The Da Nang delegation, led by municipal Party Committee Secretary Nguyen Van Quang, had a working session with Yuanta Securities Asia Financial Services in Singapore on Tuesday.

The Da Nang delegation (right) working with Yuanta Securities Asia Financial Services.

Secretary Quang informed that Da Nang will concentrate on developing a specialised model based on three main pillars: international finance, aiming at international trade finance and green finance; financial technology innovation (fintech), implementing a controlled sandbox testing mechanism for startup projects in the fields of blockchain, digital payment, new generation artificial intelligence-based financial solutions; and commodity trading floor for agricultural products, minerals, metals, etc.

At the same time, the central coastal city of Viet Nam will develop investment support services, business development and utilities to create a diverse financial ecosystem combining an international financial centre and world entertainment.

The city leader asked for help from leaders of Yuanta Securities Asia Financial Services to propose financial products as well as a legal framework suitable for the development orientation of the Da Nang International Financial Centre.

For his part, Mr. Tai Pei San, CEO of Yuanta Securities Asia Financial Services, expressed his impression of Da Nang's development strategy. He also commented that Da Nang boasted great potential to become a financial centre of the region and appreciated the city’s initiative in finding a model suitable to its strengths.

Building a sandbox for new financial products and businesses to test innovative financial solutions in a supervised environment will promote the development of fintech, digital asset trading, and non-traditional financial models, he noted.

Da Nang Party Committee Secretary Nguyen Van Quang (right) and a leader of Yuanta Securities Asia Financial Services

Mr. Tai Pei San also recommended that Da Nang consider developing offshore banking services to serve international customers. He emphasised the importance of a flexible legal framework that still ensures stability, creating trust for investors and international financial enterprises.

He, therefore, underlined a necessity for the city to have unified licensing mechanism to simplify administrative procedures, offering the best conditions for financial institutions to operate effectively in the city.

The two sides also agreed to continue to discuss and study specific cooperation opportunities, as well as share experiences in developing the financial market.

Mr. Quang took the opportunity to invite leaders of Yuanta Securities Asia Financial Services to visit and conduct a field survey in the city.

Reporting by Working delegation - Translating by M.DUNG