Illustrative photo (Photo: VNA)
Hanoi (VNA) – One of Singapore's top pure-playdigital content sites - asiaone.com - on March 21 ran an article entitled “Vietnam: Can it become theFintech Mecca of the east?”, highlighting that Vietnam’s fintech has reached new heights and its growth is fuelled by the newly introduced legal framework.
According to thearticle, Vietnam’s National Digital Transformation Programme by 2025 hasaccelerated the inclination towards fintech.
Housing close to 200 fintech organizations, now 66% of adults have payment accounts as listed by the Ministry of Planning and Investment. Not to forget, the perfect medley of 91.3 million smartphone subscribers and an internet penetration rate of 73.2 percent have made the situation more conducive for the industry's growth.
“The success ofthese promising fintech organisations has been linked with their close tieswith the banking sector that has created invaluable synergies,” said thearticle.
Vietnam BanksAssociation (VNBA) has always been upfront in bringing favourable changes tothe country's financial services industry, be it for lowering SMS charges forbanking services or urging Visa and Mastercard to reduce several types of feeson Vietnamese banks during the COVID-19 pandemic.
Recently, VNBA hasofficially become a supporting partner for World Financial Innovation Series(WFIS) that's shaping to be the country's premier fintech event.
According to thearticle, the World Bank Group has also been actively supporting Vietnam inbecoming a high-income economy by 2045.
"For big players, investors and even newcomers, the currentnascent stage and relatively small size of the country's fintech market ismaking it particularly attractive for investment, considering there are aplethora of opportunities to get involved and scaling big,” it said./.
