return icon Vietnamnet.vn

Vietnam ranks second in fintech investment in Southeast Asia

Venture capital funding pouring into Vietnamese fintech companies accounted for 36 percent of the total fintech investment in Southeast Asia.

{keywords}

The country has seen a soar in investment this year (Photo: soha.vn)

 

 

The country has seen a soar in investment this year compared to 0.4 percent last year, according to the Fintech in ASEAN report released by the United Overseas Bank (UOB).

Singapore took the leading position with 51 percent, down from 53 percent last year.

Indonesia stepped down one place to third with 12 percent, compared to 37 percent last year.

Thailand, Malaysia and the Philippines accounted for less than 2 percent of Southeast Asia's total fintech investment, down sharply from about 10 percent last year.

In Vietnam, the leading field attracting venture capital in fintech companies was payment.

VNPay, a Vietnamese e-payment solutions provider, took the lead in the report with total capital revealed to be 300 million USD this year.

Singaporean insurance company Singapore Life ranked second with deals worth 110.3 million USD, while Vietnamese MOMO Pay e-wallet ranked third with 100 million USD.

After attracting just 35 million USD in 2014, the total amount of venture capital invested in the fintech sector in Southeast Asia has increased sharply over the past five years to 679 million USD last year.

The total figure has reached 1.14 billion USD from the beginning of 2019.

With an annual growth rate of up to double digits, digital payment is expected to become the payment method of choice from nearly 50 percent of transactions from now to 2025, and will exceed 1 trillion USD.

Fintech companies are targeting about 300 million adults in Southeast Asia who do not have bank accounts or access to associated investment, credit and insurance services.

The number of financial transactions made on mobile phones in Vietnam had nearly doubled as of March 31 this year compared to last year, according to the State Bank of Vietnam.

The Vietnamese mobile payment market is expected to reach 70.9 billion USD by 2025, up from 16 billion USD in 2016./.VNA

Fintech firms concerned about foreign ownership cap

Fintech firms concerned about foreign ownership cap

A draft regulation put forward by the State Bank of Vietnam (SBV) that would limit the foreign ownership rate in the payment intermediary service sector to 49 percent was discussed at a workshop in Hanoi on December 12.

Vietnam’s booming fintech funding on Singapore’s heels

Vietnam’s booming fintech funding on Singapore’s heels

Vietnamese financial technology startups are quickly catching up with Singapore in attracting Southeast Asian venture capital funding, according to the Japan-based Nikkei Asian Review.

MORE NEWS

Aviation ground services to go-green to meet compliance

The Civil Aviation Authority of Vietnam (CAAV) is collecting comments on a draft circular stipulating that all businesses in the sector must have a plan to convert ground vehicles from fossil fuels to electric.

President visits, offers condolences to widow of late PM Abe Shinzo

President Nguyen Xuan Phuc visited and offered condolences to Abe Akie, the widow of late Japanese Prime Minister Abe Shinzo, at her home on September 28.

VIETNAM BUSINESS NEWS SEPTEMBER 28

US firm pours capital in cross-border e-commerce project in Binh Duong

VIETNAM NEWS HEADLINES SEPTEMBER 28

PM requests prompt measures to overcome Typhoon Noru’s consequences

Dim outlook for domestic auto component industry

Vietnamese automotive component industry has a dim outlook for growth as it lags behind those in many other regional countries, according to the Ministry of Industry and Trade (MoIT).

Animated series seeks to change stereotypes on Vietnamese products

Wolfoo, a YouTube children’s animated web series, which has reached more than 2 billion views a month, has changed the world’s stereotypes on Vietnamese products.

VN banking prospects from now to the end of the year

Under the circular, the State Bank of Vietnam told banks to reschedule debt repayments to help customers affected by the COVID-19 pandemic until June 30 this year.

JPMorgan: 65% of AirPods production to be located in Vietnam in 2025

JPMorgan analyst expects 20 percent of iPad, 5 percent of MacBook, 20 percent of Apple Watch and 65 percent of AirPods production to be located in Vietnam in 2025.

US$2.3 billion withdrawn from stock market, investors begin to worry

Concerns are increasing in the stock market after the State Bank of Vietnam (SBV) raised regulating interest rates and withdrew VND56 trillion (over US$2.3 billion) last week.

Teacher Nguyen Ngoc Ky writing with feet passes away

This morning, 75-year-old teacher Nguyen Ngoc K, who inspired many generations of students with his determination to rise up in life, passed away at his home in Thu Duc City.

Typhoon Noru passes through central Vietnam

Super typhoon Noru swept through central Vietnam on September 27 night and early September 28, bringing strong winds and torrential rains.

Discovering craft villages in Buddhist centre in Quang Ninh

Coming to Yen Tu relic site in Quang Ninh province – Vietnam’s major Buddhist centre, tourists can also experience traditional crafts such as making hats, bamboo handicrafts, and wood carvings.

Ministry drafts mechanism to adjust average retail power price

The Ministry of Industry and Trade (MoIT) is drafting a Prime Minister's Decision on the mechanism for adjusting the average retail electricity price.

Foreign investment disbursement hits record high in nine months

Disbursement of foreign direct investment (FDI) in the first nine months of this year reached 15.4 billion USD, up 16.2 % year-on-year and marking a record high, a report from the Foreign Investment Department (FIA) has shown.

Foreign Minister Bui Thanh Son pays visit to Germany

Minister of Foreign Affairs Bui Thanh Son paid an official visit to Germany from September 26-27 at the invitation of his German counterpart Annalena Baerbock.
back_to_top