Vietnam becomes new fintech hub in Southeast Asia

Vietnam’s fintech universe has been growing rapidly in the past few years, according to the newly released Vietnam Fintech Report 2020 by Fintech News Singapore.

Vietnam’s fintech startup ecosystem grew from 44 domestic financial technology-related startups in 2017 to at least 123 fintech firms this year, which translates to a growth of around 180 per cent in the period.

Digital payments are the largest segment in the industry, accounting for more than 30 per cent of all fintechs in the country, the report said.

As of October 2020, Vietnam was home to at least 39 licensed non-bank payment services platforms. Those digital wallet providers include Moca, MoMo, Payoo, MonPay, ZaloPay and ViettelPay.

The State of Bank of Vietnam confirmed that there were 4.2 million digital wallet users in the country as of last year-end, slightly more than four per cent of the population. These numbers indicate that there are still many potential growth opportunities as a large number of individuals and businesses may be looking for affordable digital financial services.

Growth was also seen in peer-to-peer lending platforms and the crypto currency and blockchain sector. These two high-growth segments witnessed the number of companies grow from only around five back in 2017 to over 15 startups this year.

Opportunities in the business-to-business sector

Vietnam has also seen the rise of insurtech services, digital banking platforms and different small and medium enterprise online financing solutions. These are notably three key segments that did not even exist in 2017, according to the report.

So far, the fintech industry in Vietnam mainly includes platforms and service providers that operate under the business-to-consumer model, which means that the business-to-business market could be an area with many potential growth opportunities, the report said.



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Vietnam’s fintech universe has been growing rapidly in the past few years, according to the newly released Vietnam Fintech Report 2020 by Fintech News Singapore. Vietnam’s fintech startup ecosystem grew from 44 domestic financial technology-related startups in 2017 to at least 123 fintech firms this year, which translates to a growth of around 180 per cent in the period. Digital payments are the largest segment in the industry, accounting for more than 30 per cent of all fintechs in the country, the report said. As of October 2020, Vietnam was home to at least 39 licensed non-bank payment services platforms....

Vietnam’s fintech universe has been growing rapidly in the past few years, according to the newly released Vietnam Fintech Report 2020 by Fintech News Singapore.

Vietnam’s fintech startup ecosystem grew from 44 domestic financial technology-related startups in 2017 to at least 123 fintech firms this year, which translates to a growth of around 180 per cent in the period.

Digital payments are the largest segment in the industry, accounting for more than 30 per cent of all fintechs in the country, the report said.

As of October 2020, Vietnam was home to at least 39 licensed non-bank payment services platforms. Those digital wallet providers include Moca, MoMo, Payoo, MonPay, ZaloPay and ViettelPay.

The State of Bank of Vietnam confirmed that there were 4.2 million digital wallet users in the country as of last year-end, slightly more than four per cent of the population. These numbers indicate that there are still many potential growth opportunities as a large number of individuals and businesses may be looking for affordable digital financial services.

Growth was also seen in peer-to-peer lending platforms and the crypto currency and blockchain sector. These two high-growth segments witnessed the number of companies grow from only around five back in 2017 to over 15 startups this year.

Opportunities in the business-to-business sector

Vietnam has also seen the rise of insurtech services, digital banking platforms and different small and medium enterprise online financing solutions. These are notably three key segments that did not even exist in 2017, according to the report.

So far, the fintech industry in Vietnam mainly includes platforms and service providers that operate under the business-to-consumer model, which means that the business-to-business market could be an area with many potential growth opportunities, the report said.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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