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%. 

As ASEAN and Vietnam in particular embrace the rise of digital payments, thanks to their young and digital-savvy populations, investors continue to pay more attention to the fintech environment.

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.