Fintech Challenge Vietnam to spur financial inclusion and digital banking transformation
The Fintech Challenge Vietnam is an innovative development program that brings together the regulator, banks, and Fintech innovators to find the intersection between private benefits and the public good, said ADB Country Director for Vietnam Eric Sidgwick.
The Fintech Challenge Vietnam (FCV) aims to accelerate financial technology and industry collaboration for financial inclusion and digital banking transformation in Vietnam’s fast-growing market.
Following the success of the first FCV in 2018, this year’s FCV is officially launched today at the State Bank of Vietnam (SBV) with the support from the Mekong Business Initiative, a program jointly funded by the Australian Government and Asian Development Bank (ADB).
The FCV 2019 focuses on big data, artificial intelligence, financial service outreach, and cybersecurity technology solutions.
“The experience and outcomes of the 2019 FCV are expected to be useful inputs for regulators in developing an enabling legal framework for the Fintech ecosystem development in Vietnam,” said SBV’s Deputy Governor cum Chairman of SBV’s Fintech Steering Committee Nguyen Kim Anh.
“The FCV is an innovative development program that brings together the regulator, banks, and Fintech innovators to find the intersection between private benefits and the public good,” said ADB Country Director for Vietnam Eric Sidgwick. “It is a unique mechanism to accelerate sustainable solutions for reaching the unbanked and the under-banked groups, while enhancing the efficiency and financial security in Vietnam.”
The program’s corporate partners include not only banks (TP Bank, Vietcombank, Vietinbank, UOB) but also telecommunication companies with the approved license for payment intermediary service provision (ViettelPay), which are seeking technology solutions that could enhance efficiency of their business models while promoting financial inclusion. The program will help them source solutions from Vietnam as well as around the world.
Fintech companies may apply to the Fintech Challenge Vietnam through September 25 at fintech.mekongbiz.org. Both early- and growth-stage Fintech companies, from Vietnam or anywhere in the world, are encouraged to apply.
Shortlisted Fintech companies will be invited to present at the demo day on November 7 in Ha Noi. A panel of independent judges will award cash prizes to three growth-stage and three early-stage Fintech companies. In addition, Mastercard will support two winning Fintechs to attend and pitch at Mastercard’s customer event at the Singapore Fintech Festival.
Overview of the launch of Fintech Challenge Vietnam. Source: ADB.
|
The FCV 2019 focuses on big data, artificial intelligence, financial service outreach, and cybersecurity technology solutions.
“The experience and outcomes of the 2019 FCV are expected to be useful inputs for regulators in developing an enabling legal framework for the Fintech ecosystem development in Vietnam,” said SBV’s Deputy Governor cum Chairman of SBV’s Fintech Steering Committee Nguyen Kim Anh.
“The FCV is an innovative development program that brings together the regulator, banks, and Fintech innovators to find the intersection between private benefits and the public good,” said ADB Country Director for Vietnam Eric Sidgwick. “It is a unique mechanism to accelerate sustainable solutions for reaching the unbanked and the under-banked groups, while enhancing the efficiency and financial security in Vietnam.”
The program’s corporate partners include not only banks (TP Bank, Vietcombank, Vietinbank, UOB) but also telecommunication companies with the approved license for payment intermediary service provision (ViettelPay), which are seeking technology solutions that could enhance efficiency of their business models while promoting financial inclusion. The program will help them source solutions from Vietnam as well as around the world.
Fintech companies may apply to the Fintech Challenge Vietnam through September 25 at fintech.mekongbiz.org. Both early- and growth-stage Fintech companies, from Vietnam or anywhere in the world, are encouraged to apply.
Shortlisted Fintech companies will be invited to present at the demo day on November 7 in Ha Noi. A panel of independent judges will award cash prizes to three growth-stage and three early-stage Fintech companies. In addition, Mastercard will support two winning Fintechs to attend and pitch at Mastercard’s customer event at the Singapore Fintech Festival.
22:14, 2024/02/28
Hanoi's young talents to attend 2024 World Robot Olympiad
Hanoi students can participate in the global playground that fosters their creativity and problem-solving abilities.
22:23, 2024/01/24
US-Vietnam Digital Workforce Development Program forges new partnerships
The US Mission to Vietnam and the NIC have partnered to expand digital skills in the Vietnamese labor market to improve the upward mobility and competitiveness of Vietnam's workforce.
21:17, 2024/01/21
VEX Robotics National Championship finds talents for international competitions
The Vietnam VEX Robotics National Championship 2024 is a platform open to all robotics enthusiasts nationwide, with no barriers based on gender, ethnicity or geography.
18:14, 2024/01/11
Hanoi to launch nine more electric bus lines
The city is determined to build a green public transport network in line with its commitment to environmental protection.
14:22, 2023/12/13
Make in Vietnam Awards 2023 recognize 43 outstanding digital products
Vietnam is home to more than 1,400 digital technology companies with a combined revenue that is approaching the $10 billion mark.
21:30, 2023/11/15
Vietnam wins big at World Robot Olympiad
Vietnamese students can participate in the global playground that engages them and fosters their creativity and problem-solving abilities through the competition.
- Vietnamese Government approves national datacenter
- Hanoi committed to start-ups and innovative enterprises development
- Vietnam customs needs to accelerate digital transformation: Deputy PM
- Hanoi gets ready for digital economy growth
- Vietnam Digital Awards 2023 recognizes outstanding digital transformation solutions
- TikTok's violations in Vietnam exposed