7 Fintech Startups from Vietnam to Watch out for in 2019

7 Fintech Startups from Vietnam to Watch out for in 2019

by December 14, 2018
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With a little over 70 fintech companies raising only US$3 million in 2017, Vietnam’s fintech ecosystem remains relatively small and still in its early stage when compared to other ASEAN markets such as Singapore or Indonesia.

Yet, the Vietnamese fintech industry is growing rapidly, supported by financial institutions, startups, and the government working toward developing a favorable environment for digital finance and fintech innovation.

A handful of fintech companies are pushing to put Vietnam on the global fintech map. The following seven fintech companies have witnessed significant growth this year and are a must watch in 2019:

 

MoMo

Top Funded Fintech Vietnam MomoMoMo is an e-wallet and mobile payment app developed by Vietnamese company M_Service. MoMo enables users to pay online, make peer-to-peer transfers, buy games credit, top ups, as well as pay utility bills. MoMo currently supports payments to nearly 100 services providers and online businesses and is integrated with 24 domestic banks, as well as international payments networks including Visa, MasterCard and JCB. As of October, the service had nearly 10 million users on both iOS and Android. MoMo was named one of the 2018 Fintech 100 Leading Global Fintech Innovators by H2 Ventures and KPMG.

 

Moca

Founded in 2013, Moca provides a free mobile payment application for Vietnamese consumers. The company was granted a license for payment services by the State Bank of Vietnam (SBV) in 2016 and has a network of 11 local banks as partners. In September, Moca signed a partnership with Grab to launch GrabPay by Moca, a mobile wallet integrated into Grab’s app in Vietnam. The deal seeks to leverage the strengths of both companies: Grab chose Moca for their local knowhow and access to licenses, while Moca will gain traction through its integration with Grab. Grab is an investor in Moca.

 

Finhay

FinhayFinhay is a micro-investment platform targeted at millennials. The platform allows customers to start investing with as little as VND 50,000, or slightly more than US$2, in mutual funds in Vietnam. Once registered, new users complete a short survey which asks about their age, career, investment goals, etc., so that Finhay can provide a suggested investment portfolio and related risk assessment. The robo-advisor currently has about 3,000 regular users with a total capital commitment of VND 3.7 billion (US$158,000). It is backed by Australia-based H2 Ventures.

 

Tima

Founded in 2015, Tima is a consumer financial marketplace and peer-to-peer (P2P) lending platform. The company claims it currently has more than 23,000 lenders and 2.1 million borrowers on the platform, and has secured a partnership with Vietinbank’s insurance arm Vietinbank Insurance Corporation. Tima claimes to have raised a US$3 million Series B funding round in October at a near US$20 million valuation. The company said it will use the capital injection to support its expansion to 63 cities in Vietnam as well as to invest more in tech development and talent acquisition.

 

OnOnPay

Established in 2015, OnOnPay offers both a web platform and a mobile app that allow users to top up their prepaid phones and win rewards like extra credit and coupons, as well as apply for loans. The solution is targeted at Vietnam’s unbanked population. OnOnPay relies on a network of partnered brick-and-mortar businesses which act as “branches.” When consumers need to top up their mobile payment accounts, they give the store owner the same amount in cash. Ononpay has around 3,000 such transaction points. In October, the startup raised an undisclosed investment by Silicon Valley fund Fenox Venture Capital in October.

 

TrueMoney Vietnam

TrueMoney Vietnam, part of Southeast Asian fintech company Ascend Money, operates the TrueMoney Wallet, which allows users to make online purchases, pay bills and top up their pre-paid mobile and gaming cards, as well as to transfer money from their bank accounts to the digital wallet and from their wallet to other wallets. Originally from Thailand, TrueMoney expands to Vietnam earlier this year after being awarded an Intermediary Payment Services License from the SBV. The company claims more than 21 million users. Beside Vietnam and Thailand, it also operates in Cambodia, Myanmar, the Philippines and Indonesia.

 

TomoChain

TomoChain is a public blockchain promising faster and cheaper transactions designed to support decentralized applications. TomoChain relies on a system of 150 Masternodes with Proof of Stake Voting (POSV) consensus that can support near-zero fees and two second transaction confirmation time. After two years of research and development, TomoChain launched its mainnet on December 14, 2018. The startup raised US$8.5 million in its initial coin offering (ICO) earlier this year and is backed by several well-known investment firms like Signum Capital, Connect Capital and 1KX.

 

Featured image credit: Edited from Pixabay

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