DANANG: Danang has set a target of having at least five financial technology (fintech) businesses with revenues of over one trillion dong or about US$39.8mil yearly and at least two or three of them employing 1,000 people by the end of 2030.
The targets are part of the Danang City People’s Committee‘s recently announced orientations and solutions for the development of the finance-banking industry over the 2021-2030 period, with a vision to 2050.
Da Nang sees the application of science, modern technology and innovation coupled with the development of high-quality human resources as the main and key drivers for rapid and sustainable development, improving competitiveness, shortening the gap in the development level of the city’s finance and banking industry compared to major economic centres in the country and the region.
The city is aiming to employ all resources to promote the development of the financial system in the 2021-2030 period, working to build Danang into a regional financial centre before 2050.
The city’s goals are for an average growth rate of 8% to 8.5% a year in the 2021-2030 period, average credit growth of between 12% and 13% a year and the ratio of outstanding credit to gross regional domestic product of 2.2 to 2.5 times.
Da Nang City will gradually enhance its position in financial-banking forums, drawing the presence of branches and representative offices of at least two to three commercial banks in the top 100 largest banks, in terms of total assets, in the Asian region.
In addition, Danang wants to have at least 80% of adults using electronic payment services by 2030, with the proportion of cash in total means of payment below 30%.
At the same time, the city expects to attract one or two world-class businesses, between three and five leading fintech companies invested in the city and to establish at least one, and up to three start-ups in the field with a value of over US$1mil.
To develop the fintech ecosystem, Danang has researched and proposed to the government to apply a sandbox-testing mechanism directly in the area, associated with an innovation and creativity support mechanism to attract more domestic and foreign fintech businesses.
Danang will form fintech innovation centres in the city at software and centralised information technology parks.
Da Nang also continues to implement goals for telecommunications and transmission line of the Danang City Digital Transformation Project.
The city encourages technology corporations to invest in data centres to serve fintech businesses with guaranteed network security.
The city also encourages training institutions to promote in-depth training in financial technology, digital banking, eCommerce, and information technology management.
It should include training at both undergraduate and postgraduate levels and cooperation with financial and banking institutions to develop enrolment targets consistent with market needs.
In addition, the city will arrange land (two available land plots with an area of 6.17ha and 9.7ha, respectively) to form a number of business centres associated with financial symbols of the city, forming an ecosystem. — Viet Nam News/ANN
