Skip to main content

ETHNOS_APP

Home • Search • Journals • List 0

Algorithmic Credit Scoring in Vietnam

A Legal Proposal for Maximizing Benefits and Minimizing Risks

Bibliographic Data

ID3793248
AuthorsNicolas Lainez (0000-0001-6314-275X, Center for Social Studies on African, American and Asian Worlds, corresponding author), Jodi Gardner (0000-0003-3278-9475, University of Auckland)
Year2023
Volume10
Issue3
Pages401-432
Publication date2023-10-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueAsian Journal of Law and Society (JOURNAL)
Journal identifiersISSN: 2052-9015 • E-ISSN: 2052-9023
PublisherCambridge University Press (CUP) (PUBLISHER)
DOI10.1017/als.2023.6
OpenAlexW4382698661
LanguageEN
References cited41

Artificial intelligence (AI) and big data are transforming the credit market around the world. Algorithmic credit scoring (ACS) is increasingly used to assess borrowers' creditworthiness, using technology to glean non-traditional data from smartphones and analyze them through machine-learning algorithms. These processes promise efficiency, accuracy, and cost-effectiveness compared with traditional credit scoring. However, this technology raises public concerns about opacity, unfair discrimination, and threats to individual privacy and autonomy. Many countries in Southeast Asia are introducing ACS in consumer finance markets, although-even with the significant concerns raised-there is an ongoing and concerning lag in oversight and regulation of the process. Regulation is vital to delivering big data and AI promises in the financial services market, while ensuring fairness and public interest. This article utilizes Vietnam, where the lending industry deploys ACS but in a situation of legal limbo, as a case-study to analyze the consequences of this technology. Vietnam is one of the foremost Southeast Asian countries in which ACS usage is spreading rapidly, and this provides an excellent opportunity to review the regulation, or lack thereof, and determine the implications that this may have for other countries that are currently introducing ACS in consumer finance markets. The article concludes with a proposal to regulate ACS in Vietnam based on international regulation and guidelines on ACS, data privacy, and AI to enable a transparent, accessible, and fair process

Fintech · FinTech, Crowdfunding, Digital Finance

  • Lived Economies of Default

    J Deville•Lived Economies of Default•2015

  • Algorithms of Oppression

    Safiya Umoja Noble, Safiya Noble•Algorithms of Oppression•2020

  • Discrimination in the Age of Algorithms

    Open Access•Jon Kleinberg, Jens Ludwig et al.•Journal of Legal Analysis•2018

  • From a ‘race to AI’ to a ‘race to AI regulation’

    Nathalie A Smuha•Law, Innovation and Technology•2021

  • The global landscape of AI ethics guidelines

    Open Access•Anna Jobin, Marcello Ienca et al.•Nature Machine Intelligence•2019

  • The Black Box Society

    Frank Pasquale•Black Box Society•2015

  • Good decision vs. good results

    Open Access•Christian König-Kersting, Monique M H Pollmann et al.•Theory and Decision•2021

  • The Norms of Algorithmic Credit Scoring

    Open Access•Nikita Aggarwal•The Cambridge Law Journal•2021

  • We’re just data

    Open Access•Karen Wong, Karen Li Xan Wong et al.•Global Media and China•2019

  • Legal Transplant and Undue Influence

    Open Access•Mindy Chen-Wishart•International and Comparative Law…•2013

  • Digital Debt Collection and Ecologies of Consumer Overindebtedness

    DawnBurton DawnBurton•Economic Geography•2020

  • Vietnam's New Middle Classes

    C Earl, Ann Marie Leshkowich•Journal of Social Issues in…•2015

  • A Precariat Charter

    Open Access•Guy Standing•A Precariat Charter•2014

  • The digital revolution in financial inclusion

    Daniela Gabor, Brook•New Political Economy•2016

  • Paths to Digital Justice

    Open Access•Pedro Rubim Borges Fortes•Asian Journal of Law and Society•2020

  • Treading water

    Open Access•Nicolas Lainez•Time & Society•2019

  • Credit Scoring, Risk, and Consumer Lendingscapes in Emerging Markets

    Open Access•Dawn Burton•Environment and Planning A…•2012

  • AI, Norms, Big Data, and the Law

    Open Access•Håkan Hydén•Asian Journal of Law and Society•2020

  • On the Governance of Artificial Intelligence through Ethics Guidelines

    Open Access•Sofia Larsson, Stefan Larsson•Asian Journal of Law and Society•2020

  • Tertiary Time

    Guy Standing•Public Culture•2013

Citation velocityhistorical
Highly citedNo

Tools

Open DOIOpen Access
Ethnos_APP • Open Source Project • MIT License • Frontend v2.0.0 • Privacy and Cookies • API Documentation: api.ethnos.app/docs • API Source Code: GitHub • DOI: 10.5281/zenodo.17049435 • Frontend Source Code: GitHub • DOI: 10.5281/zenodo.17050053 • cruz.rio.br • Expectantes Misericordiae