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Vietnam’s FinTech market expected to reach 18 billion USD by 2024

The FinTech market in Vietnam is expected to grow to 18 billion USD by 2024, according to analysts at financial holding Robocash Group.
Vietnam’s FinTech market expected to reach 18 billion USD by 2024 ảnh 1Vietnam is one of the leaders among ASEAN countries in the volume of financing for FinTech, second only to Singapore. (Photo laodong.vn)
Hanoi (VNS/VNA) - The FinTech market in Vietnam isexpected to grow to 18 billion USD by 2024, according to analystsat financial holding Robocash Group.

Vietnam is one of the leaders among ASEAN in terms of the volume offinancing for FinTech, second only to Singapore.

93% of all venture investments in the country is directed at e-wallets andthe e-money segment.

The total number of FinTech companies has grown to 97 since2016, an 84.5% increase. However, the number of newly launched start-upseach year decreased from 11 to 2.

The market features high competitiveness and a high entrybar. 

Transaction volume has seen a 152.8% growth since 2016, with 29.5 millionnew FinTech users.

As a result, every second Vietnamese uses at least one FinTech service. TheVietnamese population's demand for digital services (transactions, payments andwallets) is remarkable. 

According to company analysts, Vietnam FinTech is young and promising. Themarket valuation has increased from 0.7 billion USD to 4.5 billion USD since2016.

In the near future, the government will become more involved in FinTech,evidenced by the growing favourable legislation for financialtechnologies.

The FinTech regulatory sandbox and the legal framework for digital assets andcryptocurrencies will also further develop in the industry./.
VNA
#FinTech market #FinTech companies #FinTech users #Vietnam FinTech #Vietnam #Vietnam news #Vietnam News Agency
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