Read here all the top fintech vietnam news for october.
Bankgo is a financial comparison platform for personal loans (housing, car, consumer loans) and credit cards in Vietnam. They launched a close beta version on March 2016 and got 250,000 USD loan book via the platform.
Through BankGo, Borrowers can be able to borrow money from Banks more easily to buy house/ car/ consumer products with best interest rate as well as other loan conditions.
In 2009, Bitcoin, the first decentralized digital currency, was implemented using blockchain technology—a public, transparent, and distributed database which is secure from revision and tampering. Transactions via this medium are processed directly between two parties—without passing through a third party, thereby keeping transaction costs low to nonexistent.
An alleged Ponzi scheme in Vietnam that exploited digital money transfers has prompted the country’s government to again warn against using bitcoin.
Ho Chi Minh City, the southern metropolis of Vietnam, will launch a VND1 trillion ($45 million) support package for young businesses, including tech startups, the city’s department of science and technology departemnt reportedly announced at a recent meeting. The fund is expected to be launched next month.
Vietnam has been long known to be one of the world’s top software outsourcing centres for large companies in the US, Europe, and Japan. That’s the old Vietnam. In this post, I will cover the new Vietnam.
In the past couple of years, I have experienced a new class of startups built by young Vietnamese founders with engineering backgrounds. Some of them have gained a certain level of success.
In Vietnam, Cyberagent Ventures is among the most active venture capital investors. Cyberagent Ventures, which has recently made several exits from its mature investments, will continue to look for more opportunities in Vietnam, said Dzung Nguyen, the fund’s head for Vietnam and Thailand markets.
Due to rapid economic growth and prolonged political stability, urban Vietnamese have become richer in a short amount of time. This boost in purchasing power among the local middle class has created ample opportunity for foreign brands to join the market and make big bucks.
According to Boston Consulting Group, reports Nikkei Asian Review, Vietnam currently has the fastest-growing middle class population in Southeast Asia. The firm defines this class as those who earn at least US$714 a month. Between 2014 and 2020, this income group will likely double in size to 33 million people, accounting for a third of the country’s population.
Disruptors or Partners of Banks? (Vietnamese article)
Founded in 2015, Gachvang became the first marketplace in Vietnam that provides big data-based pricing information about real estate properties, said Nguyen Tan Phat, founder of the platform.
“The Vietnamese real estate market is relatively large, constituting around 13 per cent of the country’s GDP. However, no effective tool was available for the buyers and sellers as well as home seekers to identify the real value of the properties,” said Phat.
Statistics from the Central Institute for Economic Management (CIEM) show that half of the money sent back to Vietnam in the past five years has been deposited in banks or exchanged for gold, while more than 16 percent went into the real estate market, 30 percent was invested in businesses and the rest was simply spent.
HCMC has reported a steady growth in remittances of 10-12 percent in recent years, and the figure for this year is expected to reach $5.8 billion.
Top Fintech South East Asia News
In just a few weeks, Singapore will be hosting its inaugural Fintech Festival, a week long event that will bring together the global financial community for a series of conferences, workshops, startup competitions and awards ceremonies to celebrate fintech and discuss the future of finance.
Terrapinn Training will be hosting two fintech courses in November in Singapore: the 3 Day Master Class in Payments Disruptors and the 3 Day Masterclass Blockchain, two programs designed to dive into some of the hottest topics in fintech right now.
As the financial services industry undergoes massive digital disruption, a number of courses and programs have emerged in recent years to educate students and professionals on fintech and the impact of digital technologies on the industry.
The World Bank estimates that global remittances sent through formal channels in 2015 were near US$600 billion, with developing economies estimated to have received more than $440 billion of this amount. Many economists furthermore assume that the amount of money sent through informal channels – cash taken back in the pockets of friends for example – at the very least equals this formal flow.
In a 2014 survey by Nielsen, 68% of Thais expressed a preference for dealing in cash. This figure has fallen steadily ever since. The country’s largest mobile operators in the country have an astonishing 97 million customers between them. Not bad for a country of 67 million population. AIS are the largest with 45 million, with DTAC (28 million) and Truemove (24 million). This almost messiah-like adherence to the smartphone within the middle class has driven the move towards mobile payments. Smartphone penetration exceeds 50%, which in a developing country is more than impressive.
Featured Image: from Pixabay