Regtech World Tour: Asian Chapter Ho Chi Minh City 23 Nov 2017 RegTech in Asia Opportunities & Challenges Manfred K. Otto Duane Morris Vietnam LLC 2017 Duane Morris LLP. All Rights Reserved. Duane Morris is a registered service mark of Duane Morris LLP. Duane Morris Firm and Affiliate Offices: New York London Singapore 2010 Los Angeles Duane Morris Chicago LLP. Houston All Rights Reserved. Hanoi Philadelphia Duane Morris San is a Diego registered San service Francisco mark Baltimore of Duane Morris Boston LLP. Silicon Valley Washington, D.C. Duane Morris Las Vegas Firm and Atlanta Affiliate Miami Offices Pittsburgh New York Newark London Singapore Oman Boca Los Raton Angeles Wilmington Chicago Houston Cherry Hill Hanoi Myanmar Philadelphia Lake San Tahoe Diego Ho San Chi Francisco Minh City Baltimore Shanghai Boston Yangon Washington, Taipei D.C. Las Vegas Atlanta Miami Pittsburgh Newark Boca Raton Wilmington Duane Morris Cherry LLP Hill A Delaware Princeton limited Lake liability Tahoe partnership Ho Chi Minh City Duane Morris LLP A Delaware limited liability partnership Duane Morris an International Law Firm 1904 founded in Philadelphia 2007 Hanoi and Ho Chi Minh City offices 30 Offices worldwide and about 800 lawyers Regularly top-ranked by Chambers & Partners, Legal 500, ILFR1000 etc. 2 motto@duanemorris.com 1
3 Source: Bloomberg, 1 Dec 2016; Fintechnews Singapore, 15 June 2017 Image: d2tyltutevw8th.cloudfront.net Regtech Opportunities in Asia AML / KYC compliance e-government Tax, Customs, Courts, Business Registration, Land Registration, Immigration... Reduce processing times and corruption Benefits not just financial institutions 4 motto@duanemorris.com 2
Regtech Challenges in Asia Coordination: regulators and private sector Industry 4.0 Disruption 5 AML Compliance Costs in Asia 6 motto@duanemorris.com 3
7 8 motto@duanemorris.com 4
Duane Morris Vietnam LLC AML Regulations in Vietnam Apply to a broad spectrum of transactions Banking Payment services Money exchanges Securities Casino/ gaming Precious metals Real estate and other transactions 9 KYC: Indonesia National ID data security 10 Source: www.biomorf.co.id motto@duanemorris.com 5
Statutory KYC Requirements in Vietnam Individual Full name Date of birth Nationality Occupation/ position Phone number National ID card or passport (incl. date and place of issuance) Permanent address and current address Visa (in case of a foreigner) Organization Transaction name in full and abbreviated form Head office address Phone number/ fax Business lines KYC info about the individual (see left box) who established and/or is representing the organization Beneficial Owner? 11 Art. 4, Decree No. 116/2013/ND-CP e-government: Vietnam history 12 Source: Do Lap Hien, E-Government Center AITA, MIC (Vietnam) motto@duanemorris.com 6
e-government: Vietnam now e-customs (VNACCS/VCISC) e-tax payment e-business registration Human Automation 13 e-court: Singapore, Korea Japan? e-case Management e-filing e-trial 14 motto@duanemorris.com 7
Wish List Regulators Understand technology and user realities Developers Understand regulations and user needs Users Learn to use technology safely 15 Contact Duane Morris Vietnam LLC Ho Chi Minh City Office Suite 1503/04, Saigon Tower 29 Le Duan, District 1 Ho Chi Minh City Vietnam Hanoi Office Pacific Place, Unit V1307/1308 83B Ly Thuong Kiet Street Hoan Kiem District, Hanoi Vietnam Manfred K. Otto Senior Associate Direct: +84 28 3824 0236 Email: MOtto@duanemorris.com motto@duanemorris.com 8