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Mobile Money in Vietnam Paves the Way for New Sandbox Initiatives

The trial Mobile Money service approved by the Prime Minister will set a precedent for applying a “sandbox” scheme for new services and professions in the digital society. Sandbox is a controlled institutional framework applied to new technologies, products, services, and business models. It is an environment for technology firms to try their new technological apps and business models. After the trial period, management agencies will review the trial implementation and then accept or reject it.

Using laws to set rules to deal with new issues arising from the application of new technologies is a challenge. As per a press release, the apps may have a rapid impact on society that management systems may not be able to keep up with. Many traditional business fields have changed, and businesses have to utilise technology to work more effectively. It is impossible to manage new services and business models within the existing framework because policies tend to lag behind practices. Therefore, a sandbox model is more advantageous.

According to an industry expert, it is impossible to demand state management agencies to create policies for the future. Many countries apply sandbox policies to encourage enterprises to develop new business models, with certain limitations in deployment. The Prime Minister has put into effect the pilot implementation of Mobile Money services – making payments for small-value goods and services with telecom accounts. The pilot programme will last two years.

This is the first service that the government has applied the sandbox mechanism managed by several ministries and branches. The government hopes the service will contribute to the development of non-cash payments, and promote the access and use of financial services, especially in rural areas. Businesses can only provide Mobile Money to remit money and make payments for legal goods and services in Vietnam in accordance with current laws. Mobile Money is only applied to domestic transactions with a monthly transaction value limit of VND10 million (US$4,397).

Vietnam is not the first country that has accepted a new technology platform, but experts said that it has an advantage by learning lessons from predecessors. In Vietnam, the proportion of credit card users is still low, but mobile subscriber density is very high. 99% of transactions with a small value of below VND100,000 (US$4) are carried out in cash. Mobile Money will be a strong solution to promote non-cash payments in society.

The Minister of Information and Communications stated that Mobile Money is a convincing example that shows that telecom carriers can become platforms for many things, not only telecom infrastructure. They can become platforms for data, computing, digital content, authentication, IT services, and the Internet of Things (IoT).

Mobile Money is expected to help Vietnam become a digital society. The project is the first sandbox involving many ministries and sectors to be piloted to meet the needs of society. It will pave the way for more sandboxes to be applied to other new services and business models in the future. He added that Mobile Money is a great opportunity for mobile network operators to build an ecosystem to accelerate digital transformation.


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