The Prospects and Dangers of Algorithmic Credit Scoring in Vietnam: Regulating a Legal Blindspot
REGIONAL ECONOMIC STUDIES PROGRAMME WEBINAR
Webinar Series 2020-2021: Financial Transformation, Credit Markets and Household Debt in Southeast Asia
About the Webinar
Artificial intelligence (AI) and big data are transforming the credit market in Vietnam. Lenders increasingly use algorithmic credit scoring to assess borrowers’ creditworthiness or their likelihood and willingness to repay a loan. This technology gleans non-traditional data from smartphones and analyses them through machine learning algorithms. Algorithmic credit scoring promises greater efficiency, accuracy, cost-effectiveness, and speed in predicting credit risk compared to traditional credit scoring systems that are based on economic data and human discretion. These technological gains are expected to foster financial inclusion, enter untapped credit markets, and deliver credit to ‘at-risk’ and financially excluded borrowers. However, this technology also raises public concerns about opacity, unfair discrimination, and threats over individual privacy and autonomy. In Vietnam, the lending industry deploys this technology at scale but in legal limbo. Regulation is vital to delivering big data and AI promises in the financial services market while ensuring fairness and public interest.
A working paper will lay the foundation for this webinar. It can be accessed here.
More info about the webinar series here.
About the Speaker
Nicolas Lainez is a Visiting Fellow at ISEAS – Yusof Ishak Institute and an Adjunct Assistant professor at the Department of Southeast Asian Studies at NUS in Singapore. He holds a Ph.D. in Social Anthropology from the School for Advanced Studies in the Social Sciences and a Masters in Development Studies from Sorbonne University (France). His research is located in the field of economic anthropology and his areas of study include financialization, credit markets, household debt, informal finance, care economies, gender, sexuality, migration and trafficking. While at ISEAS, he examines financial transformation, consumer lending and household debt in Vietnam. His work has been published in American Anthropologist, the Journal of Ethnic and Migration Studies, Geoforum, Time & Society, The Sociological Review, Culture, Health and Sexuality, and the Journal of Vietnamese Studies.
About the Discussants
Elliott Ash is Assistant Professor of Law, Economics, and Data Science at ETH Zurich’s Center for Law & Economics, Switzerland. Prior to joining ETH, Elliott was Assistant Professor of Economics at University of Warwick, and before that a Postdoctoral Research Associate at Princeton University’s Center for the study of Democratic Politics. He received a Ph.D. in economics and J.D. from Columbia University, a B.A. in economics, government, and philosophy from University of Texas at Austin, and an LL.M. in international criminal law from University of Amsterdam. Elliott’s research and teaching focus on empirical analysis of the law and legal system using techniques from applied micro-econometrics, natural language processing, and machine learning. His research has been published in the Journal of Law and Economics, the Journal of Politics, the Georgetown Law Journal, and the Review of Law & Economics. Elliott’s research has earned grant funding from the National Science Foundation, the Turing Institute, and the Washington Center for Equitable Growth.
Eric H.Y. Koh is with the Department of Finance and Banking, Faculty of Business and Accountancy, at the University of Malaya in Malaysia. He offers a unique blend of practical experience and academic credentials, having had senior management experience in the banking industry. Eric began professional life with external auditing and subsequently joined the banking industry during which he assumed senior management positions and led business performance analysis assignments. He facilitates various under- and post-graduate academic subjects and professional courses, in the areas of Bank Management, Risk Management and Corporate Finance. He has also published in various peer-reviewed journals such as Service Business, Chinese Management Journal, Journal of Education in Business and International Journal of Banking, Accountancy and Finance and Banking Insight. In 2019, his book entitled Risk Management Competency Development in Banks was published by Palgrave Macmillan. Besides having a PhD from University of Nottingham, Eric is also a CFA charterholder and a Fellow of CPA Australia.
Dang Linh Chi is a special counsel based in the Baker McKenzie’s Hanoi office. Linh Chi focuses her expertise heavily towards the banking and financial services and corporate sectors. She has substantial experience in and regularly advises on a broad range of banking and finance regulatory matters, capital market transactions, insurance, securities and funds. With fintech as one of her specialized expertise, Linh Chi frequently advises fintech companies, bank card organizations, and providers of payment services and intermediary payment services on their products and operation in Vietnam. She represents a number of leading companies in connection with their IPOs and public M&A transactions in Vietnam. Her capabilities also extend to advising domestic and international banks and financial institutions on issues related to their investment products, including fixed income and derivatives instruments. Over the past years, she has been actively participating as a contributor to legal reform efforts and as legal advisor on banking and financial services issues to business and professional associations.
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