Financial Technology (Fintech) is made up of five types of financial services. The first two types have great financial potential, especially in developing countries like Vietnam.

The State Bank of Vietnam (SBV) has been developing a sandbox for fintech banking and gathering feedback on a draft regulating the sector.

2022 is predicted to be the year for the financial technology (fintech) industry in Vietnam. There is also an expectation that a legal mechanism will be built in an open direction to enable stable development of this industry.

Hot industries that attracted large amounts of capital last year were financial technology (Fintech), games, education, healthcare and e-commerce.

VNG has invested $22.5 million in Funding Societies (operating under the name Modalku in Indonesia), the largest digital funding platform for small and medium-sized enterprises (SMEs) in Southeast Asia.

Buyers nowadays only need to scan a QR code by their phones to pay for items, and shops have even stopped accepting cash payments.

In the latest fund-raising round, financial technology startup MoMo received $200 million of investment capital, bringing its total value to over US$2 billion.

In only four years, the rate of Vietnamese using services of Fintech companies has increased from 16% to 56%. 

The field of payment intermediaries in Vietnam at this stage was considered to have high potential, becoming attractive to many foreign investors,

The Government has issued a resolution to create a sandbox for financial technology (Fintech) in the country’s banking sector.

A report of IDC conducted under the authorization of Backbase clearly shows two directions of development in the banking industry of Vietnam in the coming time: mobile transactions and tech-based lending activities.

The regulatory sandbox for financial technology (fintech) which is expected to be created this year, coupled with efforts to promote the use of digital financial services, are expected to accelerate the development of fintech in Vietnam.

The Prime Minister’s Economic Advisory Group met with the local fintech firm MoMo in HCM City on Monday.

Commercial banks could become technology firms by cooperating with technology firms, including telcos, to create a new growth space.

Some proptechs still have commitments from investors to provide huge capital, which shows the great potential of the platform in the future.

Vietnam’s fintechs have discovered that some Chinese apps which have lent money at exorbitant fees have been leaving Vietnam quietly.

Analysts believe that mentors and angel investors in Vietnam are spending time taking care of their existing investment portfolios, rather than seeking new investors.

Hefty sums found their way to Vietnamese e-wallets from diverse partners during the year, turning the segment into one of the investment hotspots.

More people are avoiding the use of bank notes during the COVID-19 pandemic.

It may take businesses only several months to carry out digital transformation and process standardization instead of several years as once thought because of the impact of the Covid-19 crisis.