While non-cash payments are admittedly on the rise, the cash payment habit and limited development of technology infrastructure are big problems for the country’s non-cash economy, experts have said.
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.
A Vietnamese delegation, led by Nguyen Toan Thang, General Secretary of the Vietnam Banking Association, is attending the 22nd ASEAN Banking Conference that kicked off in the Cambodian capital city of Phnom Penh on November 25.
To attract foreign investors to the Thai capital market, the Securities and Exchange Commission (SEC) has arranged for four financial technology (fintech) companies in Thailand to display their products and services at the Singapore FinTech Festival (SFF) 2019.
Digital transformation would push Vietnam’s finance-banking system in the years to come, helping it catch up with global standards, said Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Kim Anh.
Opportunities will slip through Vietnamese firms’ hands if a sandbox is not developed soon, NextTech chairman Nguyen Hoa Binh said at a conference on November 7.
Vietnam is a promising market for fintech companies thanks to its young demographic, strong e-commerce growth, and increasing smartphone and internet users, heard a conference in Ho Chi Minh City on October 31
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.
The acceleration of a digital economy is one of the Vietnamese government’s focuses to foster economic restructuring in combination with renewing the growth model and growth quality.
Representatives of the blockchain industry in Vietnam have asked for a ‘sandbox’ for the technology while meeting with Government agencies at a conference on in Hanoi on September 18.
The Bank of Thailand has advised holders of debit cards and ATM cards with magnetic stripes, to use chip cards instead, as transactions via ATMs or card swiping machines, will no longer be possible after January 15, 2020.
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.
The Association of Southeast Asian Nations (ASEAN) and India have agreed to review their free trade agreement (FTA) signed in 2009 to make it more business-friendly and boost bilateral economic ties.
Financial experts analysised and made recommendations on policy orientations for developing and managing Fintech – a new and potential field in Vietnam, at a seminar held in Hanoi 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.
Vietnam and Singapore held the 12th political consultation in the island city state on August 14, agreeing to make joint efforts to continue intensifying their strategic partnership.
A driving force for short-term growth has lost due to the sluggish expansion of public investment, Prime Minister Nguyen Xuan Phuc has said, demanding drastic actions to remove barriers hindering the disbursement of public investment.
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