Author: Fintech News Vietnam

Although Vietnam remains a cash-dominant economy, evidences suggest that digital and mobile payments are rapidly growing. According to Harmander Mahal, head of retail banking at Standard Chartered Bank Vietnam, the rise of e-commerce in Vietnam is paving the way for development of digital payments. Mahal said, quoted by Vietnamnet Bridge: “I think e-commerce/card-not-present (CNP) platforms are the biggest engine of growth for electronic payments in Vietnam, driven by very high smartphone and mobile device penetration and one of the highest per-capita time spend on social media in Southeast Asia.” E-commerce is growing on Vietnamese consumers, who happen to be among…

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Like the rest of emerging countries in Asia, digital banking penetration in Vietnam is on the rise. According to a survey by IDG Vietnam, 81% of respondents said they used digital banking solutions in 2017 compared to 21% in 2015. Digital banking solutions are appreciated for their convenience and time savings and while the growth is real and strong there is still plenty of opportunities. A survey by McKinsey found that approximately 60% of customer in Vietnam would consider opening an account with a branchless digital-only bank. Most of the banks in Vietnam are already providing Internet banking and digital…

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Fintech companies, which leverage technology and digital platforms to provide financial services at lower cost and wider, better access, have a key role to play in Vietnam where only 59% of the population have a formal bank account. A paper by Le Thanh Tam of the National Economics University, Hanoi, and Le Nhat Hanh of the University of Economics, Ho Chi Minh City, released earlier this year argues that fintech has the potential to significantly improve financial inclusion in Vietnam. Huge opportunities With a young population, and high mobile phone and Internet penetration rates, Vietnam is fertile ground for…

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Here comes our selection of must read Fintech News from May.  Also check out the Fintech Vietnam Job selection at the end of our newsletter. For Fintech Vietnam daily updates you can follow our Facebook Page, join our Facebook Group and Meetup community or follow us on Twitter. Vietnam Fintech Sector Report: All about Digital and Mobile Payments? Vietnam’s fintech industry is poised for growth as Internet and smartphone penetration rates continue to rise and as the government pursues its push for greater digitalization of the economy, according to a new report by consulting firm Solidiance.  (Read more) Huobi Strategizes Market Penetration into Vietnams Growing Blockchain Market…

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Vietnam’s fintech industry is poised for growth as Internet and smartphone penetration rates continue to rise and as the government pursues its push for greater digitalization of the economy, according to a new report by consulting firm Solidiance. In 2017, Vietnam’s fintech market reached US$4.4 billion in transaction value but the figure is set to rise to US$7.8 billion by 2020. Vietnam’s Internet penetration rate reached 52% in 2016 while smartphone ownership accounted for 72% in urban areas and 53% in rural areas. This makes Vietnam one of the fastest growing adopters of smartphones in Southeast Asia, the report says.…

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