Sci-Tech

Conference to seek measures for Vietnam’s fintech development

With cash still being the main payment mode, a youthful demographic and growing smartphone penetration, Vietnam offers great opportunities for fintech developers, experts said.
Conference to seek measures for Vietnam’s fintech development ảnh 1A customer makes payment by QR code at a supermarket (Photo: VNA)
HCMCity (VNA) – With cash still being the main payment mode, a youthfuldemographic and growing smartphone penetration, Vietnam offers greatopportunities for fintech developers, experts said.

Ata press briefing in Ho Chi Minh City on October 7 to introduce the VietnamFintech Conference & Exhibition 2019 (VIO 2019), the experts said thatfinancial technology has greatly disrupted the way that banks and financialinstitutions operate today.

Accordingto the HCM Computer Association (HCA), around 10,000 fintech companies areoperating globally, competing with banks in all fields from payment services,deposit mobilisation, lending, foreign exchange trading, and investmentconsulting.

Fintechcompanies in Vietnam currently focus on only three services: payment,peer-to-peer lending and crowdfunding. Some 70 percent of fintech companies inViet Nam are start-ups.

DrLillian Koh, CEO of Fintech Academy Singapore, said the infocomm andcommunication technology (ICT) sector is a key enabler for almost everyindustry, and has enhanced Singapore’s competitiveness by raising productivityand transforming business processes in industries like finance, services andmanufacturing.

Fintechcame as a disruptor but it is now embraced as innovation and transformation,she noted.

Tohelp technology businesses get up-to-date on the latest global trends andtechnologies, HCA, Fintech Academy Singapore, the Vietnam Banking Association,and the Institute for Development and Research in Banking Technology of VietnamNational University HCM City plan to organise VIO 2019 in HCM City on October30 and 31, said HCA Secretary General Vu Anh Tuan.

Theevent, titled ‘Shaping the future of Vietnam Fintech’, will discuss topics suchas fintech and changes in technology, payment services; cybersecuritychallenges for fintech; fintech and the workforce; policies and platformdevelopment for the fintech industry; machine learning and AI in the fintechmarketplace; and fintech and innovative start-ups.

VIO2019 will also feature the 2019 Top ICT Vietnam awards ceremony on October 30to honour outstanding IT and telecom companies, products and services and anexhibition where banks, fintech and IT companies will showcase their products./.
VNA
#fintech development #Vietnam Fintech Conference & Exhibition 2019 #VIO 2019 #financial technology #ICT sector #vietnamplus #Vietnam News Agency Ho Chi Minh City
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