THE EXPLOSION OF FINTECH ENTERPRISES, OPPORTUNITIES AND CHALLENGES FOR BANKS IN VIETNAM

Abstract

The establishment and development of Fintech companies has changed and
promoted the distribution channels of traditional banking products and services,
expanding online transactions through Internet Banking, Mobile banking, social
networks, and paperless bank, which raises the question that whether Fintech is
a partner or a rival of banks. The article based on an analysis of the recent
development of Fintech enterprises to show not only opportunities but also
challenges for the operation of the banking system in the future. From that,
some solutions are proposed to enhance the cooperation between Fintech
enterprises and banks in the context of the current industrial revolution 4.0