Vietnam Fintech Startups:
We talk a lot about how London and New York are leading the fintech race. But to be fair, fintech is hot just about everywhere.
Today, we take a closer look at what Vietnam has got to offer in terms of financial innovation and what might as well be the country’s six hottest fintech startups. Vietnam has a very high mobile penetration rate, but this is not the only reason why Fintech is going to be very interesting for Vietnam. However, until now Fintech is still pretty much unknown here, but this will change soon.
Here are our 6 Fintech Vietnam Startups for your future watchlist. More Vietnam Fintech Startups can be found in the Fintech Vietnam Startup Report.
MoMo
MoMo infographic – Image credit: https://momo.vn
MoMo is a mobile payment and money transfer app created by M_Service. In September, MoMo became the most downloaded app in the Apple Store Vietnam. The application has been reportedly experiencing 30 to 50% growth per month in terms of transaction volume and user base.
In late-August, M_Service signed a partnership with Standard Chartered to create a new app called Straight2Bank that would allow the bank’s corporate clients in Vietnam to make payments directly into their beneficiaries’ MoMo mobile wallet.
1Pay
1Pay as well is a mobile payment app and arguably one of the leading mobile payment platforms in Vietnam.
Launched in 2013, 1Pay, a subsidiary of mWork, one of Vietnam’s biggest mobile game affiliate networks, provides merchants with access to the API key and SDK to integrate payment via mobile for their games, content, or mobile apps.
The solution allows users to pay by SMS, online and via prepaid cards for purchases via their mobile phone.
LoanVi
Loanvi is an online peer-to-peer lending platform for personal loans in Vietnam. Founded in 2015, the startup aims at bridging the gap between underbanked individuals and investors by creating an accessible channel for individuals to acquire loan financing and for investors to earn solid fixed-income returns.
LoanVi is a product of Finsom, a Vietnamese financial tech startup that also owns MyMoney.vn, a personal finance portal.
In October 2014, both LoanVi and MyMoney.vn graduated from the Vietnam Silicon Valley project, a four-month program launched by the country’s Ministry of Science and Technology with an aim to foster the local startup ecosystem.
In July this year, LoanVi became the first Vietnamese startup to be picked up by SparkLabs, one of Seoul’s top accelerators, to integrate the prestigious three-month accelerator program.
Payoo
Payoo, a product of VietUnion Online Services Corporation, is an e-wallet services company designed to “assist users in buying, selling and making transactions” online.
Payoo offers services to both individuals and businesses. For personal users, Payoo provides a digital wallet that can be loaded via bank transfer to make purchases on the Internet; for businesses, Payoo’s e-wallet acts as an intermediary to enable online businesses to accept payments online.
According to TechInAsia, Payoo is one of the most funded fintech startups in Southeast Asia with more than US$2 million in funding.
FundStart
Founded in 2015, FundStart is a crowdfunding platform that allows artists and project leaders to raise fund from the crowd, “turning dreams into reality with funds coming from the community.”
The Fintech Vietnam startup seeks to allow the community to find the best projects to support and project owners to engagers with backers and get media attention to reach success.
Money Lover
Money Lover is a finance management app that allows users to track their expenses over time and manage their monthly and annual budget. Among its features, Money Lover supports multiple accounts, has a cloud sync solution so we can access your financial data on all devices, as well as auto backup.
Founded in 2011, the Money Lover app, which is available in iOS, Android and Windows Phone has more than 2.3 million downloads globally and 40% from Southeast Asia. There are more than 250,000 active users in every month and it’s available in 30 languages and 100 currencies.
Are you based in Vietnam?
Check out the Fintech Vietnam Meetup Group and the Fintech Vietnam Facebook Page or Group. Also check the Twitter Account @FintechVN
Cover image credit: Growth, Shutterstock.
