Vietnam Fintech Startups

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A surge in foreign investments and strong government tư vấn have sầu fueled the fintech ecosystem in Vietphái mạnh in recent years. As a result, the nation’s digital economy is on the rise – making it one of the fastest-growing economies in ASEAN regions. In 2017, the country’s economy achieved a 6.8% GDPhường (Gross Domestic Product) increase, surpassing the government’s target of 6.7%.

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It is without a doubt that fintech is growing around the globe and taking the storm in the Asia-Pacific region, including Vietphái nam. Between năm 2016 & 2017 alone, the Asia-Pacific region experienced US$15 billion investments in fintech industries.

As one would expect, the fintech opportunity in Vietnam giới is real & many companies in the country are getting in on it. Numerous companies in Vietphái mạnh also start partnering up with bustling digital companies. Let us take a look at this brief introduction to the fintech landscape in Vietnam.

Fintech Startups in Vietnam

In 2018, fintech contributed to lớn the largest funding in Vietnamese startups in 2018, outperforming sectors such as e-commerce. Furthermore in 2018, investors from all over the world invested US$117 million inkhổng lồ Vietnam’s fintech startups.

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Leading Fintech Segment in Vietnam: Digital Payment

From a recent study conducted by EY, ASEAN Fintech Census 2018, Vietnam giới achieved the 2nd rank among mỏi ASEAN countries with the most fintech accelerators, incubators, & innovation labs – a number of 24 – almost half of those of Singapore.

Currently, Vietphái mạnh has 67 fintech companies with the market size of US$4.4 billion in 2017 and is estimated to lớn hit US$7.8 billion by 20đôi mươi.

Over 66% of Vietnamese fintech companies are involved in digital payment services via online payment apps, and they have taken over 87% of the fintech market tóm tắt.

The rise of digital payment fintech companies can be seen when the State Bank of Vietnam giới (SBV) issued licenses khổng lồ 27 intermediary payment service providers, of which most of them are e-wallet service providers.

Some of the e-wallet service providers that are leading the Vietnam’s fintech industry include Momo, 123Pay, VnPay, Ngan Luong, Bao Kyên, Payoo, & OnePay. All of them have a total user of 48 millions.

One thing worth mentioning is that, according to a study done by EY, Goldman Sachs và Standard Chartered have sầu also recently invested in Momo with an amount of US$33.75 million, & Warburg Pincus has injected a US$100 million in Momo as well.

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Emerging Fintech Segment in Vietnam: Personal Finance

Another fintech sector that is on a rapid rise is personal finance. For most fintech onlookers, this is bound lớn happen because, as shocking as it sounds, less than một nửa of Vietnam’s population have sầu ngân hàng accounts.

However, the country does have sầu a high rate of điện thoại thông minh users (50 million) caused by the growth of the middle class and the growing number of Internet users. 53% of Vietnam’s population are using the Internet.

At these current growth rates of điện thoại thông minh users & Internet penetration, as well as the surge of digital payments, personal finance is to grow rapidly until 2025.

Personal finance is about the financial activities & decisions of households or individuals. These activities include saving, earning, saving, spending và investing that are all performed online.

Emerging markets in this segment in Vietphái mạnh are online peer-to-peer (P2P) lending platforms, personal advisors through AI, group saving, etc.

Why Invest in Fintech Sector in Vietphái mạnh Now

Urban, young, and digitally-savvy population, coupled with the large unbanked population and increasing number of điện thoại thông minh users as well as internet penetration are all the reasons that lead lớn the accelerated adoption of fintech in Vietnam giới.

Particularly for many small & medium-sized businesses & consumer markets, they are still underserved by traditional financial institutions.

Many legal frameworks are also completed khổng lồ accommodate khổng lồ this emerging industry. Hence, Vietphái nam offers favourable investment conditions due lớn this fintech market boom.

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