Vietnamplus

A workshop held in Hanoi on June 16 underlined the need for financial technology (fintech) services for the development of small- and medium-sized enterprises (SMEs).

The Government has issued a resolution to create a sandbox for financial technology (fintech) in the country’s banking sector.

The regulatory sandbox for financial technology (fintech) which is expected to be created this year, coupled with efforts to promote the use of digital financial services, are expected to accelerate the development of fintech in Vietnam.

The value of electronic money transactions in the Philippines surged by 36.2 percent to 1.48 trillion peso (over 29.5 billion USD) in 2019 from 1.09 trillion peso in 2018.

Vietnamese financial technology startups are quickly catching up with Singapore in attracting Southeast Asian venture capital funding, according to the Japan-based Nikkei Asian Review.

The Financial Services Commission of the Republic of Korea said the country will deepen cooperation with the 10-member Association of Southeast Asian Nations (ASEAN) in the financial technology sector.

With cash still being the main payment mode, a youthful demographic and growing smartphone penetration, Vietnam offers great opportunities for fintech developers, experts said.

To develop financial technology, a comprehensive legal framework and cooperation between banks and fintech businesses are required, experts told a conference organised by the State Bank of Vietnam (SBV) and Asian Development Bank (ADB) in Ho Chi Minh City on September 10.

Vietnam needs a proper legal framework for financial technology (fintech) services, a State Bank of Vietnam (SBV) official said on August 20.

Investment in Singapore’s financial technology companies in the first half of 2019 has quadrupled from a year ago to 453 million USD, according to a recent report of consulting company Accenture.

The legal framework on sandbox development will be submitted to the Government for approval in the third quarter of the year to foster new models of business and service.

As Vietnam, one of the hottest startup hubs in the world, is welcoming a huge wave of venture capital, its tech startup firms are expected to quickly reach the unicorn status, which means they are valued 1 billion USD or more, according to insiders.

The Vietnam Information Technology Outsourcing (VNITO) Conference will take place in Ho Chi Minh City from October 23 to 25.

Vietnam is likely to become Southeast Asia’s fintech (financial technology) hub, according to an article posted on theaseampost.com.

Deputy Prime Minister Vuong Dinh Hue has urged the Shinhan Card Co., Ltd. of the Republic of Korea (RoK) to develop an ecosystem for financial technology (fintech) firms in Vietnam in training workforce and applying scientific-technological advances.

The Republic of Korea (RoK) and Singapore have agreed to enhance cooperation in the financial technology (fintech) sector, according to the RoK’s Financial Services Commission (FSC).

Vietnam owns special advantages, especially in the IT sector, which can be a basis for the development of financial technology (fintech) towards financial inclusion, according to Dominic Mellor, senior economist of the Asian Development Bank (ADB).

Indian Prime Minister Narendra Modi arrived in the Indonesian capital of Jakarta on May 29 on the first leg of his tour to three Southeast Asian countries.

The financial technology (Fintech) industry is thriving in Vietnam with the market value expected to increase from 4.4 billion USD in 2017 to 7.8 billion USD by 2020, according to a report by Solidiance, a management consulting firm in the Asia-Pacific.

Chairman of the Financial Services Commission (FSC) of the Republic of Korea (RoK) Choi Jong-ku will pay a four-day visit to Vietnam to seek ways to foster financial cooperation with the country.