Author: Fintech News Vietnam

In Vietnam, bank-owned apps are rapidly gaining popularity across all generations, outpacing independent fintech platforms like MoMo and ZaloPay, which are seeing a decline in usage and preference, according to a new report by Decision Lab, a Vietnamese market research firm. This shift indicates that banks are rising to the challenge, actively enhancing their digital capabilities to better meet evolving customer expectations. The report, which surveyed more than 1,400 consumers in Vietnam in Q4 2024, found that independent fintech apps are experiencing a decline in both usage and preference. MoMo and ZaloPay saw the steepest drops, with penetration rates each…

Vietnam Airlines has expanded its partnership with global payments platform Adyen to enhance its global payment capabilities. The two companies first began working together in 2017, when the airline adopted Adyen’s gateway solution. In 2024, the partnership broadened to include Adyen’s acquiring services across markets such as Japan, Australia, the United States, and Europe. The integration allows Vietnam Airlines to process credit card transactions and local payment methods like Alipay and WeChat Pay more efficiently. By connecting directly to Visa and Mastercard networks through Adyen, the airline has reported an improvement of up to 5% in authorisation rates and a…

IDEMIA Secure Transactions (IST) has partnered with the National Payment Corporation of Vietnam (NAPAS) to help expand the country’s digital payments infrastructure. Through the partnership, NAPAS will integrate IST’s tokenisation technology into its domestic payment network, which connects over 40 banks. The move supports Vietnam’s growing demand for digital and contactless payments, particularly among younger, tech-savvy users. IST’s Token Platform replaces sensitive card details with secure tokens, which can be used for transactions across various channels—including mobile NFC, in-app purchases, and remote payments—without exposing the actual card number. The platform connects with token requestors such as merchants and global digital…

The National Payment Corporation of Vietnam (NAPAS) has launched support for Apple Pay, allowing domestic cardholders to make contactless payments using their Apple devices. This enables users to pay in stores by holding an iPhone or Apple Watch near a compatible payment terminal, with authentication via Face ID, Touch ID, or a device passcode. Customers can also use Apple Pay for purchases in apps or on websites through their iPhone, iPad, or Mac, without the need to repeatedly enter payment or personal information. NAPAS said cardholders can now add their domestic debit, credit, prepaid, or dual cards to Apple Pay…

Validus, an SME financing platform, has ceased new loan disbursements in Vietnam, DealStreetAsia has learned. The company cited delays in regulatory approvals, and will now focus on debt collection while continuing to serve existing investors and customers, Validus Vietnam has been scaling back its loan book in the country over the past year, reducing it by more than 50%. This was due to prolonged uncertainty surrounding the regulatory sandbox or licensing framework, which has been in discussion since 2020. Validus is also prioritizing markets with clearer regulations and stronger profitability. It plans to reassess lending only when there is greater…

Stockholm-based Vilja, is expanding into Vietnam after establishing its ASEAN headquarters and development centre in Kuala Lumpur, Malaysia. Vilja is one of 15 globally recognised cloud-native core banking platforms listed by Celent, Gartner Magic Quadrant, and IDC. On 10 March, Vilja hosted the first “Swedish-Vietnamese Digital Banking Reception” in Hanoi in collaboration with the Swedish Ambassador to Vietnam, Johan Ndisi, at the Ambassador’s Residence. The event brought together around 30 Vietnamese fintech professionals, partners, and banks. Vilja formalised several local and regional partnerships with firms including FPT IS, Gimasys, FiinGroup, Nam Viet Corp, and international open-banking platform Brankas. The agreements…

Visa has maintained its role as an Official Co-sponsor of the Inauguration Ceremony for Ho Chi Minh City Metro Line 1 (Ben Thanh – Suoi Tien). As part of this initiative, Visa has introduced a “tap-to-ride” system at ticket gates, allowing contactless payments via globally issued cards, mobile devices, and wearables. Contactless payments are also available at ticket counters, and commuters can use the HCMC Metro HURC app for in-app transactions. These upgrades aim to improve the commuting experience by offering a faster and more convenient payment method. The open-loop EMV tap-to-ride system is becoming increasingly common worldwide. Over an…

Vietnam’s Prime Minister Pham Minh Chinh has directed the Ministry of Finance and the State Bank of Vietnam to prepare a legal framework for managing cryptos, with a draft policy expected this month, VnExpress reports. The finance ministry will lead efforts to establish regulatory measures for digital assets, which remain undefined under Vietnam’s current laws. Existing regulations only recognise electronic money linked to fiat currencies, such as bank prepaid cards and e-wallets, while cryptos like Bitcoin and Ethereum operate in a legal gray area. The absence of a formal legal framework has pushed many businesses to register abroad, particularly in…

Airwallex, a global financial platform, is set to acquire CTIN Pay, an intermediary payment service licensed company in Vietnam, subject to customary closing conditions. This acquisition will expand Airwallex’s existing licenses across Australia, Singapore, Hong Kong, Malaysia, New Zealand, mainland China, and Japan, deepening its reach in the region. The move aims to facilitate both the expansion of Vietnamese businesses into international markets and the entry of international businesses into Vietnam. The acquisition comes as Vietnam experiences rapid digital transformation and economic growth, making it a strategic market for Airwallex. To lead its Southeast Asia expansion, Airwallex has appointed Ershad…

Financial security concerns have prompted the Ministry of Finance (MoF) to express caution regarding the proposed pilot program for digital currency and asset transactions in Vietnam’s emerging financial hubs. According to the Hanoi Times, this response challenges the Ministry of Planning and Investment’s (MPI) initiative to establish a regulatory sandbox for digital asset and crypto exchanges, initially targeting July 2026. The MoF’s primary concern stems from Vietnam’s lack of a legal framework for digital assets and cryptocurrencies. The ministry argues that without regulations covering issuance, ownership, trading, licensing, and security, financial stability is at risk. Consequently, the MoF has requested…

Troubled Vietnamese lender DongA Bank has officially rebranded as Vikki Digital Bank. The name change, approved by the State Bank of Vietnam, took effect on 15 February 2025. The bank, now operating as Vikki Digital Bank Limited, has also updated its headquarters address to 72 Ly Thuong Kiet, Hanoi. Alongside the rebrand, its website has been changed, and its digital banking apps have been renamed to Vikki Internet Banking, Vikki DAB, and Vikki Soft OPT to reflect the new identity. The transition does not affect customer rights or ongoing transactions, according to the bank. The rebranding follows HDBank’s acquisition of…

Visa and DealMe have partnered to introduce cross-border card instalment payment services, providing greater payment flexibility to Vietnamese and international consumers. Vietnamese cardholders with locally issued Visa credit cards will soon access real-time instalment offers at leading merchants in South Korea, including duty-free shops, department stores, and medical institutions. The service allows international consumers to use their Visa cards for instalment payments at participating merchants, a previously unavailable option. Eligible cardholders can choose instalment durations and complete payments seamlessly. DealMe will pilot the service in South Korea, before expanding to markets such as Vietnam, the United States, Australia, Japan, and…

Vietnam’s Techcombank has announced strong financial results for the fiscal year 2024, with notable growth in profits, customer deposits, and digital innovations. The bank reported a pre-tax profit of VND 27.5 trillion, representing a 20.3% increase year-on-year. Total operating income reached VND 47.0 trillion, up 17.3% compared to the previous year. The robust performance was attributed to successful data-driven offerings such as Auto-earning, Techcombank Rewards, and new merchant solutions. These initiatives helped drive a 27% increase in the bank’s CASA (Current Account Savings Account) balance, reaching an all-time high of nearly VND 231 trillion, with a CASA ratio of 40.9%.…

The Vietnamese central bank has directed two of the country’s leading commercial banks – VPBank and HDBank – to take over their weaker rivals, in a move to fortify the nation’s financial stability. This move is part of a broader effort to overhaul the banking system and address the issue of bad debt, a move deemed crucial for maintaining political and social stability. According to Reuters, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has been tasked with absorbing GPBank. Similarly, Ho Chi Minh City Development Bank (HDBank) will take over DongA Bank, as confirmed in an official statement from the…

Vietnam’s An Binh Commercial Joint Stock Bank (ABBANK) has launched a new digital banking platform, ABBANK Business, powered by Backbase. The platform aims to enhance banking services for small and medium-sized enterprises (SMEs) in Vietnam, offering a seamless, user-friendly digital experience. Developed using Backbase’s Engagement Banking Platform, ABBANK Business equips SMEs with essential tools for managing finances securely and efficiently. ABBANK successfully migrated 100% of its business banking clients to the new platform within three months, ensuring a seamless transition without disrupting services. Since the launch, 88% of the most active customers have adopted the app as their primary banking…

Vietnam and Laos have officially launched a new framework for settling payments in their local currencies and a cross-border QR code payment system. The initiative, announced at the 47th meeting of the Vietnam-Laos Intergovernmental Committee, aims to boost bilateral trade, investment, and tourism. Vietnamese Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone were present at the launch. The framework, developed jointly by the State Bank of Vietnam and the Bank of the Lao P.D.R., allows businesses and individuals to conduct transactions in Vietnamese Dong or Lao Kip, reducing reliance on foreign currencies and lowering transaction costs. This…

AEON Financial Service, part of Japan’s AEON Group, has acquired Vietnam’s Post and Telecommunication Finance Company (PTF) from SeABank for appoximately US$170 million, DealStreetAsia reported. The deal, valued at 4.3 trillion Vietnamese dong, received approval from the State Bank of Vietnam (SBV), making AEON Financial the sole owner of PTF. The acquisition, finalised over a year after the agreement was signed, aligns with SeABank’s strategy to restructure its capital base. The bank aims to strengthen its financial capacity, invest in technology, and expand its operations following the sale. Established in 1998 as part of the state-owned VNPT, PTF was one…

The financial industry is standing on the brink of a profound transformation. For decades, banks have innovated around functionality—streamlining transactions, expanding access, and introducing digital tools. But the rules of the game have changed. Today, it’s no longer enough to be digital or omnichannel. In this hyper-connected customer-centric era, dominated by Spotify-like immediacy and Netflix-style personalisation, the question is: How deeply do you engage with your customers? Techcombank, Vietnam’s fifth-largest bank in asset size and second-largest private bank, has answered that call with clarity and conviction. In just a few years, they’ve redefined not only their institution but also what…

Payment giant Visa and FPT Corporation, a Vietnamese technology firm, have signed a Memorandum of Understanding (MOU) to advance digital transformation within the government sector. The partnership focuses on modernising government services and improving accessibility, particularly for small and medium-sized enterprises (SMEs). Under the agreement, Visa and FPT will collaborate to enhance the national e-marketplace for procurement, encourage greater SME participation, and improve payment systems. The partnership will also explore innovative ways to digitise municipal services, including initiatives to expand access to finance and equip SMEs with business credit cards for more effective cash flow management. The collaboration aims to…

Cake has become the first digital-only bank in Vietnam to achieve profitability, reaching this milestone 3.5 years after its launch. The digital bank attributes its success to strong growth, with revenue per user increasing threefold since 2023, reaching US$12 in 2024. Cake now serves nearly 5 million customers and processes an average of 400,000 credit applications each month. It has focused on sustainable growth by meeting the needs of its target audience with a wide range of accessible financial products and services. Cake leverages technology, particularly AI, to personalise its offerings and streamline operations. This approach has contributed to a…