Hanoi (VNA) – The financial technology (Fintech) industry is thriving in Vietnam with the market value expected to increase from 4.4 billion USD in 2017 to 7.8 billion USD by 2020, according to a report by Solidiance, a management consulting firm in the Asia-Pacific. Amongst three segments of fintech services, the digital payment leads the way, accounting for 89 percent of the local market share. The personal finance and the corporate finance, meanwhile, are forecast to experience respective Compound Annual Growth Rates (CAGRs) of 31.2 percent and 35.9 percent between 2017 and 2025. The main factors driving the fintech development in Vietnam include the Government’s plan to expand the local access to banking services to 70 percent by 2020; the respective increases of 52 percent and 72 percent in the numbers of Internet and smartphone users in urban areas in 2016; and the growth of e-wallet services driven by the small number of bank account holders. The number of … [Read more...] about Fintech market value to reach 7.8 billion USD by 2020
Fintech
E&Y: Where is fintech in Vietnam?
Vietnam can expect its fintech ecosystem to grow in the near future should it pay attention to the funding issue, growing talent in the field, and a legal framework to support such growth. Vietnam is currently ranked second in the number of incubator, accelerator, and innovation labs in the region, behind only Singapore. This is a positive signal for the development of fintech in Vietnam. The country has another advantage in being a young and digitally savvy economy. As per an EY report, around 90 per cent of payments are still in cash. That is the reason why Vietnamese fintech startups have strong focus on payment—47 per cent specialises in this sub-sector, ranking highest in the region. There are also some fintech associations in Vietnam where fintech startups can gather to update, improve their knowledge, seek support, share experiences, and develop a legal framework for this industry. “Fintech companies are still small in scale and the policies and regulations for … [Read more...] about E&Y: Where is fintech in Vietnam?
About US$129 million poured into fintech industry
Start-ups in Vietnam have invested around US$129 million in the field of fintech, according to Varun Mittal, Ernst & Young (EY) ASEAN fintech leader. EY Vietnam announced the results of the ASEAN FinTech Census 2018 in Hanoi on April 12. The survey was carried out on more than 250 fintech (technology used to support banking or financial services) companies in more than 10 countries, providing insights from regional fintech experts. "With a population of young smart phone users, high consumer growth and low unemployment, Vietnam is becoming a promising market for fintech developers," he said. "Foreign investors are also more interested in buying some fintech companies due to the huge market potential," said Mittal. The number of incubators and accelerators and innovation labs in Vietnam is estimated at 24, the second most among ASEAN region, following Singapore. However, another EY report showed that up to 90 percent of payments in the country were made in cash. Therefore, … [Read more...] about About US$129 million poured into fintech industry
About 129 million USD poured into fintech industry
Varun Mittal, Ernst & Young ASEAN fintech leader, speaks at the meeting. (Photo: VNA) Hanoi (VNA) - Start-ups in Vietnam have invested around 129 million USD in the field of fintech, according to Varun Mittal, Ernst & Young (EY) ASEAN fintech leader. EY Vietnam announced the results of the ASEAN FinTech Census 2018 in Hanoi on April 12. The survey was carried out on more than 250 fintech (technology used to support banking or financial services) companies in more than 10 countries, providing insights from regional fintech experts. "With a population of young smartphone users, high consumer growth and low unemployment, Vietnam is becoming a promising market for fintech developers," he said. "Foreign investors are also more interested in buying some fintech companies due to the huge market potential," said Mittal. The number of incubators and accelerators and innovation labs in Vietnam is estimated at 24, the second most among ASEAN region, following Singapore. … [Read more...] about About 129 million USD poured into fintech industry
$129 million poured into fintech indsutry
Viet Nam News HÀ NỘI — Start-ups in Việt Nam have invested US$129 million into the field of fintech, according to Varun Mittal, Ernst & Young (EY) ASEAN fintech leader. EY Việt Nam announced the results of the ASEAN FinTech Census 2018 in Hà Nội on Thursday. The survey was carried out on more than 250 fintech (technology used to support banking or financial services) companies in more than 10 countries, providing insights from regional fintech experts. "With a population of young smartphone users, high consumer growth and low unemployment, Việt Nam is becoming a promising market for fintech developers," he said. "Foreign investors are also more interested in buying some fintech companies due to the huge market potential," said Mittal. The number of incubators and accelerators and innovation labs in Việt Nam is estimated at 24, the second most among ASEAN region, following Singapore. However, another EY report showed … [Read more...] about $129 million poured into fintech indsutry