Read here all the important fintech news around Vietnam for November.
Hanoi-based top-up service firm OnOnPay has landed an $800,000 pre-Series A funding led by Shanghai-headquartered VC firm Gobi Partners in just over a year since it raised seed funding from Malaysia’s Captii Ventures.
The pre-Series A proceeds will be used for customer acquisition strategies and developing OnOnPay platform, the company said in a statement.
Soon, the e-commerce giant retailers like Amazon International, Alibaba, eBay… will attack Vietnam market aggressively. If domestic enterprises aren’t connected strongly and thoroughly, they will be defeated very quickly.
Protecting intellectual property has just become easier with the release of Copyrobo, a web- and app-based service that enables creators to create timestamped evidence of their work in just a few seconds. Copyrobo offers a complete timestamping solution for images, documents, video and music produced by individuals and companies.
South Korea’s UTC Investment Co., owned entirely by Daesang Group honorary Chairman Lim Chang-wook, acquired VNPT Electronic Payment JSC (VNPT Epay) from VMG Media Group at around 40 billion won ($33.8 million).
According to local media and the investment banking industry in Vietnam on Sunday, UTC Investment has agreed to purchase a 62.5 percent stake in VNPT Epay along with the management rights from VMG Media Group at around 40 billion won. Vietnam Posts and Telecommunications Group (VNPT) will continue to hold the remaining stake in the firm.
Payment solution is just a part of the comprehensive financial service industry, but it is the strongest fintech segment in Vietnam, taking up nearly two-thirds of all fintech companies in the country.
Artificial intelligence (AI) can become a game changer for Vietnamese technology startups, say experts, as they are betting big on the potential to deploy chatbots and image recognition to deep learning in the country. “AI can be integrated into many verticals because the ultimate purpose of AI is to assist, or even to replace, human efforts in doing things in a more effective way,” Nghiem Xuan Bach, project director at Cinnamon AI Lab, told DEALSTREETASIA.
Singapore’s Mobile Point of Sale company, with its main operations in Vietnam, celebrates its win at the 2016 Vietnamese Talents Awards 2016 which honors leading innovations and inventions in IT. SoftPay Mobile’s MPOS service allows businesses to accept card payments anywhere and anytime.
Credit China FinTech Holdings Limited , an integrated fintech service provider in China, announced that the Group intends to acquire approximately 51% of the enlarged issued share capital in Amigo Technologies Joint Stock Company (“Amigo Technologies”) at a consideration of approximately USD12.73 million, equivalent to a valuation of approximately USD25 million.
Singapore’s Action Community of Entrepreneurship (ACE) signed a Memorandum of Understanding (MOU) with Vietnam’s National Agency for Technology Entrepreneurship and Commercialization Development (NATEC) earlier this morning. The MOU seeks to establish a cooperative relationship between the two countries for nurturing their robust start-up ecosystems.
For newcomers to Vietnam, impressed by the scores of companies with their engineering teams and outsourcing wings housed in the two major cities of Ha Noi and Ho Chi Minh City, Vietnam somehow seems like a safe bet if you’re looking at startup and technology. And yet, folks who have worked in Vietnam for the past decade know that Vietnam has perpetually been in a state of great potential, while the rest of the region has sped past it on a macroeconomic level. Indeed, enthusiasm for Vietnam should be tempered with an awareness of its history.
Top Fintech South East Asia News
The Mobile Wallet (TMW), India’s first payment solution officially announced their partnership with MatchMove, Singapore’s Fintech company and will be integrating MatchMove’s award-winning Wallet OS into the TMW app. This will allow TMW to further boost its functionality and usability for its users to pay on the go and allow businesses to accept payments digitally.
The inaugural Singapore Fintech Festival, a week-long event organized by the Monetary Authority of Singapore (MAS) in partnership with The Association of Banks in Singapore (ABS), was one of the biggest fintech events ever organized, drawing over 10,000 participants from more than 50 countries.
Daiwa Securities Group, a Tokyo-based securities brokerage, will be working with Myanmar’s Yangon Stock Exchange (YSX) to establish a Blockchain-based stock exchange by integrating Daiwa’s equity trading into the Yangon exchange platform.
Fintech News introduces to you the Fintech Startup Map of countries in Asia. The Fintech startup maps were gathered from Startupwatch, StartupAlliance and our own creation.
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