A new report by Reputa, an online reputation monitoring system provided by Viettel, Vietnam’s state-owned telecommunications giant, offers an analysis of the country’s fintech sector and provides rankings of the most reputable fintech companies in Vietnam based on their online reputation and reach.
Released on July 16, 2024, the report examines key trends, developments, and prominent players in Vietnam’s fintech industry, drawing on extensive data collected from social media interactions and covering 46 fintech companies.
This analysis includes 54,976 discussions from June 1 to June 30, 2024, to provide a robust picture of user sentiments and industry trends for June 2024.
The report also features rankings for the top 10 fintech companies and the top 5 electronic payment platforms in the country, showcasing the most popular fintech companies and digital payment brands in Vietnam based on their presence and discussions on social media platforms.
These rankings are derived from a composite score based on four main criteria:
- The Sentiment Score measures the level of user favorability towards a certain company. It is based on the analysis of positive and negative discussions;
- The Market Share of Discussion Score assesses the volume of discussions about a specific company relative to the total discussions about all companies in the sector. It indicates how much attention a company is receiving compared to its competitors;
- The Interaction Score measures the level of interaction (likes, shares, comments) related to discussions about the company, compared to the total interactions across all companies. It reflects how actively users are engaging with content related to the company; and
- The Reach Score evaluates the reach of discussions about the company. It indicates how widely the company’s discussions are being shared and seen.
Top 10 most popular fintech companies in Vietnam based on their online reputation (June 2024)
- FE Credit: Originally part of Vietnam Prosperity Joint-Stock Commercial Bank (VPBank), FE Credit became an independent entity in February 2015 is listed as the most reputable fintech company in Vietnam. The company leads the consumer finance market with over 21,000 points of sale, 16,000 employees, and more than 12 million customers.
- Fiin Credit: Founded in 2018, Fiin Credit is a digital finance and consumer credit system in Vietnam. The company uses artificial intelligence (AI) and big data technology to provide peer-to-peer (P2P) lending, consumers loans, buy now, pay later (BNPL) arrangements, and more.
- BitcoinVN: Founded in 2013, BitcoinVN is a cryptocurrency startup providing exchanges services, over-the-counter (OTC) trading, self-service kiosks for users to buy and sell bitcoin for cash, and more.
- Midas Protocol: This company aims to be the smartest universal wallet for all of the essential crypto needs including safekeeping and intelligent trading, portfolio management, and more.
- Citigo: This company provides technology solutions that enhance business efficiency for small and medium-sized enterprises (SMEs).
- VNSC by Finhay: This smart investment platform aims to provide effective investment decisions, optimization, and knowledge for both novice and experienced investors. The platform combines financial products and services from Vina Securities Joint Stock Company (VNSC) with modern fintech technology from Finhay.
- Sapo Technology JSC: This leading technology company specializes in multi-channel management and sales platforms. It offers a comprehensive solution that allows businesses to sell products across various channels, both online and offline, and claims more than 100,000 customers.
- mPOS Vietnam: This financial services company provides a mobile-based software platform for digital payments. The mobile point-of-sale (POS) solution allows businesses and individuals to conveniently accept payments via credit cards, debit cards, QR codes, and e-wallets, and boast a customer base of 100,000 organizations.
- Trusting Social: This AI fintech startup aims to transform credit scoring using big data technology, and social, web, and mobile data. Trusting Social claims it served one billion consumers across Vietnam, Indonesia, India, and the Philippines in 2020.
- OPES Insurance: Founded in 2018, OPES Insurance is a leading digital insurer serving the Vietnam market. The company is owned by VPBank and claims over 12 millions of customers and nearly 200 millions digital insurance contracts published.
Top 5 most popular e-payment brands in Vietnam based on their online reputation (June 2024)
- MoMo (M_Service): A leading super app and one of the fastest-growing fintech companies in Vietnam established in 2007. MoMo claimed over 31 million users, more than 50,000 domestic partners, as well as 140,000 payment acceptance points nationwide in partnership with 70 banks and international cards as of June 2022.
- VTC Pay: A leading payment gateway, VTC Pay has over 3 million activated e-wallets and claims over US$5 million in monthly cash flow.
- VNPAY: Founded in 2007, VNPay is a major player in electronic payments, providing payment solutions to more than 40 banks in Vietnam, five telcos and over 200 e-commerce enterprises.
- Viettel Money: A digital finance app developed by Viettel Digital Services Corporation, a subsidiary of Viettel. This app lets users transfer funds, make deposits, withdraw funds, and make online purchases quickly and efficiently.
- ZaloPay: Established in 2018, ZaloPay is a mobile wallet and payment platform associated with the Zalo messaging app. The platform has served over 14 million users and offers more than 100 convenient services. ZaloPay is part of VNG Corporation, a tech firm in Vietnam.
Top 5 most popular e-payment companies and brands in Vietnam based on online reputation in June 2024, Source: Reputa, July 2024Reputa’s top 5 electronic payment platforms ranking aligns with findings from Decision Lab’s Q4 2023 research, which highlighted MoMo and ZaloPay as the top digital financial platforms in Vietnam, with penetration rates of 62% and 45%, respectively. These platforms are followed by ViettelPay (27%), ShopeePay (26%), and VNPay (17%).
Featured image credit: edited from freepik
