02 FINTECH MAGAZINE August Edition
A MESSAGE FROM OUR PROJECT INTERNAL VICE PRESIDENT I am pleased to present to you our FinTech Magazine: August Edition. Eight weeks ago, we started a project called FinTech Magazine. Since then, we have spent a lot of time thinking about how we can live up to your support for the magazine, including how we can best deliver it to our members, as well as how we impact the club as a whole. I hope that this 2nd edition, an ingenious synthesis of our ideas, will give you a clearer sense of how FinTech Club is performing and how significant our members are to that exceptional performance. This edition is also an interesting blend between HR and Business Departments. While I am proud of all that our team has accomplished so far, I am humbled by all the imperfection that is still left to be improved. This is a journey, indeed. The challenges we face in this project will continue to evolve, but we will keep moving. We will keep making progress and get better every step of the way.
Huynh Phuong Vy RMIT FinTech Club
TABLE OF CONTENTS
Others 56 Fun Facts 60 Task - tracking 4
tools
FinTech Now and Then 10 Evolution of FinTech
18 Technology in
Human Resource Management
Club Events 34 RMIT FinTech Podcast
38 Weekly Study Hub 40 RMIT Blockchain
Competition 2021
44 Internal Training Series
50 Virtual Hangout Night
52 Birthdays!!!
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FINTECH NOW AND THEN . What is FinTech? . Evolution of FinTech 7
What is FinTech?
FinTech or Financial Technology is used to describe the technology implications to automate the use of financial services. While most of us think that FinTech is simply cryptocurrency such as Bitcoin, or the implementation of blockchain to the application such as NFT. FinTech is much more than that. Financial Technology consists of the usage of Artificial Intelligence and Machine Learning. Big Data and Data Analytics, Robotic Process Automation and lastly, Blockchain Usage.
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Scan to discover more
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. FinTech 1.0 (1866 - 1967) . FinTech 2.0 (1967 - 2008) . FinTech 3.0 (2008 - Now)
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EVOLUTION OF FINTECH “Financial technology (FinTech) has been visibly evolving in front of our eyes ever since banks went online. With an increasingly cashless society, apps and platforms have been created to help us better understand and manage our finances, while new banks have been created that offer us a slicker experience.” Marcel Klimo
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FinTech 1.0 (1866 - 1967) In the FinTech 1.0, the creation of infrastructure that supports international finance. The first transatlantic cable was invented on July 27, 1866, this revolutionized the way of communication. Transatlantic which means transmission through the atlantic ocean. Which was thought to be impossible at the time. In 1918, The Reserve Bank created the Fedwire Funds Service, which is a dedicated funds transferring network. This featured a Morse code system that 12
had 12 Reserve Banks, the Board and the Treasury Department. To this day, this groundwork has laid the foundation for the US Wire Transferring system.
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The starting of this era was the invention of the ATM by Barclays in 1967, and this is the first time the traditional finance world experienced the transformation from analog to digital. The ATM has played an integral role in the banking industry, as it is the first time the “Digital Money” is being accepted. Later on, in 1970s saw the establishment of NASDAQ - the worlds’ first digital stock exchange and SWIFT (Society For Worldwide Interbank Financial Telecommunications) - a communication tools that helps transaction more secured internationally.
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1980s saw a rise in small computers and mainframes, which helps store data about customers, and the growth of online banking has changed the way people do their
banking trans 1980s people cepted the “D ey” , and this lutionized ho perceived fina tutions.
1990s saw a the payment s the customer tions of storing ey. PayPal was in 1998, signif payment syste fers bank-leve while being m transparent.
This would be t e-commerce larized, and o nesses have come an integ any businesse er, the crashing 2008 has bro this era and p new innovation be seen in the n ation on FinTec
sactions. In e have acDigital Mons has revoow people ancial insti-
FinTech 2.0 (1967 - 2008)
change in system, with having opg their mons introduced fying a new em that ofel securities much more
the first time was popuonline busislowly begral part of es. Howevg bubble of ought down proposed a n that would next generch 15
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Due to the global crisis in 2008, people started to lose their trust in banks. Changes in the banking industry allowed for new providers to entered the market. Private banks have been created, and new types of currencies are also being made available, in particular Cryptocurrency. Bitcoin was introduced in 2009, followed by other cryptocurrencies that use the blockchain technology which have revolutionized the secured system of online transactions. With Smartphones, mobile devices have become the primary methods for payments. This changed
how bank services are provided, and people have become much more aware of their own personal Finance. This is the era of startups, and a lot of banks in the 2.0 era had to re-branded themselves and make necessary changes to its own banking system. They are now in competition with digital banks banks that have no actual physical locations. Using blockchain technology, digital banks have gained the trust of users while also being much lower costs due to the lack of physical entities.
FinTech 3.0 (2008 - NOW)
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TECHNOLOGY IN HUMAN RESOURCE MANAGEMENT HR technology, often referred to as HR tech, has developed rapidly in recent years, with large to small/mid-sized employers around the world widely adopting core HR technology systems. As a result, 18
Information and Communication Technology (ICT) has made many following major impacts in Human Resource Management to better productivity and effectiveness.
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Better services for line managers
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Enhancing management
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Effective recruiting
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Data management and critical analysis Inventory management tools and human resource management
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Cost-reduction and efficiency Customer service and human resource management
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Automation of HR processes
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Availability of HR tools
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Better services for line managers
Both HR and line managers’ primary interest is the success of the business. The human resource’s main function is to support the workforce needs of the organization. Strategic planning between HR and line managers is important for reviewing
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project on concerning future business demands. Training and developing the line managers in IT tools will, therefore, prepare the line managers for several leadership tasks.
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Enhancing management
Human Resource IT tools that can supplement management and enhance efficiency and effectiveness, which can lead to the success of the organization as a whole. Organizations across the world are driving to improve organizational performance regardless of the size of
the organization or the industry. Managers within the organization measure performance, sometimes by comparing it against a benchmark. They analyse and assess their findings and design their controls accordingly to advance the organization’s performance.
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Effective recruiting
Nowadays, organizations have realized that effective recruiting cannot be done without the use of IT. Organizations now use job portals on the internet to search for the best candidates for the position. The process has been made effective with the use of the internet as many people come to know of the offer and hence increases the probability of hiring efficient employees.
Currently, Envoy has developed Asana, an IT tool for recruiting that analyzes details down to where a potential candidate’s high priority values are. The HR IT tools not only help hire the best potential but also retain it. 24
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Data management and critical analysis
Data management becomes easier when IT is used, and it becomes paper-free. This increases the efficiency of the work and the effectiveness of it. This will potentially resolve jobs that do not offer much variety in their performance and are of a highly repetitive nature are disliked by employees and eventually results in low retention or decreased effectiveness.
For instance, Zenefits has recently developed an HR IT tool, which has made Passport completely paperless. The tool is further hierarchy sensitive and pings the manager for approval once it is submitted. Thus, letting an individual get rid of the hassle of filing the paperwork. Thus, by developing this HR IT tool, Zenefits has helped Passport radically simplify and manage its HR internal processes.
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Inventory management tools and human resource management
Entrepreneurs with business acumen describe that the performance of an organization can be made more effective and efficient by customer intimacy, operational efficiency, and leading edge. Customer needs must be met by customization and 26
by providing outstanding customer instances. For this purpose, organizations use HR IT tools to provide a universal set of products and diversify the business by providing improved products and services.
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Cost-reduction and efficiency Johnson, Scholes and Whittington have rightly said, “Poor performance might be the result of an inappropriate configuration for the situation or inconsistency between structure, processes, and relationships.”
Organizational performance can be increased by implementing management by objectives and using a participative style of management through Human Resource Information Technology tools. The management of an organization is accountable to the owners of the business for the performance and the achievements of the organization. Managers can perform well and justify their authority only if they produce the desired economic results, for instance, the profits they have desired to achieve in a period of time. Management often uses the Operation’s Research to maximize the profit, yield, utilization and the performance. The management of an organization usually creates a measurement system to set targets for change and measure organizational performance. 27
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Customer service and human resource management
Organization performance can also be described by evaluating the reliability of service and by understanding the quality of customers of the organization. Value can come from providing a reliable service, so that the customers know that they will receive the service on time, at the promised time, to a good standard of performance. As organizational change is inevitable, critical success factors and key performance indicators should be revised, and relevant Human Resource IT tools must be devised for the better quality of work. Doing good quality work and providing quality results will increase organizational performance.
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Automation of HR processes
The implementation of technology into the HR workflow frees the professionals from a great amount of routine work. The automation of processes eliminates paperwork, speeds up the execution of many tasks, and contributes to more efficient HR performance.
The advancement of technology means companies can use the latest innovations, such as machine learning to screen resumes and augmented reality to onboard new employees.
It is important to remember though that the whole HRM domain is impossible without people. A lot depends on the empathy and experience of an HR specialist, but the deployment of technology can significantly improve the quality of work of a single specialist. 29
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Availability of HR tools
Some time ago, HR specialists struggled with endless phone calls, emails, and paperwork. They had to keep dozens of processes and tasks in mind. Now, there are hundreds of available HR tools that are designed specifically to facilitate and optimize the work of HR specialists. The features of the HR software include: . Streamlining workflows . Organization and management of employee data . Creation of detailed employee records . Social collaboration . Management of payroll, vacation, and bonuses
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Kissflow
Breezy HR
Zoho People
The transition to a digital working environment enables modern HR specialists to perform certain tasks in a faster way and thus, pay more attention
to such issues as the satisfaction of the employees, optimization of the recruiting and onboarding processes, employee motivation, etc. 31
. RMIT FinTech Podcast . Weekly Study Hub . RMIT FinTech Blockchain Compeition 2021 . Internal Training Series . Virtual Hangout Night
Semester 2 2021 has witnessed a myriad of activities from RMIT FinTech Club, all thanks to our inexhaustible support from the executive board and passionate members.
CLUB EVENTS
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RMIT FINTECH
PODCAST Overview Born in the digitalized age where internet, social media, and smartphones are life essentials, Gen Z-ers can access any source of information that serves their expansion of knowledge or self interests. However, a hectic lifestyle oftentimes does not allow time for reading to integrate, which enables podcasts-an episodic series of spoken word digital audio files on a specific topicto play a role. Covering a wide range of topics within 20 to 40 minutes, the podcast is without a doubt ideal for multitaskers.
Purposes Beside providing useful knowledge about Finance and Technology for Fintech lovers through short articles during the CafeFin event, FinTech Club has launched their first episode of the RMIT FinTech Club podcast - ‘World of Blocks’. This series promises to provide detailed information about this technology as well as introducing the audience to the whole new world.
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Interview With Our Podcasters:
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PHAM CONG MINH How did you feel for becoming a guest speaker of RMIT FinTech Podcast?t Well at this time saying, I can say that I’m really proud of myself after being through a long journey with our President Minh An that we finally have sth contributed to the club in the long future. Everything begins with a sudden message from Tín (Project Leader of FinTech Podcast) that: “Hey we need in-house people to produce the 1st episode that covered blockchain fundamentals and I see you’ve experienced a lot. Wanna join?” I hesitated for a few days but
then finally think hmm it could be my change to step out of my comfort zone to do some artistic stuff, and trust me it’s really tough For the content team we’re all Tech student, our first draft content took like an hour to speak and we’ve received lots of feedback to simplify in the content and the change the style we delivered the podcast. But in the end, Minh An hosted it really smoothly so that we can cover all the content we want to deliver, and Quynh production’s skills make it a real high quality podcast that we usually listen to too. It’s a really remarkable time and not only I’m proud of myself but I also give lots of respect to both the content and production team for their passion and hard-working.
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How did you feel the first time you were an MC for a podcast? It was a totally new experience to me not just during recording time but also the time when a team of 5-6 people sits down to plan the flow of the podcast together. I didn’t think that it would take that much of preparation just to do a 30 mins podcast lol. But it was fun and refreshing hearing different perspectives about the subject and getting to know the person I interviewed more. Definitely worth a try!
PHAN LE MINH AN 37
WEEKLY STUDY HUB Purposes:
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The Weekly Study Hub is held by Human Resources members on FinTech’s Discord in order to make our endless quarantine less boring. This channel provides an excellent opportunity for our members to connect with one another while working on assignments.
Our Members:
How do you feel about studying virtually with your club members? Hoang Ny: It is quite interest-
ing. This is my first time studying together like this. I think it helps me not to get bored and gives me more motivation to study when I see everyone studying hard.
Trong Hung: For me, the ex-
perience was quite relaxing. Being able to study knowing there are others doing the same by my side was kind of motivating. However, I think that there’s still something missing to accomplish the ‘with’ part. Currently, it is more like ‘sitting in a room with music and doing your jobs while others do the same’. I think it needs some other elements to be more interactive between members.
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RMIT FI BlOCKC COMPE 20 What is blockchain? If you are interested in investment, cryptocurrencies or banking, you may be familiar with the term “blockchain”. But for those who are just getting their feet wet in the worlds of finance and technology Blockchain is considered to be hard to understand. In fact, Blockchain is simply a type of database. 40
The data in the blockchain is linked together by cryptographic algorithms and is expected to grow over time. According to a LinkedIn analysis published in 2020, Blockchain will be a hot topic in the coming years as one of the main techniques in the era of Industry 4.0.
INTECH CHAIN ETITION 021 Purpose RMIT FinTech Blockchain Competition 2021 is a national academic competition for students with expert mentoring. The aim is to raise awareness of the Blockchain/
Fintech application while also improving participants’ practical knowledge and skills in dealing with real-world problems. 41
VIEWS FROM INSIDERS How was your experience with the competition?
It was a bit frustrating at first since I still had to keep up with my school work. But later on it was really fulfilling when we found out the solutions to ou problems and started working on it. I also received lots of help from the lecturers, and until now
What aspects do you expect the organizers to improve for the next competition?
The biggest issue I encountered during the competition was mentorship. We received the response from our mentor quite late and he did not seem to appreciate our business plan. Also there are rooms for improvement in the workshops. The firs workshop is quite long (and the second part of the second gues speaker seems to be repetitive to the first one). Similarly for the second workshop: we expect
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Uyen Mai The First Runner-Up of Fintech Blockchain Competition 2021. Coming to this competition, her purpose is to unearth her talent and have it recognized.
I’m still grateful for their advice (as I didn’t expect such kindness and generosity from them when I reached out for help). But the biggest gifts I received from this
competition are knowledge and improvements in my mindset about teamwork. I think those are the most valuable prizes for me.
to receive more insightful knowledge from the guest speakers, as what they presented is basic knowledge of blockchain. Overall, I think the organizers have done a quite job in responding to our inquiries as well as supporting us in the final round. These problems are quite out of control (partly because reaching
out to a qualified practitioner in the Vietnamese blockchain industry is not that easy) but I hope you guys can pay more attention to these things to enhance the quality of this competition.
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INTERNAL TRAINING SERIES
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Series . Skill camp to boost your employability workshop . Business case 101: Foundation
Skills camp to boost your employability workshop Purpose The name of this workshop speaks for itself. With the aim of setting the stage for work aspirants and equipping them with valuable skills for interview and CV preparation, Fintech Club has thoughtfully conducted this internal training workshop. Undoubtedly, this is one of the great benefits of being an RMIT Fintech Club’s member.
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How do you feel being the leader of this event? How did you and the organizing team manage to provide such thorough information for the workshop?
Phuong Huyen
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It’s a great opportunity for me to get to know more about FTC members and their working style. I really enjoyed it! We spent a week brainstorming workshop topic together and each member was allowed to choose the work category based on their preference or strength.
Participating in the business case competition, how do you feel when you have a chance to share your knowledge with our club members?
Ms. Hao: As a club found-
er, my ultimate goal is to help members of RMIT Vietnam FinTech Club grow their knowledge and skills via club activities. I ceaselessly have kept pushing myself to improve my knowledge and skills to be better everyday and luckily had a chance to participate and win a business case competition. I want to spread the spirit to all the members and wish to see many upcoming winners in many prestigious competitions from RMIT Vietnam FinTech Club. 48
The business case training was undoubtedly a success. Can you share with us your thoughts about your experience in leading this event?
Vu Cao Son: Regard-
ing managing this training event, I was quite bewildered since it was my first time. However, thanks to the support from the supervisor and co-leader, Mr. Thanh, our team carried out the assigned tasks well. Moreover, I was lucky to work with 3 hard-working and punctual members, so everything was very smooth. All in all, I was very happy to be able to lead this event. It was quite a pity that the training was only held online and not offline, so everyone did not have a chance to interact more with one another.
Purpose This business case training is possible thanks to the hardworking organizing team and the participation of our beloved founder a.k.a immensely talented guest speaker, Ms. Hao. Throughout the workshop, insightful, confidence-enhancing
tips as well as real-life examples and detailed solutions have been provided, helping the audiences to get off the worry treadmill and be fully prepared to win any business competition.
Business Case 101: Foundation 49
VIRTUAL HANGOUT N Ever since lockdown, people have been engulfed in the symphony of boredom and frustration. Everyone starts losing touch and gradually shares a common sense of utmost cravings for human interaction. Although the physics-bounded reality seems devastating, we are lucky enough to be dwelling in the age of digital technology for connection, though in a different form, to be possible. 50
NIGHT Fathoming the situation, our Human Resource Department had launched the Virtual Hangout Night, which not only marked the return of FinTech Movie Night, but also revealed the Virtual Game Fair. With those exciting bonding activities, this special event delivered a life-enhancing presence and put a smile on the faces of our beloved members during this hard time. 51
HAPPY BIRTHDAY
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Nguyen Minh Anh 06/08/2000
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Happy birthday to Minh Anh, our talented content creator and ‘main singer’ of our RMIT FinTech Club! We really appreciate your contribution and hope your special day will be full of love and delight.
Nguyen Pham Quoc Minh 24/08/2001 Thank you for your contribution of knowledge and expertise to our projects! We wish you nothing but success, health, and happiness on this special day. See you again soon and happy birthday, Minh!
Nguyen Ngoc Dang Hung 20/08/2000 Happy birthday to Dang Hung, our talented coder. Thank you for your invaluable contribution to all projects. Wish you a ‘bug-free’ birthday in 2021!
Tran Dang Bao Nhi 30/08/2000 The team wishes you a birthday fulfilled with joy and happiness! It is definitely our club’s great pleasure to have you as a member and we hope to see more of your talent bloomed on your endeavor towards success!
Duong Hong Phong 02/08/1999 Thank you Phong for being such an outstanding member of the Business Department. We hope that you will have a wonderful 22nd birthday and achieve greater success in your job and all of your future projects!
FUN FACTS Fact 1: Special days in August: Friendship Day: Did you know that Friendship Day has been celebrated on the first Sunday of August every year since 1935, and this year it will fall on August 1st. This tradition of dedicating a day to honor friends originated in the United States.
International Youth Day: Held every year around the world on 12 August with the aim of protecting and developing youth in society.
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Fact 2: Does a degree really narrow down your employability in other fields? Definitely no! In fact, you can graduate and land a job that is polar opposite to your degree. One of our club members, Mr. Phong, is an EF-major undergraduate while being an employee at a technology company in Singapore. Mr. Chien Vuong, our club’s head of business department, is also a work aspirant who consistently gets a job in Marketing although his major is IB. Another inspiring story is from Bhavana Jain, who studied pharmacy for nearly 10 years and then stopped to launch her own fashion brand owing to her great passion for arts, according to Madison Commons (2019).
Indeed, statistics from the Ministry of Labour, War invalids and Social Affairs in Vietnam have illustrated that approximately 70% of college graduates settled with an occupation different from their majors. Nonetheless, bear in mind that passion and hardwork are the indispensable factors to this “equation”. As long as you are determined, your consistency will certainly be paid off, for everyone’s potential is truly boundless.
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Fact 3: AI-related occupations are increasingly in high demand with handsome salaries: The 21st Century is undoubtedly the auspicious time of data engineering and data scientist. In accordance with a report from Analytics India Magazine (2021), “the fastest-growing job” has been labeled for data engineering, with 50% annual growth in the figure of open positions.
Back in our country, demand for professional Ai-related manpower is always skyhigh and data science is listed in the top 5 highest-paying occupations in Vietnam, as stated by Vietnamwork.
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Fact 4: Interesting facts about the human resource recruitment process in the digital age:
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Recruiters just spend an average of 5 to 7 seconds going over a resume, with 76 percent of submissions being rejected due to an unprofessional email address. According to 61% of employees, the realities of their new job differed from the expectations they had during the interview process.
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Each week, Monster receives 427,000 resumes, 89 percent of recruiters use LinkedIn to hire candidates, and about 8,000,000 job seekers use Twitter to find work. 93% of recruiters are likely to see a candidate’s social media profiles - So, just be mindful of what you post on these platforms.
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Task-tracking too lifesavers for HR m ClickUp
Are you looking for a tool that will not only help you manage your time and track your project’s progress, but will also allow you to assign tasks to your team members? If that is so, we believe ClickUp was created for you. Thanks to this tool you no longer need to use separate apps when working with your team. That is because ClickUp allows you to add documents, calendars, conversations, reminders and even Kanban Boards. Additionally, you can easily see what other members are doing based on their profiles which will result in you being able to actively organize the work in a reasonable manner. Overall, you will get a bird’s-eye view of literally everything.
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ols managers. Bitrix24
Another useful app for effective task-tracking and online collaboration is Bitrix24. The app offers chat and video calls, 5GB storage for online documents uploaded, mind maps, online calendar, and it even calculates efficiency rate of team members. In other words, Bitrix24 is a patchwork of all necessary tools for a successful project and it saves time for both the manager and members because everything is included in just one application. What is also plausible about this amazing tool is free access with unlimited tasks or subtasks added. Hence, clubs and individuals might want to explore Bitrix24 because it boosts efficiency and surely makes project/HR management so much easier.
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AUGUST EDITION TEAM
THANK YOU 60
Vuong Anh Chien Project Co-leader
Huynh Phuong Vy Project Co-leader
Pham Duc Anh Topic Reseacher
Vu Quang Huy Topic Reseacher
Tran Luong Khanh Giao Club Reseacher
Le Tran Cat Tuong Club Reseacher
Phan Nhat Vi Editor
Tran Hai Yen Editor
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GREETINGS FROM DESIGNER!!
Hi, my name is Tuan. I am the designer of the August Edition. To be honest, this is my first out-sourced job and I really do not know or predict the result of this Edition. But, all I know and all I care is I had a delightful time with the August Magazine Team.
The Team was so supportive and always looking for better things. Thank you, for trusting me in this project. Shout out to everyone!! I hope you guys have a great time reading this Edition and see you guys in reality.