Fintech and blockchain become interesting to students in digital age

Tiếng Việt

Fintech and blockchain become interesting to students in digital age

Vietnamese students demonstrated their problem-solving skills by using blockchain and fintech to solve real-world issues through an inaugural nationwide competition, recently hosted by RMIT Vietnam.

The RMIT Fintech Blockchain Competition 2021, under the theme of Fintech and Blockchain: Powering Better Financial Inclusion System awarded the winning students, who proposed solutions and ideas to address how technology can advance financial inclusion.

The six finalist teams included outstanding students from National Economics University Hanoi, VNUHCM - International University, VinUniversity, Texas Christian University and RMIT University in Ho Chi Minh City and Hanoi. They were judged by a panel of experts in the fintech and blockchain area and all received honour e-certificates from the organiser.

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RMIT Saigon South’s HKT Solution team proposed a digital application solution in international trade finance and information chain management.

The champion team HKT Solution from RMIT Saigon South proposed a digital application solution in international trade finance and information chain management.

“In international trade, letters of credit are indispensable since they ensure that payment will be received, but often they are time consuming and expensive, as well as the presence of too many intermediaries that may affect security issues and fraud,” said Bachelor of Business (Economics and Finance) student Tang Cam Hoa said.

“Our solution is to provide parties with access to a single digital Shared Ledger built on top of the Binance Smart Chain network, an improved blockchain technology that enables the creation of smart contracts.”

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Team HKT Solution won the first prize at RMIT Fintech Blockchain Competition 2021.

RMIT Bachelor of International Business student Chung Ngoc Tuyen highlighted the feasibility and security of this solution.

“This solution keeps data stored safe, transparent and immutable,” Tuyen said.

“The smart contract featured as an alternative to replace traditional letters of credit that facilitates cross-border contracts and transactions without the need for banks as intermediaries. This simplifies the complex and multi-stage international transaction process, while still ensuring contract security and validity.”

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The final six teams of excellent students were judged by a strong panel of experts in the fintech and blockchain area.

Chief Technology Officer & Co-founder of PARTH Labs and panel judge Mr Robert Vong emphasised the key learnings for all students through this competition.

“The most impressive finalists tried to tackle large problems including social and economic issues that will fundamentally change Vietnam,” Mr Vong said.

“Vietnam and other countries will all benefit from blockchain technology in the same way that the Internet has revolutionised the distribution of data and information.”

Deputy CEO of GalaxyOne and Co-founder of Fam Central and panel judge Mr Cris D.Tran commented on the finalists.

“Despite a number of limitations in addressing blockchain and crytocurrency issues due to the very short timeframe of the competition, the six finalists demonstrated outstanding problem-solving skills alongside their understanding of emerging technologies and business knowlege,” Mr Cris said.

The annual RMIT Fintech Blockchain Competition attracted 130 Vietnamese students from across the country and abroad, together solving global challenges and using blockchain/fintech to enhance practical skills and knowledge in the digital age.

Story: Thuy Le

Business and management

25 August 2021