Singaporean site highlights Vietnam’s potential for fintech growth
Illustrative photo (Photo: VNA)
Hanoi (VNA) – One of Singapore's top pure-play digital content sites - asiaone.com - on March 21 ran an article entitled “Vietnam: Can it become the Fintech 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 the
article, Vietnam’s National Digital Transformation Programme by 2025 has
accelerated 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 of
these promising fintech organisations has been linked with their close ties
with the banking sector that has created invaluable synergies,” said the
article.
Vietnam Banks
Association (VNBA) has always been upfront in bringing favourable changes to
the country's financial services industry, be it for lowering SMS charges for
banking services or urging Visa and Mastercard to reduce several types of fees
on Vietnamese banks during the COVID-19 pandemic.
Recently, VNBA has
officially become a supporting partner for World Financial Innovation Series
(WFIS) that's shaping to be the country's premier fintech event.
According to the
article, the World Bank Group has also been actively supporting Vietnam in
becoming a high-income economy by 2045.
"For big players, investors and even newcomers, the current nascent stage and relatively small size of the country's fintech market is making it particularly attractive for investment, considering there are a plethora of opportunities to get involved and scaling big,” it said./.