CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
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. 
Comments
Other news
17:51, 2025/01/07
Vietnam prioritizes agriculture and renewable energy for access to green loans
The move is part of the government’s effort to accelerate economic restructuring and build resilience to climate change while protecting the environment.
16:49, 2025/01/06
Vietnam GDP expands by 7.09% in 2024
The 2024 growth rate is considered positive amidst global uncertainties and domestic challenges such as natural disasters.
14:39, 2025/01/04
Vietnam stock market set to accelerate in 2025: Experts
Stable macroeconomic fundamentals, ongoing institutional reforms, and favorable monetary policies will be positive for corporate earnings.
16:31, 2025/01/02
Vietnam stock market aims for emerging status by 2025: Finance minister
By the end of 2024, the benchmark VN-Index reached 1,266.78 points, up 12.11% from 2023.
15:33, 2025/01/02
Vietnam set to extend VAT cut for six months
This measure is expected to accelerate the recovery of production and business activities, which will ultimately benefit the state budget and the economy as a whole.
21:29, 2024/12/31
Vietnam’s credit growth projected to expand by 16% in 2025
Growth must put operational safety first, and channel credit to productive business sectors, priority areas, and growth-driving industries.