Payment still the leading segment of Fintech in Vietnam and the Asia region

3 weeks ago

At the 12th International Banking and Business Conference (IBFC) held in Hanoi recently with the theme “Korea – Vietnam opening up digital finance, surpassing innovation,” Mr. Nguyen Dang Hung, the Head of VietFintech Club, attended and shared an overview of the Fintech market in Vietnam and the Asia region.

The conference was attended by the Ambassador of South Korea to Vietnam, representatives of the Credit Monitoring Institute, and representatives of South Korean financial companies and conglomerates. On the Vietnamese side, there were representatives from the Ministry of Planning and Investment, the State Bank of Vietnam, the National Innovation Center, the Vietnam Chamber of Commerce and Industry (VCCI), and Vietnamese companies.

With the theme “South Korea and Vietnam jointly developing digital finance, surpassing innovation,” this IBFC conference shared trends and policies for global digital transformation in the financial industry, including both countries. It was an opportunity for the two nations to discuss the development direction and growth potential in the future.

During the conference, Mr. Nguyen Dang Hung, the Head of VietFintech Club, delivered a speech on the overall Fintech market in Asia, the development of Fintech in China and India – two economically advanced countries in Asia and leading the development of Fintech in the region. He also discussed Fintech in Southeast Asia, with six typical countries being Singapore, Indonesia, Vietnam, Thailand, Malaysia, and the Philippines. Among them, Singapore and Indonesia have the largest ecosystems in the region.

“In Vietnam, the development trend of Fintech is also aligned with the regional trend. Payment is still the leading segment of the Fintech market, followed by lending, Blockchain/Cryptocurrency, etc.,” said Mr. Nguyen Dang Hung, the Head of VietFintech Club.

Fintech activities in Vietnam in recent years have received significant support from the Government, the State Bank of Vietnam, and the Ministry of Public Security through the National Digital Transformation Program until 2025, with a vision to 2030. This includes the establishment and regulation of the use of national population databases, the draft decree on controlled Fintech operations, and more.

According to Mr. Hung, in the coming time, Fintech in Asia will move according to main trends such as digital neobanks, buy now pay later, super financial applications, AI-based financial services, open banking, and cross-border cooperation. In general, Fintech in Asia still has a lot of room for development with a large potential population, high internet penetration rate, increasing smartphone usage, strong payment infrastructure development, and supportive government policies.

Mr. Nguyen Dang Hung, the Head of VietFintech Club, speaking at the conference. Photo: VietFintech Club

With the increasing demand for travel, tourism, and trade among countries, Mr. Hung hopes that after the conference, there will be more opportunities for cooperation between Fintech companies of different countries, especially between Vietnam and South Korea.

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