Mô hình cho vay ngang hàng và một số vấn đề pháp lý đặt ra cho việt nam

MO HINH CHO VAY NGANG HANG
VA MOT SO V A N D E PHAP LY DAT RA CHO VIET NAM
Tran Thi Dien
Tom tat: Trong nhieng ndm gdn day, ngdnh cdng nghe tdi chinh (Fintech Financial Technology) dd phdt trien nhanh chdng a nhieu qude gia, trong do cho vay
ngang hdng Id mdt md hinh kinh doanh diin hinh. Tgi Viet Nam, cho vay ngang hdng
ngdy cdng trd nen phd biin trong thuc tien, tuy nhien ede nghiin cuu khoa hpc ve ITnh
vuc ndy vdn chua nhieu. Bdi viet nhdm cung cdp gdc nhin khdi qudt vd ca bdn nhdt vi
hogt dpng cho vay ngang hdng, cdc quy dinh phdp ludt diiu chinh vdn di ndy tgi mpt sd
quoc gia cung nhu dua ra mdt sd de xudt tie thuc trgng khung phdp ly diiu chinh ddi vdi
cho vay ngang hdng a Viet Nam hien nay.
Abstract: In recent years, financial technology (Fintech) has grown rapidly in many
countries, including Peer-to-Peer lending (hereinafter referred to as P2P lending as a
typical business model. In Vietnam, P2P lending is becoming widespread in practice,
however, scientific research articles in this field are still limited. The article aims to
provide a general and basic view of peer-to-peer lending, legal provisions governing
this issue in some countries as well as recommendations given the state of the legal
framework on P2P lending in Vietnam.
1. Qua trinh hinh thanh vd phat trien
Cho vay ngang hang [Peer - to - Peer
Lending (P2P Lending)] dugc hieu la viec
su dung cdng nghe tai ehinh de ket ndi
nhung ngudi dang tim kiem ngudn vdn vdi
nhihig ngudi cd tien ddu tu ma khdng su
dyng dich vu cua mdt td chue tdi chinh
chinh thuc lam trung gian.
Anh va Hoa Ky dugc xem Id hai qude
gia di ddu frong viec hinh thanh nen tdng
P2P Lending. P2P Lending xudt hiSn Idn
ddu tien tai Anh nam 2005 vdi cdi ten Zopa,
cd try sd tai Vuang qude Anh. Zopa duge
cdng nhan Id td chue cung cap nen tdng P2P

ddu tien fren the gidi. Tai Hoa Ky, ra mdt
gidi tdi chinh vao nam 2007, Cau lac bd cho
vay (Lending Club) dugc xem la td chue
dilu hanh P2P Idn nhdt the gidi, edu lac bd
' Sinh vien Khoa Luat Thuang m^i, Trudng Dai hpc
Luat Tp. H I Chi Minh.

nay da tai trg khodn vay fri gid ban 20,6 ty
USD vdo thdng 6/2016^
Mac du kinh doanh cho vay P2P khdng
bdt ngudn tai Trung Quoc, nhung ngdnh
cdng nghiep P2P tai qude gia nay cd mdt sy
tang tmdng ddng kinh ngac. Theo dii lieu
cua Wangdaizhijia da cd 1.553 nen tdng cho
vay P2P frong hoat dpng binh thudng d§n
nua ddu nam 2017^. Tdng khdi lugng giao
dich cua cac nen tdng cho vay P2P da dat
4.648 nghin ty nhdn ddn te (RMB). Trong
nua ddu nam 2017, khdi lugng tien cua
ngudi vay va nhd ddu tu tryc tuyen Idn lugt
' ThS.Vii Xuan Thanh, '^'^Cho vay ngang hdng: Thuc
ti vd ky vong". Tap chi Thi trudng tai chinh tien t6,
/>-thuc-te-va-ky-vong-23198.html, truy cap ngay
9/11/2019.
^ Pingfan Song, Yunzhi Chen, Zhixiang Zhou and
Huaqing Wu, Peer-to-Peer Online Lending
Platforms in China, 'dzj.com, truy cSp
ngay 9/11/2019.

75

NHA NUOC VA PHAPLUATSd

3/2020

dat 4,32 tiieu EIMB vd 8,3 ttieu RMB. NIU
so sdnh vdi Cdu lac bd cho vay duge dat tai
Hoa Ky^ de dang thdy rang, sy tang tradng
cua nganh cdng nghiep P2P tai Trang Qude
nhanh hon nhieu so vdi Lending Club tai
Hoa Ky.
6 cdc nude ASEAN, noi cho vay P2P
vdn cdn d giai doan non tre (chua den 0,1%
cdc khodn vay cd ngudn gdc thdng qua cho
vay theo hinh thuc P2P)'^. Theo dii lieu cua
Tracxn, tinh den thdng 12/2017 cd 54 cdng
ty cho vay ngang hdng hang dau trong khu
vyc ASEAN, chiem 8% thi tradng Fintech^.
Mdt sd nude ASEAN cung da ban hdnh
hodc dang cd nghien ciiu va hodn thien de
ban hdnh khuon khd quy dinh ve cho vay
ngang hang. Vdi mdt he sinh thai ky thuat
sd vdng chdc, Singapore dugc coi la noi cd
dieu kien tdt nhdt de frd thdnh mpt trang
tdm hang ddu phdt trien cho vay ngang bang
trong ASEAN. Co quan Ti6n te Singapore
(Monetary Authority of Singapore - MAS)
la CO quan quy dinh dieu kien boat dpng
ngdnh P2P Lending vd nen tang gdy quy

edng ddng ndy cdn cd vdn, gidy phep dieh
vy thi tradng de hoat ddng tai qude gia
ndy^. Ndm 2016, Ngdn hdng Tmng uang
Thai Lan ban hanh Cdm nang trien khai
Khudn khd phdp ly thd nghiem eho vay
^ , truy cap ngay 9/11/2019.
•" Henry Lim (2016), "The Future OfP2P Lending In
Southeast Asia", The Medium, />Publication/vwLUAssets/ey-state-of-tintech-in-asean
/%24File/ey-state-of-fintech-in-asean.pdf, truy cap
ngay 9/11/2019.
^ BBVA report (2017), "FinTech in Emerging
ASEAN: Trends and Prospects", https ://www.bbvare
search.com/wp-content/uploads/2017/07/June-2017ASEAN-Fintech-Trendsl.pdf,
truy
cap
ngay
10/11/2019.
^ Umted Overseas Bank Limited, "Sate of Fintech in
Asean",
com/Publication/vwLUAs
sets/ey-state-of-fintech-in-asean/%24File/ey-state-offintech-in-asean.pdf, tmy cap ngay 10/11/2019 .

76

ngang hang. Ndm 2017, Co quan Qudn ly
dich vy tdi chinh cua Indonesia da ban hdnh
cdc quy dinh vl cho vay ngang hang...
Thdm chi, mdi ddy, Co quan nay cdn edng
bd mdt danh sdeh khodng 200 doanh nghiep
cho vay ngang hang bdt hgp phap dang hoat

dpng tai nude nay.
6 Viet Nam, thi tmdng P2P Lending
mdi hinh thanh, theo thdng ke dugc Trang
Ngan hdng
tara Nghien cim kinh tS
Thuang mai Cd phdn Hdng hdi Viet Nam
(MSB) cho thdy, hien cd 40 cdng ty cho vay
ngang hang (P2P Lending) dang boat dpng.
Trong sd dd, cd cdc cdng ty cd ngudn gdc tii
Trang Qude va mdt sd cdng ty tu Indonesia
va Singapore tieu bi6u nhu Lenbiz, Tima,
Megalend... Nhieu md hinh P2P Lending
boat ddng khd hieu qud, nhdt la nhimg cdng
ty cho vay nhdm vdo phdn khuc doanh
nghiep nhd vd vua (SME)^.
2. M6 hinh cho vay ngang hang
Den nay, cd rdt nhieu khdi niem ve P2P
Lending. Theo Miriam Segal (2015), P2P
Lending Id mdt lua chgn de tang vdn dugc
thuc hien bdi Internet, la sy ket hgp giira
gdy quy cgng ddng (tap hgp sd lupng nhd tu
nhieu nha ddu tu) va cho vay fren thi
tradng^. Mpt khdi niem khdc, P2P Lending
Id viec ket hgp giila ngudi vay vd nha ddu
tu thdng qua mot nen tang tryc tuyen vd nha
dieu hdnh P2P, vdi tu cdch Id dai ly cho cdc
nhd dau tu vd thu hdi ng cua ngudi vay^.
Gdn ddy, P2P Lending dugc gpi la cho vay
^ Hoang Thj Duyen, D6 Thi Tuyet Mai, Cho vay
ngang hdng tren the gi&i vd thuc tien tgi Viet Nam,

Tap chi Tai ehinh, ky 1, thang 4/2019, tr. 31.
^ CJ Todd, />blog/christine-kymn-and-minam-segal-discuss-peerto-peer-lending, truy c§p ngay 10/11/2019.
^ Davis & Murphy (6/2016), ASSA Paper, P2P
Lending: Structures, risks and regulation. Tap chi
Jasssa The Finsia Journal of Applied Finance, tr. 5.


MO HINH CHO VAY..

tren thi tnrdng (Marketplace lending) hoac
cho vay nen tdng tryc tiiyln - Id mpt nganh
cho vay phi ngdn hang su dung edng nghe
tai chinh sang tao dl cho vay ddi vdi ngudi
tieu dung vd doanh nghiep nhd'**.
^ Nhu vdy, P2P Lending la md hinh kit
ndi trye tuyin giiia ngudi cho vay va ngudi
di vay, dugc xdy dung fren cdng nghe chudi
khdi (block chain) ma khdng phai thdng qua
bat ky trung gian tdi ehinh ndo. Theo do, se
cd mpt cdng ty P2P Lending cung cdp nIn
tang giao dich tiirc tiiyln (platform) dl
ngudi di vay kit ndi true tiip vd thyc hien
giao dieh vay mugn ngudi eho vay. Todn bd
boat ddng vay, frd ng (gdc, lai) giua ngudi
di vay va ngudi cho vay dugc nIn tdng giao

dich tryc tuyin do ghi nhan vd luu trii bang
cdc bdng dien tu, sd hod.
P2P Lending dugc van hanh theo mpt
ca che vdi ede can phdn bao gdm nha dau tu

hoac ngudi eho vay, nen tdng P2P Lending
va ngudi vay.
Cd the thdy, neu nhu ede ngdn hang
thuang mai Idy chenh lech lai sudt lam Igl
nhuan thi cdc cdng ty cung cdp P2P Idy phi
qudn ly thdng qua xep hang tin dyng, ddnh
gia, qudn ly rui ro dya vdo cdc dvc lieu ddu
vdo (Big Data), tu do tdc ddng tryc tiSp den
quyet dinh cua cac ben frong giao dich eho
vay ngang hdng nay.
Dudi ddy la sa dd minh hpa cho mdt
giao dich cho vay ngang hdng^^:

[ TlMnhiBinainvarlitogitiaiig [

[ THinhWtollhivayliiHgeitog [

( *—I....

fill

Ifnh cho vsr

I BaoMaiv»n

ChmrfeiBfaidio'

Theo md hinh fren se c6 ba chu the lien
quan den giao dich, bao gdm:
2.1. Bin cho vay (Investor)

Ben cho vay frong giao dich cho vay
ngang hdng thudng la cdc nha ddu tu la td

chue hoac cd nhdn cd ngudn vdn nhdn rdi.
Thay vi dung tien de gui tiet kiem hodc
chung chi tien gui ghi danh vdi lai sudt
thdng thudng, hp dung sd tien do de ddu tu
cho cdc khodn vay vdi Igi nhuan cao ban.

<
' • David W. Perkins (2018), Marketplace Lending:
Fintech in Consumer and Small-Business Lending,
Congressional Research Service R44614-Version 4,
Washington, D.C., United States.

" Quang Thang, Ai chiu thiet Ion nhdt trong giao
dich vay online lai sudt tdi 700%?, https://news.
zing.vn/ai-chiu-thiet-lon-nhat-trong-giao-dich-vayonline-lai-suat-toi-700-post880903.html, truy cap
ngay 10/11/2019.

77


NHA NUdc VA PHAPLUATSd 3/2020

Sy da dang frong viec chpn lya cac gdi cho
vay ciing giup cho nha ddu tu hodn todn cd
the chu ddng dua ra cdc quyet dinh dau tu
dya fren diem ddnh gid tin dung vd "sd
thich" cua minh.

2.2. Bin di vay (Borrower)
Trong giao dich cho vay ngang hang
ben di vay thudng Id cac ca nhdn, td chuc cd
nhu cdu su dung vdn, nhung khdng cd khd
nang tiep can vdn hodc ban che frong viec
dap ling cae dieu kien de dugc eho vay tu
cdc td chue tin dung. Dien hinh la cdc doanh
nghiep SME, hg rdt khd khdn frong viec
chung minh nang lyc tai chinh cung nhu
dua ra cdc bien phdp bao ddm cho khodn
vay. Mpt ddi tugng nda md thi tradng cho
vay ngang hdng mudn hudng den Id nhdm
khdch hang cd nhdn, ddi vdi nhdm nay nhu
cdu su dung vdn thudng Id ehi cho tieu dung
cd nhdn hoac mua sdm cdc frang thiet bi
phuc vy eho gia dinh.

vay nen hp khdng nhdt thiit phdi cd tdi sdn
ddm bao bu ddp rui ro, do vdy hp khdng
chiu frach nhiem nil ro tin dung ma ehi dnh
hudng bdi xIp hang danh gid tin nhiem tu
khdch hdng vay cung nhu ben eho vay. Lgi
nhuan thu dugc tii hinh thuc kinh doanh ndy
chinh Id khoan phi giao dich ma cdc ben
phaifrdeho nha cung cdp khi thye hien giao
dich hodn tdtfrennen tang ndy.

2.3. Ben eung cdp dieh vu P2P
Lending
Cac doanh nghiep cd chuc nang cung

cap giai phdp cdng nghe va tu vdn ddu tu,
hd frg tdi chinh Id cdc ben cung cap dich vy
P2P Lending. Hien nay, tai Viet Nam cdc
don vi eung edp nen tdng cho vay P2P deu
Id cdc doanh nghiep dang ky ngdnh nghe
kinh doanh tu vdn qudn ly^^ nhu Cdng ty Cd
phdn Ddi mdi cdng nghe tai chinh Fiin,
Cdng ty Cd phdn Lenbiz... Doanh nghiep
kinh doanh dich vy cho vay ngang hang
khdng ddu tu bat ky ngudn vdn nao cua hp
cho cdc khodn vay fren nen tang P2P, ddng
tien chi ludn chuyen giiia Ben cho vay vd
Ben di vay. Doanh nghiSp nay cung chi Id
trang gian ket ndi gida ngudi di vay vd cho

(ii) Md hinh thu dpng: Cdc nhd ddu tu
se lya chpn loai rui ro, thdi gian ddo ban, he
thdng se danh gia rui ro, ddnh gid cdc tieu
chi nay de ghep ndi vdi danh sach ngudi di
vay phii hgp. <3 md hinh ndy, nha dau tu chi
tiep can thdng tin d mue co bdn, vi vdy, tinh
nii ro cao ban, nen thdng thudng khi chpn
loai hinh ndy cdc nhd ddu tu se xdy dyng
mdt quy du phdng cho minh.
3. XSn va nhirgc diem cua cho vay
ngang hang
So vdi phuang thuc cho vay trayen
thdng, md hmh ndy khdng chi ddi mdi ve
phuang thuc, ma cdn gian luge thu tyc cho
vay, tiet kiem thdi gian, chi phi... Ddng thai,

lai sudt cho vay lai thdp hon lai sudt ngdn
hdng trayen thdng, cdc dieu khodn cho vay

'•^ Https://dichvuthongtin.dkkd.gov.vn/in£'Forms/Sea
rches/EnterpriseInfo.aspx?h=923c, truy cap ngay
9/11/2019.

'^ Dang Van Dan, Cdch thicc vgn hdnh, diiu tiit thi
truang cho vay ngang hdng trin thi gi&i. di xudt cho
Viet Nam, Tap chi Ngan hang, s6 4, 2/22019, tr. 51.

78

Can cu vao dinh nghTa cua Morphy,
hien cd 2 md hinh P2P Lending phd bien
fren the gidi'^:
(i) Md hinh chu ddng: P2P trayen thdng
frong do cdc nen tdng ddng vai frd ket ndi,
viec thyc hien giao dich do hai ben quyet
dinh. Nha cung cdp chi latirunggian: Van
hdnh qudn ly he thdng va danh gid nii ro.
Cdc nha ddu tu xem xet thdng tin lien quan
den dp tin cay cua ngudi di vay nhu thu
nhdp hdng ndm, muc dich vay vdn vd dac
diem nhdn than...


MO HINH CHO VA Y..

dugc cdng khai rd rdng, minh bach. Dac biet,

sue hdp ddn ddi vdi ngudi di vay chinh la
tiem nang tiep cdn tin dung, ngay ca tiiidng
hgp neu hg bi tii chdi bdi nhihig ben cho vay
tiiiyen thing nhu: Ngdn hdng, cdng ty tdi
chinh... Trong khi do, cdc nhd ddu tir bi thu
hut bdi chinh lgi nhuan tu khodn tiln cho
vay do ve mat trayin thdng ddy Id "san choi"
rieng cho cdc td chuc tin dung, lgi nhuan cao
dieu chinh theo rui ro, ngoai ra nha ddu ttr
cdn dupe phep ddu tu vao nhiing loai tdi sdn
md ben di vay dua ra va cdn cd kha ndng
hudng lgi tu phi bdo hilm nang sudt lien
quan^". Ngudi cd tiln nhan rdi cd thi tiip
can dl ddng, nhanh chdng kenh ddu tu cd lgi
tuc cao, dugc tu chu vd minh bach trong viec
lya chpn eac khoan vay de ddu tu.
Tuy nhien, he thdng eho vay ngang hang
mdi chi cd lich su hinh thanh va boat dgng
chua ldu de cd the kiem chung tinh an todn
vd xdy dyng niem tin. Theo hudng ddn cua
ORCA (mdt nen tdng P2P Lending uy tin tai
Anh), nii ro trong cho vay ngang hdng dugc
phan loai thanh ndm nhdm, bao gdm'^:
(i) Rui ro trong thue hiin giao dich
(Performance Risk): Dieu ndy thi hien tren
hai phuong dien: Thu nhdt, thdng tin tu cdc
chu the tham gia va an ninh mang. Do tinh
chdt dn danh eao nen khd ndng gian lan hay
lua ddo Id dieu khdng franh khdi. Viec danh
gid nii ro cho giao dich phy thudc hoan toan

vdo thdng tin ma cac ben dua ra. Nhieu
tradng hgp ngudi di vay cd tinh dua thdng
tin sai lech sau do thdng bao Idm vdo tinh
frang mdt khd nang thanh todn nham chiem
=" Davis & Murphy (6/2016), ASSA Paper. P2P
Lending: Structures, risks and regulation, Tap chi
Jasssa The Finsia Journal of Applied Finance, tr. 5.
'^ Peer to Peer Lending Investor Guide, ORCA
money, tr. 15, />loads/P2P-Lending-Guide-2018.pdf, truy cap ngay
10/11/2019.

doat tai sdn cua nhd ddu tu. Thu hai, vdn de
bdo mat vd an todn thdng tin, dieu nay da
dugc nhdn manh trong bdo cdo cua Nesta
nam 2015, an ninh mang la mdt frong
nhiing rui ro chinh ddi vdi ngdnh nay'^.
(ii) Rui ro tie nen tang (Platform Risk):
Cho vay ngang hang dya tren nen tdng cdng
nghe nen se khdng the franh khdi rui ro khi
van hanh. Dieu nay xdy ra khi phdn mem bi
loi hoac ngung hoat ddng, bi hacker tan
edng hoac trudng hgp nhd cung cdp dich vu
nit khdi thi tradng ndy. Tdt ca cdc thdng tin,
dii lieu ve nhd ddu tu vd khdch hang diu
dugc luu tru frong nen tang cdng nghe nay
nen nguy co bi xdm pham lgi ich, thdm chi
chiu tdn thdt ddi vdi cdc ben la vd cung Idn.
Trong bao cao nam 2015 eua Nesta, td chdc
ndy ddnh gid an ninh mang Id yiu td then
chdt trong cho vay ngang hang'^.

(iii) Rui ro thi trudng (Market Risk):
Viec cdn ddi rauc lgi nhuan cho nhd ddu tu
va lai sudt thdp cho ngudi di vay khien
nhieu nhd ddu tu khdng "man ma" vdi lai
sudt d fri tradng nay so vdi nhihig linh vye
ddu tu mao hiem khdc. Ben canh do, ti le
thdt nghiep tang cao d radt sd qude gia cung
se ti le thudn vdi nguy co vd ng gdy tdm li
bdt an cho nha ddu tu khi tham gia giao dich
cho vay ngang hang. Nhu mpt he qua cua
"hieu ung cdnh budm" frong kinh doanh,
khi mdt sd md hinh P2P Lending non tre
that bai ciing se tdc dpng khdng nhd den uy
tin cua nhdng doanh nghiep P2P Lending
dang kinh doanh khac.
'^ Peer to peer lending report, Nesta, tr. 30,
/>assets/common/downloads/Peer%20to%20Peer%20
Lending%20Report.pdf, truy cap ngay 10/11/2019.
' ' Bryan Zhang, Peter Baeck, Tania Ziegler,
Jonathan Bone and Kieran Garvey, The 2015 UK
alternative finance industry report. University of
Cambridge and Nesta, 2/2016, tr. 38.

79


NHA NUdc VA PHAPLUATSd 3/2020

(iv) Rui ro thanh khoan (Liquidity
Risk): Do tinh chdt cua P2P Lending Id

khdng the huy ngang nen khodn vay chi dugc
hoan frd khi den han. Khd ndng thanh khodn
ed the gia tang frong tradng hgp khodn vay
dupe chuyen giao cho mdt nhd ddu tu mdi
neu nen tdng P2P Lending do cd quy md du
Idn cho thitiiidngthit edp phdt trien.
(v) Rui rophdp ly (Legal Risk): Ddy cd
thS xem la rui ro cdn dugc cdnh bdo cao d
nhieu qude gia vdi thi trudng P2P Lending
cdn mdi noi, dien hinh nhu Viet Nam. Mdt
khi Nhd nude chua ban hdnh cac quy dinh
phap ludt cu the de tryc tiep dieu chinh vd
cdng nhdn loai hinh kinh doanh ndy se ddn
den viec mdt sd cd nhdn, chu the lgi dyng de
bien tudng P2P Lending: Tin dung den, lai
sudt khong cdng bdng, lira ddo..., xdm
pham den quyen vd lgi ich cua cdc chu the
tham gia giao dich cho vay ngang hang.
4. Quy dinh ve hoat ddng cho vay
ngang hang tai mot so quoc gia
De tao dieu kien cho sy phdt trien cua
ngdnh cdng nghe P2P Lending eiing nhu gia
tdng ca che giam sat va quan ly, dieu tiet thi
trudng, ban che tdi da rui ro cho cdc chu the
tham gia vdo tri tradng P2P Lending, nhieu
qude gia tren thg gidi dd sdm ban hdnh ede
quy dinh dieu ehinh ddi vdi boat ddng nay.
Tgi Anh, Co quan qudn ly tdi chinh
Vuong qude Anh (FCA) Id co quan qudn ly
tryc tiep boat dgng ndy. Che do hien ap

dyng eho nen tang P2P ehu yeu dya fren
Quy tdc he thdng vd kilm sodt (SYSC), quy
tdc dng xu frong kinh doanh (COBS) vd quy
tac do chinh co quan nay ban hdnh. Nguyen
tdc cho doanh nghigp P2P Lending dya tren
mdt sd yeu cdu eu the nhu sau'^:
'^ Dieu 2.9 Chuong 2, Terms of Loan-based (peer-topeer) and investment-based crowdfunding platforms.

80

(i) Tinh hieu qud tdi thiiu de ddm bdo
khd ndng tdn tai lien tyc cho nen tang bao
gdm cdc yiu td: Vdn, trinh do qudn li, cdng
ngh6.
(ii) Phuang an khdc phyc dl ddm bdo
cdc khodn vay hien tai tiep tuc dugc qudn ly
frong tmdng hgp Idi nen tdng.
(iii) Cdc quy tdc ma ede nIn tdng phai
tudn theo khi giii tiln cua khdch hdng de
giam thieu rui ro, mdt tiln do gian lan, su
dyng sai, bode so sudt frong luu giii hd so
(Qu5' du phdng nii ro)...
(iv) Yeu cdu bao cdo den FCA li§n
quan den tinh hinh tai chinh eua hg, nam
giii tien cua khach hang, khieu nai...
Mdt khi dap ung dugc cac yeu cdu quy
dinh nen tdng P2P Lending se dugc cdp
phep de boat ddng.
Tgi Uc, Ludt Dich vu tdi chinh va Ludt
Tin dyng quy dinh cae nhd cung edp sdn

pham cho vay fren thi tradng vd cac dich vu
lien quan thudng se cdn phai cd: Gidy phep
dich vy tdi chinh (AFS) vd Gidy phep tin
dung Uc ndu cac khoan vay dugc thyc hiSn
qua nen tdng Id cho vay tieu dung (vi dy
nhu cho vay ddi vdi cd nhdn cho cdc muc
dich frong nude, cd nhdn hoac hd gia dinh).
Cdng nhu cac san phdm tdi chinh khde dugc
quy dinh theo Dao ludt Tdng cdng ty ndm
2001 (Dao ludt Tdng cdng ty), cd cac yeu
cdu de ddm bao rang cdc nha ddu tu ban le
cd quyen tray cap vdo thdng tin ddy du de
dua ra quyet dinh ed can cd vS vi§c cd nen
ddu tu hay khdng. Ngoai ra, cdn cd cdc yeu
cdu rang, cdng bd thdng tin va tdi lieu quang
cdo khdng dugc bao gdm bdt ky bieu hien
lua ddi hoac lira ddo nao'^.
2018, />on/cp 18-20.pdf, tmy cap ngay 12/11/2019.
'^ Marketplace lending (peer-to-peer lending)
products, , truy cap ngay
12/11/2019.


MO HINH CHO VAY...

Nam frong khu vuc Ddng Nam A,
Fintech cung la linh vyc mdi phdt tiiln gdn
ddy tgi Indonesia. Ngay khi linh vyc ndy
vua gia nh$p thi tmdng bidonesia, Chinh
phii cda qude gia nay da kip thdi ban hanh

cdc quy dinh dl dilu chinh. Ca quan qudn li
ve Fintech, frong do cd hoat ddng cho vay
ngang bdng chinh la Ca quan Dich vy tdi
ehinh Indonesia (OJK) va Ngdn hang Tmng
uang (BI). Quan diem qudn ly eua chinh
phu Indonesia Id thiic ddy ngdnh tdi chinh
phat frien toan dien, md rdng khd nang tiip
cdn vdn cung nhu da dang hda kgnh ddu tu
cho mpi ddi tugng frong xa hdi. Chinh tu ca
che md ndy nen cdc quy dinh tai Indonesia
ddm bao dugc hai yeu td: Du chat dl qudn li
vd gidm thieu rui ro; dd md dl khdng han
cbl quyin. Quy dinh sd 77/POJK.01/2016
(POJK 2017) ve dich vy cho vay ngang
hang^^, dugc xem la mdt ddu mdc mdi vd
quan frgng frong nganh cho vay P2P, quy
dinh dua ra cac hudng ddn ea bdn dl hd frg
nganh neu rd ede dieu kien thye hien P2P
Lending tai qude gia nay, bao gdm mot sd
npi dimg ndi bat nhu:
1. Loai hinh kinh doanh cda td chiie
cung cdp nen tdng cho vay ngang hang
(P2P) Id edng ty trach nhiem huu ban bode
hgp tdc xa dich vu.
2. Nha cung cdp dugc dinh nghia Id ede
td chuc mang quoc tich Indonesia cung cdp,
qudn ly vd van hdnh dich vu cho vay dya
fren cdng nghe thdng tin.
3. Dan vi tien te frong cdc giao dich cho
vay ngang hang phdi la Rupiah Indonesia

(IDR) vd phai giao dich qua he thdng dien
tu ket ndi Intemet.
^" />angan/peraturan-ojk/Documents/Pages/POJK-Nomor
-77-POJK.Ol -2016/SAL%20-%20POJK%20Fintech
.pdf, tmy cap ngay 9/11/2019.

4. Cdng ddn vd (hoac) phdp nhan nude
ngodi ddu tu tryc tiep vd (hodc) gidn tiep cd
quyen sd huu khdng dugc vugt qud 85%
tdng sd cd phdn.
5. Nha cung cdp phdi dang ky Gidy
chung nhdn vd Giay phep nhd eung cdp
(Regisfration Certificate and Provider
License) tu OJK.
6. Cdc nhd cung cap bat huge phai ddp
ung sd vdn tdi thiiu la 1 ty IDR tai thdi dilm
nop don dang ky vd 2,5 ty IDR tai thdi dilm
y6u cau nhdn Giay phep Nha eung cdp.
7. Cdc nhd cung cdp tham gia vao dich
vu cho vay P2P trudc khi Quy dinh ed hieu
lyc (ngdy 29/12/2016), phdi dang ky vdi
OJK frong vdng sdu thdng (tiic Id vao ngdy
29/6/2017).
8. Cac che tdi dp dyng.
Ngodi ban hdnh cdc chinh sdch, quy
dinh qudn li, Chinh phu Indonesia cdn tao ra
eo che phdi hpp ddi vdi cdc ca quan qudn li.
Theo dd, dd lieu tu cac nha cung cdp P2P
Lending dugc gui din POJK se ddng tiidi
chiu sy qudn li cua BI,frongtmdng hgp cdn

thiet BI se xudt ra dii lieu ddu vao cua minh
cho POJK. Hien nay, Chinh phu Indonesia
dang len ke hoach thdnh lap radt tmng tdm
Fintech de qudn li, nghien cuu vd nhdn y
kien tham vdn tu ede ehuyen gia ddu nganh
ve cdng nghe, tdi ehinh nham giup cho boat
ddng Fintech phdt frien hieu qua tai qude
gia ndy.
5. Mpt so xhn dl phdp ly dat ra doi
vdi Viet Nam
Md hinh cho vay ngang hang hien nay
da vd dang hoat dpng ma khdng chiu sy
dieu chinh cua cdc co quan qudn ly, Id hdng
ndy ddn den tinh frang hi lgi dung bien hinh
thuc cho vay "hgp phdp" sang bdt hgp phap
nhu: Quang cao khdng minh bach, cung cdp

81


NHA NUdc VA PHAPLUATSd 3/2020
thieu thdng tin, lai sudt cao phi thyc tl, ddi
ng "khung bd" dien thoai con ng va ca
ngudi khdng lien quan, dien hinh nhu ung
dyng Mofin^'. Ngodi ra, mdt sd ddi tugng
dn danh va nup bdng giao dich fren ung
dyng de frdn thue, nia tien, tai frg khung bd;
hodc bien tudng de huy dpng tdi ehinh da
cap, chiem dung vdn, lira ddo... tinh frang
nay neu cdng de ldu thi se cang phdt sinh

nhieu hdu qud khdn ludng.
Trong khi do nhu edu tiep can vdn de
md rdng sdn xudt kinh doanh, phdt trien
doanh nghiep rdt Idn. Theo thdng ke cua
Phdng Thuang mai vd Cdng nghiep Viet
Nam (VCCI), hien ed nude cd ban 500.000
SME, chiim khodng 97% tdng so doanh
nghiep dang boat ddng, nhung vdn edn 60%
SME chua tiep can dugc vdn vay^^. P2P ddi
mdi vl phuang thuc giao dich, gia tang khd
ndng tiep can ngudn vdn frong xa hpi, ciing
nhu gdp phdn da dang hda, thuc day sy phdt
trien cua he thdng tin dyng eua mdi qude
gia. Mat khdc, ddy ciing Id gidi phdp hiiu
hieu giup cdn bdng tdi chinh, cd tdc ddng
lam gidm thiiu cac td chiic cho vay nang
lai, cdc quy tin dyng den dang dien bien
ngay cang phuc tap tai Viet Nam neu dugc
quy dinh chat che.
Xet vl bdn chdt, P2P Lending vdn la
giao dich nhdm tao lap radt hgp ddng vay
gida hai ben: Ben vay vd ben cho vay cd
frdch nhiem thyc hien cac nghia vu cua
minh theo quy dinh cua phdp luat^l Ngdy
^' Le Hiiu Viet, Trong phdp ly, cho vay kiiu Mofin
'khung bd' nhiiu nguai, />kinh-te/trong-phap-ly-cho-vay-kieu-mofm-khung-bo
-nhieu-nguoi-1404209.tpo, tmy cap ngay 9/11/2019.
" VCCI (2018), Doanh nghiep khd tiip can vdn,
tmy cap ngay 12/11/2019.
" Dilu 463 Bo luat Dan su nam 2015 v6 Hop d6ng

vay tai san:

82

8/7/2019, Ngan bang Nhd nude (NHNN)
ban hdnh Cdng vdn sd 5228/NHNN-CSTT
gui cdc td chuc tin dung (TCTD), chi nhdnh
ngdn hdng nude ngodi lim y ve hoat dpng
cho vay ngang hang. Theo do, NHNN yeu
cdu cdc TCTD cdn tim hiiu, ndm rd eac rui
ro phdt sinh tu md hinh cho vay ngang hang
dl hudng ddn cho cdc TCTD (bao gdm ed
edng ty con, cdng ty thdnh vien) ve cae rui
ro tilm dn, bao gdm rui ro phdp ly vd cac rui
ro phdt sinh khde tu cho vay ngang hdng.
Tuy nhien, hien phdp ludt Viet Nam chua
dua ra mpt quy dinh phdp ly ndo de dieu
chinh vdn de ndy, phdp ludt dan sy hay
doanh nghiep hien tai khdng du co che de
dieu chmh tryc tiep cdc vdn de ve cho vay
ngang hang: Hinh thuc, dieu kien kinh
doanh cua nhd cung cap, each thiic cdc ben
thyc hien giao dieh, ky ket hgp ddng P2P...
Trong khi do, doanh nghiep cung cdp dich
vy ddng vaifrdtirunggian - khdng tryc tiep
huy ddng vdn, cho vay vd chiu rui ro ng xdu
nen khdng the chiu sy dieu chinh cua Ludt
Cdc TCTD^*.
Theo bao cao mdi nhdt v8 chi so
Fintech todn cdu ndm 2019 cua Emst &

Young {mdt trong bdn hdng kiem todn hdng
ddu the gidi), hien cd 82% ngudi tieu dung
nhan thiic va mudn tim hieu ve dich vy
"Hgp ddng vay tdi sdn Id su thda thudn giiia cdc
ben, theo do ben cho vay giao tdi sdn cho ben vay,
khi din hgn trd, ben vay phdi hodn trd cho bin cho
vay tdi sdn cimg logi theo dung sd luang, chdt lugng
vd chi phdi trd lai neu cd thoa thudn hogc phdp lugt
CO quy dinh ".
^"^ Khoan 12 DiSu 4 Luat Cae TCTD nam 2010 (sua
d6i, b6 sung nam 2017):
"Cdp tin dung Id viic thda thuan de to chicc, cd
nhdn su dung mdt khodn tiin hogc cam kit cho phep
su dung mdt khodn tiin theo nguyen tac cd hodn trd
bdng nghiip vu cho vay, chiit khdu, cho thue tdi
chinh, bao thanh todn, bdo lanh ngdn hdng vd cdc
nghiep vii cdp tin dung khdc".


MO HINH CHO VAY..

thanh todn ngang hang vd chuyin tiln phi
ngdn hang - nhihig dich vu phat triin bdi
Fintech^^ Trang binh mdi ngay cd khoang
2000 don xin vay tai mot cdng ty boat dgng
P2P Lending mdi tiianh Idp^^. Co till thdy
xu the phdt trien cho vay ngang hdng tai
Viet Nam tang tradng nhanh bdi nhihig ly
do chinh sau ddy:

hdng tai Viet Nam, vdi xu thi phdt tri§n
chung tai ede qude giafrSnthi gidi, tac gid
xin neu ra mdt sd kiln nghi ddi vdi boat
dpng cho vay ngang hang nhu sau:
Bdi v&i Nhd nude
Thu nhdt, cdn sdm ddt ra myc tieu qudn
ly rd rang theo hudng md, khuyin khich ddi
mdi sdng tao va phdt trien ngdnh Fintech de
(i) Ddn sd ddng vdi 96 frieu ngudi hdu
ndm bdt co hpi vd cai thien mdi tmdng tdi
hit frong dp tudi lao ddng, thu nhdp dang
chinh hien tai. Phdn tich cac nhdn td anh
tang khd nhanh frong nhung nam gdn day.
hudng den hoat dgng cho vay ngang hdng
(ii) Tdm li ngudi ddn ngdy edng thich
dudi gdc do kinh te vd phdp ly, lya chpn
dung edng nghe tien tien, tiem can cdng
cdch thuc boat ddng pbii hgp vdi di§u kien
nghe 4.0.
Viet Nam hien tai, hpe hdi kinh nghiSm tu
(iii) Kha nang tiep can dich vu tai
cdc qude gia cd dieu kien tuong thich vi dy
chinh-ngdn hdng con d muc khiem tdn so
nhu Singapore, Indonesia, Thai Lan,...
vdi khu vuc (thea Ngdn hdng The gidi, tai
Thie hai, xac dinh co quan qudn ly tryc
Viet Nam mdi chi cd khodng 40% ngudi
tiep, dua ra co che phdi hgp, bien phap qudn
Idn cd tdi khoan ngdn hdng so vdi ty le 80%
ly d cap trung uong va dia phuang: Ngdn

cua Trang Qude hay 74% tai khu vyc ehdu
hang Nhd nude - Bp Ke hoach vd Ddu tu A - Thai Binh Duong; sd lugng giao dich
Bd Tdi chinh...
phi tien mat tai Viet Nam chi dat muc 4,9%,
Thu ba, rd sodt, ddnh gid khung phdp ly
frong khi do ty le ndy tai Trung Quoc Id
hien hanh, ban hdnh cdc chinh sdch dieu
26,1%, Thdi Lan dat 59,7% va Malaysia len
chinh ve boat ddng cho vay ngang hang.
din 89%)".
Trong bdi canh cdc vdn de mdi dang lien tue
phdt sinh td each mang cdng nghiep 4.0,
(iv) Ngdnh cdng nghe thdng tin ndi
nhiSu qude gia deu nd luc tim kiem phuong
ehimg va cdng nghe tdi ehinh ndi rieng dang
thue phu hgp de dieu chinh vd Regulatory
phdt trien nhanh chdng tai qude gia nay.
sandbox (mdi tradng phdp ly thu nghiem
Trade nhihig vdn de edn bd ngd frong
cdng nghe) Id mdt cdng cy qudn ly dugc
CO che qudn ly boat ddng eho vay ngang
niiieu quoc gia fren the gidi su dyng. Cdch
1dm
ndy cho phep co quan nha nude kiem
^= Global FinTech Adoption Index 2019, Emst &
nghiem, danh gid nhting khia canh cdng
Young, />nghe mdi chua duge phdp ludt dy lieu, dS td
ents/ey-global-fintech-adoption-index-2019,pdf, tmy
cap ngay 12/11/2019. _
do xdy dyng cdc quy tac phdp ly thich hgp,

^* Cat Lam, Bdn chat cong ty tdi chinh tieu diing cd the la cam, cho phep cd kilm soat hoac
khdng xau?, phep ling dyng rdng rai. Gidi phdp phdp
cong-ty-tai-chinh-tieu-dung-khong-xau-757-645050.
ly nay khi dp dyng tai Viet Nam ciing cdn
htm, tmy cap ngay 12/11/2019.
xde dinh ede nguy8n tdc chung, lam ro frdch
^' Tap chi Tai chinh, Dd cd 40 tri$u nguai cd tdi
khodn ngdn hdng, thanh todn di ddng tdng 232,3%, nhiSm cua cac chu the tham gia thu nghiem
nghe, cdn quy dinh vl frach nhiem cua
nguoi-co-tai-khoan-ngan-hang-thanh-toan-di-dongCO quan qudn ly nha nude frong viec giam
tang-2323-314I32.htnil, tmy cap ngay 12/11/2019.

83


NHA NUdc vA PHAPLUATSO 3/2020
sat qua trinh thd nghiem va hd trg cdc chu
thi frong qua trinh thu nghiem^^.
Thu tu, can sdm ban hanh van bdn quy
pham phdp luat dieu chinh ve ede vdn de
lien quan den cho vay ngang hang, frong do
dam bdo cdc npi dung chinh sau: (i) Quy
dinh cu thi ddi vdi cdc Cdng ty P2P
Lending ve dieu kien edp phep hoat ddng
(xem xet boat ddng eho vay ngang hdng nhu
mot nganh nghe kinh doanh cd dilu kien):
Sd vdn tdi thieu, tieu chudn cdng nghe, frinh
dp chuyen mdn eua ngudi dilu hdnh va phu
frdch chinh; (ii) Trdch nhiem bao cdo dii
lieu cho Tmng tdm thdng tin tin dung qude

gia Viet Nam (CIC), ddng thdi khuyin
khich viec fra ciiu thdng tin tin dung tu CIC
phye vy chdm diem tin dung vd danh gid
khdch hang; (iii) Han muc cho vay tdi da
ddi vdi tung loai ky ban, muc cho vay tdi da
ddi vdi ky ban 01 nam (ke cd ddi vdi nhd
ddu tu eho vay fren san), sd Idn vay qua sdn
trong thdi han 01 nam (de khdng che ddo
ng), sdn phdm tin dung dugc phep eung cap,
hinh thanh cdc Quy cd chuc ndng tuang ty
nhu mdt binh thue bdo hiem cho ngudi eho
vay, frdn lai sudt va phi, quan ly nil ro; (iii)
Co che gidi quyet khieu nai, gidi quyet franh
chdp, quy dinh che tai xii li vi pham de bdo
ve quyen vd lgi ich cho cdc chu the tham gia
vdo thi tradng nay.
Ddi vdi cdc cong ty trien khai mo hinh
cho vay ngang hdng
Thic nhdt, cdn tudn thu cdc quy dinh
phdp ludt hien hdnh (khdng vi pham Ludt
^« Ngay 12/8/2019, Thu tuong Chinh phii da ban hanh
QuySt dinh s6 999/QD-TTg phe duy?t DS an thiic dSy
mo hinh kinh te chia se, trong do khang dinh quan
digm "thuc hien co che thu nghiim chinh sdch mai
(dgng sandbox) cho viec trien khai vd ung dung cdc
cdng nghe mai trong mo hinh kinh ti chia se".

84

Cdc TCTD, Ludt Phdng chdng rda tiln,

Ludt An toan thdng tin mang, Ludt An ninh
mang, Luat Giao dich dien tii...), phdi hgp
ehdt che cimg vdi Chinh phu, NHNN frong
viec xdy dyng, ndng cdp co sd ha tdng, ca
sddu lieu Idn (Big Data).
Thu hai, ndng eao kiln thiic vd ky nang
qudn ly nii ro, cap nhdt cdng nghe hien dai
phdng ngua cdc loai tdi pham an ninh mang
vdi viee xdy dyng ddi ngu chuyen gia ngudn
nhdn lyc co hieu biit chuyen sdu cd ve linh
vyc tai chinh va cdng nghe thdng tin.
Thic ba, ddt quy tdc dao ddc len hang
ddu trong sudt qud trinh cung cdp dich vy
cho khdch hang, cdng bd day du, minh
bach, trang thyc cdc thdng tin ve ndi dung
hgp tdc vd phuang tien qudng cdo, trayen
thdng, ban hdng ma cdng ty cho vay ngang
hdng tmyen tai den ngudi tieu dung vd cdc
ben cd lien quan.
Nhin chung, cho vay ngang hang duge
xem la mpt gidi phdp cd tinh sdng tao va
hieu qud cua ngdnh Fintech frong mdt thdp
ky qua. Ben canh nhung uu diem, P2P
Lending cdn tdn tai khdng it nhihig rui ro,
bat cap. Neu de boat dpng ndy diin ra mdt
cdch ty phdt thi se khdng frdnh khdi nhung
hdu qud khdn ludng eho cac chu thi lien
quan vd nghiem trgng hon la nen kinh tl cua
ddt nude. Sy chdm che frong cdng tdc qudn
ly CO the se gdy nen nii ro he thdng vd sy

bdt dn cho nen kinh te - xa hdi khi xdy ra
hien tugng mdt kha ndng frd ng. Chinh vi
vdy, Nha nude cdn kip thdi tao ra hanh lang
phap ly dieu chinh tryc tiip boat ddng cho
vay ngang hdng de cd the nam bdt thdi co,
tdi da hda cac uu diem cua binh thuc kinh
doanh nay ddng gdp vdo sy phdt trien chung
cua nen kinh te ciing nhu ddp ung nhu cdu
cua xa hdi hien nay.