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Digital payment is currently the leading fintech segment in terms of players and investment

Digital payment is currently the leading fintech segment in terms of players and investment

Thursday 23, 04 2020
Financial Technology companies, or fintech, have been disrupting the financial industry around the world by changing the way consumers use financial products and services. This change is also visible in Vietnam’s financial industry, where fintech is

According to UNLOCKING VIETNAM’S FINTECH GROWTH POTENTIAL REPORT published by solidiance in May 2018, Financial Technology companies, or fintech, have been disrupting the financial industry around the world by changing the way consumers use financial products and services.

This change is also visible in Vietnam’s  financial industry, where fintech is leveraging rising bank penetration to promote value-add financial services while also offering the unbanked population access to alternative payment solutions.

In 2017, Vietnam’s fintech market reached USD 4.4 billion in transaction value and is expected to grow to USD 7.8 billion by 2020.

Several factors emerge as growth drivers of fintech in the transformation of Vietnam’s financial industry, such as:

  • The move towards an increasingly cashless society, with ambitious government targets aimed at reducing cash transactions to 10% of all payments by 2020
  • Improve user experience in the financial services sector through cost and time saving, addressing a key pain-point of traditional financial services
  • The proliferation of FinTech services that is able to cater the Small-to-Medium Enterprises (SMEs) in Vietnam – those who are currently underserved by traditional financial institutions with limited capital, complexity, and gaps in services – by facilitating capital sourcing and supporting investment decisions
  • Aligning global financial trends in digital payment as well as in personal and corporate financial management applications

Herein is some statistics of report:

Digital payment is currently the leading fintech segment in terms of players and investmentDigital payment is currently the leading fintech segment in terms of players and investment2
 

Full report: here

>>Vietnam is suffering from debt overload

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Financial News

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