional institutions impose challenges on Fintechs, including structural issues, regulatory hurdles, and cybersecurity concerns, which further complicate collaboration efforts.
In Q3 2016, Manatt, a leading US law and consulting firm, partnered with Mergermarket to survey 75 senior executives from banks and Fintechs in the United States, aiming to explore their strategies and perspectives on collaboration between the two sectors Their report, “Growing Together: Collaboration Between Regional and Community Banks and Fintech,” highlighted executives' optimism regarding future partnerships and detailed the associated benefits and challenges for both industries.
Fintech companies view partnerships with banks as a strategic opportunity to establish credibility, gain consumer trust, and increase market share Many of these firms require capital and recognize banks' liquidity as a valuable resource However, concerns such as cybersecurity risks, insufficient returns from their customer base, and high overhead costs associated with integrating Fintech functions into banking systems pose significant challenges for these collaborations.
The Big 4 accounting firms and leading management consultancies, including PricewaterhouseCoopers (PwC), Ernst and Young (EY), Deloitte, McKinsey & Company, and SparkLabs Global Ventures, have conducted extensive research to deliver valuable insights into the global Fintech industry Their annual Global Fintech Reports and publications offer a comprehensive overview of Fintech's impact across various sectors, while consistently updating readers on the latest industry trends These resources provide detailed analyses of the benefits and challenges of Fintech, along with recommendations for collaboration between Fintech companies, financial institutions, and government agencies.
The landscape of Fintech in Vietnam has been primarily explored through studies that emphasize its effects on the banking sector and the overall trajectory of Fintech development While international research tends to focus on banking implications, domestic studies often overlook the perspective of Fintech companies themselves A notable case study titled "Opportunities and Challenges in Cooperation Between Banks and Fintech Enterprises in Vietnam: The Case of Timo and Vietnam Prosperity Joint-Stock Commercial Bank" by Nguyen highlights this gap, illustrating the need for a more balanced examination of both banks and Fintech enterprises in the region.
Viet Trinh (2018) from Foreign Trade University conducted research closely related to the author's topic, revealing that Timo's collaboration with VPBank presents significant opportunities for capital enhancement, increased credibility, and valuable insights into the business value chain, leveraging VPBank's banking expertise and experience.
Cooperating with VPBank presents Timo with challenges related to Vietnam's international economic integration, the competitive banking services market, customer dynamics, technology investment costs, and the legal and business environment Additionally, press releases from the State Bank of Vietnam's Banking Magazine and Banking Times highlight the authorities' keen interest in the opportunities and challenges that Fintech brings to the banking sector.
Theoretical and Conceptual framework
2.2.1 Overview of Fintech a) The sub areas of Fintech services
In the FinTech Industry Overview 2016, SparkLabs Global Ventures listed six major areas in services providing by Fintech enterprises over the world, including
The Fintech landscape is undergoing significant transformation, driven by key areas such as Banking Tech, Payments, Cyber Currency, Business Finance, Customer Finance, and Alternative Cores Initially, the highest activity and transaction volume are expected to emerge from the first layer of disruption, particularly in Banking Tech and Payments However, long-term innovations in subsequent layers promise to be more revolutionary, paving the way for new startups and technologies that will fundamentally reshape the finance sector, including banking and insurance.
Figure 1.1 The sub areas of Fintech services
11 b) The elements of Fintech ecosystem
Fintech startups play a crucial role in the Fintech ecosystem, as highlighted in the analysis report "Fintech: Ecosystem, Business Models, Investment Decisions, and Challenges" by Lee & Shin (2018) These startups contribute to innovation, stimulate economic growth, and enhance both competition and collaboration within the financial industry, ultimately benefiting customers The report outlines the key elements of the Fintech ecosystem, illustrating the interconnectedness and symbiotic relationships that drive progress in this sector.
Figure 1.2 The five elements of Fintech ecosystem
Fintech startups play a crucial role in the financial ecosystem by driving innovations across various services such as payments, wealth management, crowdfunding, capital markets, and insurance They achieve this by reducing operating costs, focusing on niche markets, and offering personalized services that surpass those of traditional financial institutions Additionally, technology developers foster an environment conducive to the rapid launch of innovative services by Fintech startups Furthermore, supportive government regulations create a favorable legal framework that enables these startups to provide consumers with more personalized, affordable, and accessible financial services.
Fintech companies primarily generate revenue from individual customers and small to medium-sized enterprises (SMEs), while large organizations also contribute significantly Traditional financial institutions, such as banks, insurance companies, securities firms, and venture capitalists, play a crucial role in the Fintech ecosystem Recognizing the disruptive potential of Fintech, these institutions are reassessing their business models and formulating strategies to integrate Fintech innovations into their operations.
Fintech is increasingly integral to various sectors of finance and banking, encompassing traditional areas like deposits, loans, and payment transactions, as well as emerging fields such as accounting, insurance, securities, and cryptocurrency, with a growing focus on risk management Its significance in the financial market is evident, and a 2019 Deloitte report titled “Overview of the Fintech sector: challenges for the European players and possible policy measures at EU level” outlines the major impacts of Fintech on the industry.
The extensive and impactful use of fintech has transformed the legal landscape, management practices, and governance structures, reshaping internal regulations and altering public perceptions This evolution has significantly influenced the adoption and operation of advanced technologies within the finance sector, particularly in banking activities.
The rise of Fintech has decreased cash transactions, contributing to a lower inflation rate in the economy This shift enables state agencies to effectively monitor cash flow related to economic activities, ensuring the efficient operation of these activities.
The convergence of fintech and Industrial Revolution 4.0 has ushered in transformative changes in production and business practices, presenting significant opportunities for startups in technology and e-commerce, ultimately driving economic development.
Fintech is transforming the finance labor market by automating tasks traditionally performed by bank employees and staff in financial institutions, securities firms, and insurance companies This shift is driving demand for high-quality human resources, particularly experts skilled in both finance and information technology.
Fintech is revolutionizing various sectors such as banking, investment, information technology, e-commerce, import-export, real estate, tourism, and healthcare By transforming traditional institutions, Fintech streamlines business operations and enhances collaboration between domestic and international enterprises, making processes faster, easier, and more efficient than ever before.
- For Fintech-using financial institutions
Fintech provides opportunities to improve revenue and business efficiency for financial institutions Thanks to the power of technology, Fintech is making tremendous changes in the provision of financial services
Fintech startups significantly lower operational costs by not requiring physical offices in every location, enabling them to offer affordable services to customers Additionally, the streamlined process for transactions, such as loan applications, further enhances cost efficiency.
The evolution of distribution channels has significantly transformed traditional financial products and services, particularly in banking This shift is evident in the rapid growth of sales channels over recent years, including Internet sales, Mobile Banking, Tablet Banking, and social networks, alongside the advancement of digital banking and an increase in undocumented transactions.
The cooperation between Fintech companies and banks will help both sides realize the knowledge of technology, the ability to innovate and respond quickly to market requirements
- For customers using Fintech application service
Fintech helps to save time, transaction costs, reduce cumbersome paperwork, minimize risks and improve user experience
Fintech accepts risks at a wide range, higher levels and even risks, so they can easily reach customers who have never been bank customers and customers below the bank's standards
Using the Fintech application service requires customers to have the knowledge and technology, thereby improving the cultural level as well as the intellectual level of customers
2.2.2 Overview of banking industry a) Banking operations
According to Section 12, Article 4 of the 2020 Law on Credit Institutions in Vietnam, banking operations encompass deposit taking, credit extension, and account payment services Sections 13 to 15 further elaborate on these activities, as illustrated in Figure 1.3.
Figure 1.3 Banking operations in Vietnam
15 b) The roles of banks in the financial system
In their paper "The Roles of Banks in Financial System," professors Allen and Carletti (2015) highlight the essential functions of banks in the economy Banks address information asymmetries between investors and borrowers by closely monitoring borrowers and ensuring that depositors' funds are utilized effectively Acting as intermediaries, banks maintain a diversified portfolio of financed projects and commit to overseeing borrowers by guaranteeing lenders a fixed return.
Intermediaries must monitor their operations to ensure they can deliver promised returns to lenders They provide essential intertemporal risk smoothing and insurance for depositors against unexpected consumption shocks by managing reserves based on asset return fluctuations This allows banks to offer consistent payouts while minimizing depositor risk, although they face potential runs and systemic risks due to asset-liability maturity mismatches Additionally, banks are crucial for funding firms, supporting economic growth, and enhancing corporate governance through long-term relationships and active involvement in financially distressed clients Ultimately, while the significance of banks' roles may vary across different countries and times, they remain vital to the financial system.
RESEARCH METHODOLOGY
Locale of the study
This study took place at Finsify Technology Company Limited, a Fintech startup based at 22A Thanh Cong Street, Ba Dinh, Hanoi, Vietnam The company is comprised of one founder and a team of thirty employees.
Research design
This thesis employed qualitative and comparative methods due to the novelty and complexity of the subject, as well as the scarcity of quantitative data While quantitative data could yield more precise results, qualitative data was deemed more suitable for exploring intricate issues that require in-depth explanation and evaluation The research was structured as a case study to examine a widespread and complex phenomenon, constrained by time and resources The selected case for this study is Fintech Finsify, which has partnered with TPBank since 2019 to develop the product Instant.vn.
The qualitative data analysis commenced right after the initial interview, where responses from various participants were compared and summarized in line with the study's objectives Drawing on insights from the interviews and the author's internship experience, a comprehensive understanding of the roles within the Finsify-TPBank partnership was developed By employing a combination of analytical methods and synthesizing the current research context while also comparing it to similar cases, the researcher proposed actionable solutions and recommendations to address the identified research issues.
Data gathering procedure
The first step before going to the interview proper was to make a request letter After getting approval from the CEO and founder, the interviews were conducted
To minimize disruptions to work schedules, interviews were conducted consecutively at noon during the COVID-19 pandemic, adhering to social distancing guidelines These interviews concluded in May 2020, and the details regarding their methods, dates, and durations are presented in Table 2.1.
Interviewees Date Duration (mm:ss)
Internal data was gathered from the author's Finsify Base account, focusing on partnership agreements and memorandums of understanding that outline partnership implementation Additionally, external data was sourced from Google Scholar, SSRN, Crunchbase, and the websites of TPBank, Deloitte, and Accenture, encompassing definitions, relevant information, hypotheses, and reviews from previous research reports, books, and papers related to the topic.
Research instrument
To gather primary data for the research, 12 semi-structured interviews were conducted, each featuring 6 pre-arranged questions tailored to the interviewee This flexible interview method was selected for its ability to explore new avenues and delve deeper into the topic, allowing for the emergence of significant information that may not have been anticipated by the researcher (Gill et al., 2018) The interview questions were developed from existing literature and previous study guides, with distinct sets for different subjects For managers, the questions covered three main areas: the role of Instant.vn and the partnership with Finsify and TPBank, the rationale behind Finsify's alliance with TPBank, and the benefits and challenges brought by TPBank to Finsify during the development of Instant.vn In contrast, questions for Instant.vn members focused solely on the advantages and obstacles experienced during the partnership The interviewees were not prepped for the questions to ensure a natural and comprehensive perspective on the partnership with TPBank, and the researcher meticulously noted both verbal responses and non-verbal cues during the interviews.
Population
A total of 12 individuals, including the CEO, Human Resource Manager, Marketing Manager, Product Manager, and eight members of the Instant.vn team, participated in the study, achieving a 100% response rate The group consisted of 11 males and one female, all holding bachelor's degrees The interviewees were directly involved in the Finsify-TPBank partnership, with the CEO and Product Manager actively collaborating with TPBank during both the pilot and subsequent phases, while the remaining team members provided supportive insights This diverse range of perspectives offers a comprehensive understanding of the partnership dynamics between Finsify and TPBank.
Statistical treatment
The responses from different respondents were summarized according to the objectives of the study, then compared with the framework built from previous studies.
FINDINGS AND DISCUSSION
Empirical background
4.1.1 Fintech- bank partnerships in Vietnam
As of now, Vietnam is home to 154 active Fintech companies, as reported by the Institute for Development and Research in Banking Technology at VNUHCM These firms are diversely categorized, with 37 focused on payment services, 25 on lending, and 22 involved in blockchain, cryptocurrency, and remittance Notably, 70% of these Fintech companies are startups that have successfully attracted investments from global investors across countries including Japan, the US, Canada, Australia, the UK, Denmark, France, as well as neighboring nations like China, Singapore, and Malaysia.
In Vietnam, the collaboration between Fintech companies and banks has become a prominent trend, with approximately 72% of Fintech startups currently partnering with banks, according to The World and Vietnam Report (2019) A report from Fintechnews Vietnam highlights several leading Vietnamese banks actively engaging in Fintech partnerships Notably, VietinBank has teamed up with Opportunity Network, a UK-based Fintech firm, to provide its clients access to an innovative digital business matchmaking platform featuring over 15,000 businesses.
In recent developments within the fintech landscape, 113 countries are now members of ON In 2017, VIB collaborated with Weezi Digital to launch the MyVIB Social Keyboard app, enabling customers to transfer money through social networks Additionally, CIMB Bank introduced its first Digital Lounge in Ho Chi Minh City alongside the OCTO by CIMB mobile banking app Techcombank partnered with Fastacash to roll out the F@st Mobile feature, facilitating quick money transfers via Facebook and Google+ Furthermore, Lotte Card, a subsidiary of South Korea's Lotte Group, has acquired Techcom Finance, a Techcombank subsidiary, to enhance its eKYC system for borrower identification (FPT TechInsight, 2019).
The State Bank of Vietnam (SBV) has actively engaged with Fintech businesses, facilitating their market entry by licensing 33 non-bank organizations for payment intermediary services as of April 2020 Despite government efforts to foster Fintech growth, Vietnam's regulatory framework remains incomplete and inconsistent, primarily addressing payment technologies The current operations of Fintech companies are still in their infancy, focusing mainly on payment activities with limited product and service diversification Cooperation between Fintechs and banks is primarily centered on basic payment services, lacking advanced offerings and comprehensive customer engagement To address these challenges, the SBV must enhance the legal framework with targeted proposals and solutions to support the future development of Fintech in Vietnam.
+ Experiences in Fintech- bank cooperation for Vietnam
The EY FinTech Australia Census 2017 highlights that Australia's dynamic and competitive FinTech ecosystem is built on five key pillars: talent, capital, demand, policy, and environment Regulators prioritize attracting and training skilled professionals in technology and finance, while fostering a supportive community that includes co-working spaces According to Mr Nghiem Thanh Son, Deputy Director General of the Payment Department at the State Bank of Vietnam, this collaborative approach is crucial for the success of Australia's FinTech landscape.
33 a common goal of building the best Fintech ecosystem in the region and in the world
In the 2016 Fintech Regulatory Guidelines, the Monetary Authority of Singapore highlighted that the regulatory sandbox may not be appropriate for certain situations involving financial institutions, fintech companies, and professional service firms collaborating with these entities.
The proposed financial service closely resembles existing offerings in Singapore, unless the applicant can demonstrate the use of either a distinct technology or an innovative application of the same technology.
The applicant has failed to prove that it has conducted adequate due diligence, which includes testing the proposed financial service in a controlled laboratory setting and understanding the necessary legal and regulatory requirements for its deployment.
Besides, the main evaluation criteria which will be used by MAS to assess the application submitted by the applicant were outlined as:
- The proposed financial service includes new or emerging technology or uses existing technology in an innovative way
- The proposed financial service addresses a problem or brings benefits to consumers or the industry
- The applicant has the intention and ability to deploy the proposed financial service in Singapore on a broader scale after exiting the sandbox
The sandbox experimentation must have clearly defined test scenarios and expected outcomes, with the sandbox entity required to report progress to the Monetary Authority of Singapore (MAS) according to a mutually agreed schedule.
Clearly defining appropriate boundary conditions is essential for the effective execution of the sandbox, as it ensures the protection of consumer interests while upholding the safety and soundness of the industry.
- Significant risks arising from the proposed financial service should be assessed and mitigated
A well-defined exit and transition strategy is essential for any proposed financial service, ensuring clarity on the process for discontinuation or scaling beyond the sandbox phase.
In September 2016, the Hong Kong Monetary Authority established the Fintech Innovation Center, also known as the Fintech Promotion Office, to foster a robust Fintech ecosystem and position Hong Kong as a leading Fintech hub in Asia According to Nghiem (2017), the success of this ecosystem relies on a supportive framework that encourages research and technology applications, strong collaboration with relevant ministries and agencies, and a balanced approach to market development and consumer protection.
In conclusion, successful collaboration between banks and Fintech companies relies heavily on government support to establish a conducive legal framework This environment is essential for Fintech firms to offer innovative financial services, invest in financial infrastructure, attract valuable talent, and safeguard consumer interests (Nguyen, 2018).
4.1.2 Brief introduction of Finsify Technology Company Limited
Finsify Technology Company Limited stands out in Vietnam's financial technology startup scene as one of the few companies that successfully targets the international market Originally founded as ZooStudio by Ngo Xuan Huy in 2013, Finsify emerged from a team of five dedicated experts focused on mobile platforms and applications The company's mission revolves around personal finance, aiming to create a comprehensive suite of tools that offer holistic solutions for managing individual financial needs.
The Money Lover app, developed by a dedicated team, has emerged as a leading solution for managing both personal and group finances Over five years, it has not only thrived in the domestic market but has also gained significant recognition internationally.
Empirical findings
4.2.1 Finsify- TPBank cooperation via Instant.vn
In Vietnam, SMEs represent 97% of all businesses, yet a VCCI survey reveals that 70% lack access to credit, with one-third unable to secure bank funding To address this issue, founder Ngo Xuan Huy introduced Instant.vn as a solution to enhance cash flow and facilitate capital access for SMEs The Finsify team presented this concept at the Fintech Challenge Vietnam Contest, organized by the Asian Development Bank, the Australian Government's Mekong Business Initiative, and the State Bank of Vietnam Finsify's Instant.vn project emerged as one of seven finalists, ultimately winning the Best Young Local Fintech Award Following the contest, Finsify secured financial backing from TPBank and data support from MISA, leading to the trial operation of Instant.vn in July.
201 Two months later, on September 4, 2019, an online loan without collaterals for SMEs was officially launched
+ Roles of Finsify and TPBank in the cooperation
The cooperation model involves the Supplier (FFB), as noted by Hatami A (2018), where borrowers are customers of the third-party service MISA These customers utilize Instant.vn, integrated with MISA's smes.net, to apply for loans from TPBank Essentially, these borrowers can also be regarded as customers of Finsify For detailed information on the lending process via Instant.vn, please refer to Appendix B.
In the Instant.vn project, TPBank serves as a financial advisor throughout both the testing and operational phases, collaborating with partners to refine operating procedures for optimal efficiency As the entity responsible for evaluating and approving client loan applications, TPBank notifies partners of each customer's review outcomes Additionally, TPBank's financial advisors regularly update partners on relevant loan regulations, ensuring compliance with both internal policies and legal requirements.
Finsify plays a crucial role in designing software and applications for the Instant.vn project, ensuring compliance with legal procedures for lending The Finsify team actively manages the system, performing updates and upgrades to maintain stable software operation and optimize features for users Additionally, Finsify serves as a vital link between SMEs and banks, providing TPBank with accurate and comprehensive customer information and documentation necessary for loan approvals.
4.2.2 Finsify‘s opportunities and challenges in the cooperation with TPBank a) Opportunities for Finsify in the partnership
Finsify's collaboration with TPBank and MISA is driven by the need to leverage innovative technologies and complementary resources for product development and commercialization This partnership aims to address significant challenges, such as financial knowledge gaps and customer database limitations Unlike previous studies, Finsify's model involves a coordinated effort among three entities, with MISA facilitating customer access and TPBank providing essential loan supplies, ultimately delivering substantial benefits to Finsify.
Interview data reveals that the benefits of the partnership between Finsify and TPBank extend beyond business aspects Finsify has been able to concentrate its resources on technology development for Instant.vn, resulting in reduced costs for advertising and marketing, aided by TPBank and MISA's support This strategic alliance grants Finsify access to TPBank's expertise in the financial market and regulatory knowledge, enhancing employee capabilities Consequently, these advantages contribute to the continuous improvement of product quality, aligning it with market demands.
While traditional banks may lag behind Fintech in technology, they possess significant advantages due to their extensive experience in financial and banking operations TPBank has provided insights into their loan criteria and methods for evaluating a company's financial health, which we utilize to enhance our platform.
TPBank has provided valuable guidance and support in analyzing customer behaviors and demands, particularly regarding business loan products that utilize digital technology platforms This assistance has enabled us to create fast and tailored lending packages designed specifically for small and medium-sized enterprises (SMEs).
Strategic partnerships offer significant non-business advantages for Finsify, including enhanced market reputation, accelerated growth, and increased opportunities for future collaborations with other financial institutions However, Finsify may face challenges in navigating these partnerships effectively.
In discussions with the Instant.vn team, it was highlighted that despite recently completing the testing phase, Finsify members faced significant challenges in product development, primarily due to the differing business models Key difficulties encountered during the collaboration with TPBank were summarized from the interview notes.
TPBank's CEO highlighted that the primary concern is the uncertainty surrounding the growth potential of Instant.vn During interviews, participants noted that trustworthiness posed significant challenges to the strategic alliance with Finsify They pointed out that the lack of trust stemmed from issues such as insufficient transparency, limited experience, and inequalities that impacted the relationship between Finsify and TPBank.
Instant.vn is our inaugural product in the online lending sector for SMEs, as our team lacks prior experience in this area While some members have previously worked with Money Lover, which primarily serves individual customers, we are actively researching and developing themes tailored to meet the unique needs of small and medium enterprises.
The Instant.vn team frequently encounters resistance from TPBank regarding their creative ideas, primarily due to a lack of trust and concerns about potential risks This hesitation hinders the development of innovative products.
Finsify faces challenges in gaining the trust of TPBank's leaders due to their inexperience in the new field, resulting in frequent rejection of innovative ideas Concerns over potential system crashes and financial losses contribute to this skepticism, highlighting the impact of differing priorities between the two companies, which undermines the establishment of effective strategic alliances Additionally, Finsify's lack of experience poses difficulties in developing a product that not only achieves immediate success but also ensures long-term growth and breakthrough potential.
Finsify's members face significant challenges in their strategic alliance with TPBank due to differing operational procedures and innovation mindsets rooted in their distinct organizational cultures Many interviewees view TPBank as a slow decision-maker, citing its hierarchical structure, where proposals must pass through multiple levels of management before reaching a conclusion This lengthy process often delays the implementation of new ideas from Finsify, leading to frustration, especially when the ideas are innovative and potentially risky Additionally, the Product Manager highlighted a fundamental misunderstanding in objectives, noting that while Finsify aims to create disruptive products that challenge traditional market thinking, TPBank's focus is primarily on optimizing existing offerings.
On the other side, the answers focusing on Finsify's s aspect were mostly from the Instant.vn team Some members commented that they were not familiar with
Discussion
4.3.1 Evaluating Finsify- TPBank collaboration in Instant.vn a) The significant successes of Finsify- TPBank cooperation
The emergence of Instant.vn marks a significant advancement in Vietnam's banking sector, particularly in the area of corporate lending This development showcases the integration of modern digital technology within the banking industry, highlighting innovation and the simplification of lending processes.
Traditional corporate lending procedures in Vietnam primarily focus on payment systems and small-scale online lending for individuals Additionally, the emergence of lending platforms effectively addresses the challenges faced by banks and small and medium-sized enterprises (SMEs).
The collaboration between Finsify and TPBank offers SMEs a streamlined solution and enhanced software experience through Instant.vn This online financing platform leverages technology and data processing to optimize cash flow and provide timely business capital, significantly reducing the time and costs associated with bank loan applications Notably, businesses utilizing MISA sme.net accounting software can conveniently submit loan documents directly through the software, utilizing existing reports Key benefits include online borrowing without the need for collateral, the lowest interest rates in the market, and the ability to browse daily loan options.
TPBank's collaboration with Finsify enhances its strategy to prioritize unsecured loan products and invest in technological modernization For Finsify, partnering with TPBank presents new opportunities and challenges as it shifts focus to corporate clients following its success with Money Lover Notably, this partnership marks a pioneering effort in Vietnam, as no other fintech or bank has introduced an online corporate loan product to date However, there are outstanding limitations in the Finsify-TPBank cooperation that need to be addressed.
In late 2019, TPBank and Finsify launched a trial version of Instant.vn, integrated with MISA's sme.net accounting software After six months, the project garnered significant interest from sme.net users, leading to loan requests from six businesses During the initial two months of 2020, TPBank approved loans for five SMEs; however, the Instant.vn team, including the CEO and Product Manager, felt these results were not sufficient.
45 assessed that Instant.vn's development is facing obstacles due to several reasons as follows:
Currently, there are no legal regulations governing online lending, which makes the Instant.vn team, despite their partnership with the legally established TPBank, hesitant to pursue new product development initiatives.
Despite Instant.vn's aim to function as an independent lending platform, its reliance on sme.net's customer network and TPBank's exclusive lending has hindered its ability to fully leverage its Fintech advantages The differing mindsets and working styles of the involved parties have prevented Finsify and TPBank from establishing a unified product development strategy over the past year Consequently, the lack of close coordination in workflows has impeded Instant.vn's development team from creating an effective customer funnel and directly reaching out to SME owners.
Finsify Technology Company Limited has formed a strategic partnership with Tien Phong Commercial Joint Stock Bank, a leading digital bank in Vietnam Together, they have launched Instant.vn, an online borrowing product for SMEs with a limit of VND 4 billion This collaboration positions Finsify and its partners as pioneers in Vietnam's emerging Fintech sector.
The research highlights that Finsify's strategic partnership with TPBank offers significant advantages, particularly leveraging TPBank's extensive experience in banking and finance While young companies like Finsify are recognized for their innovative ideas and technological capabilities, they often lack the product development and regulatory expertise that established firms possess due to their longer market presence.
& Maxin, 2018) Therefore, for all Fintechs such as Finsify, new players in the
Cooperation between established banks like TPBank and Fintech companies such as Finsify offers valuable insights and financial expertise, enabling Fintechs to create market-relevant products This partnership allows TPBank to share its extensive experience in the banking and finance sector, fostering innovation and growth within the financial market for both parties.
Finsify has the opportunity to enhance its market reputation and attract future partners through collaboration with established companies This partnership enables Fintechs to mitigate the "liability of newness" and build trust within the industry As a result, emerging companies are increasingly seeking alliances with incumbents to alleviate concerns regarding their longevity and quality, given the common perception that startups may not endure.
Finsify has a unique opportunity for cost savings as it operates Instant.vn independently without investment capital from TPBank, unlike previous studies This independence allows Finsify to reduce marketing expenses while effectively reaching customers Furthermore, the creation of this new project enables the Instant.vn team to enhance their knowledge of new market segments and customer bases Additionally, technology staff have the chance to unleash their creativity by designing and developing innovative platforms.
Recent findings align with Kremer (2007), who noted that in strategic partnerships, some partners may compete with their collaborators by offering similar services at lower rates Additionally, it was observed that companies with ample resources tend to excel in these partnerships This perspective is supported by Thompson et al (2004), who emphasized that the drive to mitigate financial instability is a key motivator for firms to engage in strategic alliances.
The study revealed that the Finsify partnership faces challenges throughout its process, particularly in its strategic collaboration with TPBank Similar to previous research (Manatt, 2016; PwC, 2017; Deloitte, 2018; Heggland & Nadav, 2019), the Instant.vn team identified regulatory barriers as significant obstacles to the development of Fintech products, especially for Instant.vn While the Vietnamese government and regulatory agencies have prioritized Fintech growth since 2008, the existing policies from the State Bank of Vietnam (SBV) remain incomplete and fail to address all aspects of the sector There is a lack of a clear legal framework outlining the operational models, legal statuses, and consumer protection measures for Fintech companies (Dieu, 2019) Consequently, this uncertainty leads to hesitancy among leaders in making new decisions, ultimately hindering product development and efficiency.
The contrasting organizational models and innovative approaches between Finsify and TPBank present significant challenges for both entities, echoing findings from previous studies Deloitte's analysts have noted that traditional banks like TPBank are heavily process-oriented, necessitating strict compliance with laws and regulations, disciplined operations, and reliance on established procedures This structure, while ensuring stability, limits their agility in adopting new technologies and launching products to meet customer needs (Martin, 2018) In contrast, Finsify, as a startup, operates with a lean model that allows for quicker decision-making and fewer specialized departments, enabling them to respond to market demands more swiftly These fundamental differences create unique dynamics in their interactions with traditional banks, as highlighted by a Deloitte Fintech analyst in 2018.
SUMMARY OF FINDINGS, CONCLUSION AND
Summary of findings
To provide a comprehensive understanding of the case studied, we first established brief overviews of Finsify Technology Company Limited and Tien Phong Commercial Joint Stock Bank (TPBank), incorporating the latest operational results from both enterprises In July 2019, Finsify, TPBank, and MISA Joint Stock Company signed a cooperation agreement to launch Instant.vn, Vietnam's first online corporate lending product This significant milestone has advanced the financial and banking market in Vietnam, addressing the challenges faced by banks and small to medium-sized enterprises (SMEs) in corporate lending.
From July 2019 to February 2020, Finsify and TPBank transitioned from a five-month pilot phase to an exclusive partnership focused on the development of the Instant.vn platform This collaboration presented Finsify with significant opportunities, including access to valuable knowledge, market experience, and legal insights in finance and banking, as well as the chance for their staff to enhance professional skills Additionally, the partnership helped reduce marketing costs and bolster Finsify's reputation in the financial sector However, challenges arose due to cultural differences, varying business models, and divergent innovative mindsets between the two companies, which initially hindered their collaboration.
With 51 years of experience in online business lending, TPBank remains skeptical about the success of the Instant.vn project Additionally, the broader Fintech sector, including Finsify, faces significant challenges due to an incomplete legal framework, which hampers their operational capabilities.
Conclusion
Through my exploration of Fintech enterprises and the knowledge gained from four years at the Banking Academy, I developed a comprehensive understanding of the opportunities and challenges in the collaboration between banks and Fintech companies in Vietnam, specifically examining the case of Finsify and TPBank The findings indicate that the partnership with TPBank did not yield satisfactory results for the Instant.vn development team after the pilot phase While Finsify has benefited, several challenges hinder the collaboration between the two entities To enhance coordination and promote sustainable development, it is essential for commercial banks, Fintech companies, and specifically Finsify and TPBank, to work closely with the State Bank of Vietnam and regulatory bodies to establish appropriate regulations and provide training that aligns with Vietnam's economic and financial landscape.
Between February and May 2020, I conducted an internship and research that culminated in my graduation thesis titled "Opportunities and Challenges for Fintechs in Cooperation with Banks: The Case of Finsify Technology Company Limited and Tien Phong Commercial Joint Stock Bank." This thesis aimed to explore the dynamics of collaboration between fintech companies and traditional banks, focusing on the specific case of Finsify and Tien Phong Bank.
This article systematically analyzes the theoretical background regarding the opportunities and challenges faced by Fintech startups in their cooperation with banks, both globally and in Vietnam It delves into the specific case of Finsify and TPBank, ultimately addressing the thesis's first question: "What are the opportunities and challenges for Fintech startups in collaboration with banks?"
This study investigates the collaboration between Finsify and TPBank on Instant.vn, focusing on the cooperation model, opportunities, and challenges faced by Finsify during a seven-month period from July 2019 to February 2020 By comparing these findings to previous research, the study addresses the thesis's second question: "What are the opportunities and challenges for Finsify in cooperation with TPBank?"
To enhance the efficiency of collaboration between Fintech startups and banks in Vietnam, particularly focusing on the partnership between Finsify and TPBank, this research proposes actionable solutions The findings address the critical question of how to optimize Fintech-banking collaborations in Vietnam, emphasizing the need for strategic recommendations tailored to improve the effectiveness of the Finsify-TPBank alliance.
Recommendations
5.3.1 Orientations for effective partnership with banks for Finsify
Finsify has effectively fulfilled its role as a technology product supplier, ensuring quickness, accuracy, and security of information However, challenges encountered during the trial period and initial phases have impeded the growth of Instant.vn and the collaboration between TPBank and Finsify To overcome these barriers, Finsify must improve the effectiveness of its cooperation by implementing targeted solutions.
Finsify, a Fintech startup in the finance and banking sector, recognizes that in-depth technological knowledge alone is insufficient for market competitiveness To build customer trust and ensure timely support, Finsify must develop a comprehensive training plan for dedicated staff Leadership should prioritize regular meetings and encourage team participation in expert-led workshops to enhance professional skills and gain valuable insights This approach will empower team members to identify vulnerabilities in Instant.vn and propose innovative development ideas, ultimately strengthening Finsify's service offerings.
53 enhancement of professional capacity will make TPBank more appreciative of the ideas proposed by Finsify, whereby the coordination between the two parties is also more convenient and faster
To enhance collaboration and equality between Finsify and TPBank, it is crucial for their leaders to engage in direct meetings Despite differing organizational cultures and mindsets, these discussions will expedite decision-making regarding the development of Instant.vn products By working together, the leaders can establish a unified vision and direction for the future growth of Instant.vn, fostering a more effective partnership.
The third is to find solutions to help products breakthrough in the market
Finsify members must develop a customer funnel to engage SME owners while adhering to MISA regulations To achieve this, expanding their marketing network is essential for connecting with SMEs in need Additionally, the Instant.vn product development team should focus on creative thinking to design user-friendly interfaces that are both simple and effective in managing risk.
5.3.2 Recommendations to strengthen cooperation between banks and Fintechs in Vietnam
In various countries, policy managers prioritize the growth and expansion of Fintech operations by fostering a supportive environment for innovative business models Drawing insights from successful international policies, the State Bank of Vietnam (SBV) is implementing new strategies to enhance the development of Fintech companies and strengthen collaborations between banks and Fintechs To facilitate this partnership, the SBV and regulatory agencies have proposed several recommendations aimed at bolstering cooperation between these financial entities.
The first is perfecting the legal framework to develop the Fintech ecosystem
To effectively develop Fintech activities, it is crucial to fully establish and synchronize the legal framework, mechanisms, and policies The State Bank of Vietnam (SBV) and relevant agencies must prioritize these efforts to meet the urgent demands of the sector.
In the near future, it is essential to prioritize the enhancement of specific regulations concerning Fintech within laws, decrees, and circulars This focus aims to effectively address critical issues related to information security, network security, intellectual property, and consumer protection.
- Providing regulations on mandatory standards of products, services, business models, types of activities for Fintech companies to operate in a transparent manner
- Completing the Regulatory Sandbox for moving towards to promulgating the official regulatory framework
- Formulating tax exemptions and reductions, supportive policies and creating investment environment for Fintech startups
Thoroughly researching and mastering innovative technologies like Blockchain and distributed ledger technology (DLT) is essential before their implementation in Vietnam This careful approach helps mitigate risks and ensures maximum societal benefits.
Establishing clear and comprehensive regulations is essential to prevent misunderstandings, ensuring the sustainable growth of Fintech businesses By fostering a cooperative environment with banks, Fintech companies can operate with greater confidence, alleviating concerns about potential legal risks.
Close collaboration among key ministries and branches, including the Ministry of Science and Technology, the Ministry of Finance, the Ministry of Justice, and the State Bank of Vietnam, is essential for establishing a cohesive legal and regulatory framework This coordination aims to foster a supportive business environment for Fintech development, ultimately promoting the dynamic and sustainable growth of Vietnam's financial and banking system while safeguarding consumer interests.
Leveraging the technical assistance and guidance from international organizations like the ADB and WB, along with fostering bilateral cooperation with management agencies from other countries, is essential for exchanging valuable experiences in the management of Fintech enterprises.
Human resource training is crucial for the growth of the Fintech ecosystem in any country, as people are the most vital element To foster development and attract talented individuals skilled in digital technology, finance, and banking, agencies in Vietnam must focus on nurturing and supporting technology experts through targeted training initiatives.
To enhance the training of financial and banking students, it is essential to integrate advanced technical knowledge in areas such as big data, social media, APIs, machine learning, user experience, natural language processing, robotics, peer-to-peer networks, digital banking, payment gateways, data analysis, and digital identification Additionally, information technology students aspiring to enter the Fintech sector must also acquire a solid understanding of banking and finance Universities should establish regular collaborations with banks and Fintech companies to facilitate internships and exchange programs, allowing students to gain practical experience and explore innovative technological solutions, business models, products, and services.
Banks are implementing training policies to enhance their staff's specialized skills and technological knowledge in financial services, enabling them to engage effectively in the Fintech sector Additionally, banks must foster an innovative mindset and restructure their organizational frameworks to align with the advancements of the 4.0 era.
To enhance awareness and understanding of Fintech, it is crucial for Fintech enterprises to actively promote communication channels that educate communities and businesses about the advantages and potential risks associated with Fintech transactions Additionally, government initiatives should leverage mainstream media to inform the public on safeguarding personal information and keeping up-to-date with new Fintech products, services, and licensed businesses These efforts will ultimately foster a more informed and secure environment for Fintech adoption.
56 could limit the crime taking advantage of the people's ignorance, while creating conditions for Fintech to develop.
Limitations
This thesis acknowledges several limitations, including time constraints, social distancing challenges, and the author's limited research experience The understanding of Fintech, particularly regarding Finsify and its collaboration with TPBank, is also restricted due to limited access to relevant documents A key limitation is the small sample size of interviewees, consisting solely of twelve Finsify members, which may lead to biased and subjective results regarding the partnership Including perspectives from TPBank could enhance the understanding of potential opportunities and challenges in the collaboration The intentional selection of interviewees, particularly the CEO and Product Manager who have direct involvement with TPBank, aims to provide the most insightful analysis of the partnership Additionally, focusing on the Fintech perspective offers a fresh viewpoint, as few studies have explored this angle Observing the cooperation over a longer period could yield more comprehensive insights into the Finsify-TPBank collaboration.
The limitations identified in this study highlight the need for further research on the collaboration between Fintech and financial institutions, a relatively new and promising area Future investigations could build on this thesis by integrating both quantitative and qualitative methodologies Additionally, expanding the scope of research to include a broader range of financial entities could enhance the generalizability of the findings.
57 a broader sample by including other types of startups outside of Fintechs and a longer study period for a more comprehensive picture
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SECTION A: INFORMATION ABOUT FINSIFY AND INSTANT.VN
1.1 Could you please tell me about the history of the company?
1.2 Currently, in addition to Instant.vn, which projects is Finsify implementing? Could you give me more information about those projects?
2.2 How were Instant.vn created?
2.3 What are the roles of parties in the operation of Instant.vn?
2.4 How does Instant.vn operate?
SECTION B: OPPORTUNITIES AND CHALLENGES FOR FINSIFY
1 What are the main reasons for the alliance between Finsify and TPBank?
2 What are the future plans you have in relation to this alliance in the changing market?
3 What benefits does cooperation with TPBank bring to your company?
4 Are there any barriers to the development of Instant.vn? What are they?
5 What are your suggestions for Instant.vn’s development, as well as your future Fintech projects?
6 How do you evaluate this partnership? In your opinion how long do you think this alliance will last?