The Landscape Of Vietnam Fintech

03/03/2020, 04:13 AM

From 2015, with the development of companies operating in the field of payment intermediate, the fintech Vietnam market started to develop strongly, gradually becoming a remarkable signal for banks and enterprises operating in the field of technology. The fintech Vietnam market reaches 4.4 billion USD worth of transactions in 2017 and is expected to reach 7.8 billion in 2020. Currently, Vietnam has about 200 fintech companies operating in different sectors. With the goal of reducing the proportion of cash usage in the economy down to less than 10% of government, the trend of development of this industry is indispensable.

Fintech companies currently offer services in various fields such as banking technology, billing, financial management, digital currencies... With diversified products such as: e-wallet, distributed ledger technology on the blockchain platform, B2C online trading, M POS...

Fintech brings the wave of startups in the financial – banking industry, which was previously known as being in need of abundant capital. This also leads to a diversity of ingredients, product diversity, which will also make it difficult to manage.

Along with the development of the Industrial Revolution 4.0, more and more consumers use products and services from Fintech. Traditional financial institutions are also implementing the development of financial technology products through the cooperation with fintech companies.

Fintech has been attracting the attention of many technology, financial and investment world experts in the world. Total investment in financial technology in the first half of 2018 has reached $31.7 billion with about 450 investment services carried out successfully, up nearly 3 times the value compared to the year 2017 (KPMG)

By the end of 2019, an "underground wave" carries a hundred billion flowing capital into Vietnam's financial technology (Fintech). Fintech Vietnam is rapidly evolving, to the point that countries are having policies to support business in adaptation countries and financial professionals who are having to count new directions to not be left in the game.

With the development of the current universe of 4.0 technology, which leads to the continuous transformation of the world, information and data are considered the mighty "weapons" that anyone will be able to improve survivability in this development war.