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Home / Economy / Banking & Finance
Vietnam a potential market for Fintech development
Ngoc Thuy 16:09, 2018/05/02
Vietnam remains huge potential for Fintech development, said the Governor of State Bank of Vietnam (SBV) Le Minh Hung.
In the coming time, Vietnam looks forward to witnessing more cooperation between banks and Fintech companies both locally and internationally, including Singaporean businesses, said Hung at the Vietnam - Singapore Business Forum 2018.
 
Vietnam is a potential market for Fintech development.
Vietnam is a potential market for Fintech development.
Currently, the SBV is actively cooperating with international organizations such as the World Bank, the Asian Development Bank (ADB) to set up national strategy on financial inclusion toward the goal of sustainable development. 
In this strategy, raising people's awareness on financial issues, especially the poor and disabled is of important matter, in addition to the goal of ensuring financial access to people, especially in remoted areas and the poor. 
In March 2017, SBV has established a Steering Committee on Fintech, with an aim to complete the ecosystem including a legal framework to facilitate the performance and the development of Fintech companies in Vietnam in line with guidance and orientation of the Government, as well as planning for accelerating the development of Fintech in Vietnam.
SBV also signed a memorandum of understandings on cooperation in the field of financial innovation with Korea's Financial Services Commission in March and Monetary Authority of Singapore in the framework of high level talk between Vietnam's Prime Minister Nguyen Xuan Phuc and his Singaporean counterpart Lee Hsien Loong.
The move is aimed to help Fintech companies better understand the regulatory regime and opportunities; and encourage the sharing of information on emerging Fintech trends and developments. The new partnership in Fintech will encourage joint initiatives to improve the quality of financial services and enhance financial inclusion.
Topica Founder Institute estimates the total investment in Vietnamese fintech startups in 2016 at US$129 million, accounting for 63% of all startup funding value, with Payoo, VNPT E-pay, M_Service (Momo) and F88 leading the tally.
"Vietnam currently has 78 fintech companies, many of which have received investments from foreign and domestic investors," said Jan Bellens, Ernst & Young (EY) 's Global Banking and Capital Markets Emerging Markets Leader spoke to local media at the launch of the "EY Asian Fintech Census 2018 - Where stands Fintech Vietnam" on April 12.
"By the end of this year, the amount of fintech companies in Vietnam receiving investments is likely to increase five times."
The tremendous scope for growth in fintech and retail banking sector in Vietnam is primarily driven by the demographics. 
The US Department of Commerce's country briefing paper on the Vietnamese banking system estimates that approximately 75% of Vietnam's 93 million people use limited banking services, while the remaining 25% has not taken advantage of banking services at all. 
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