Business

Workshop stresses need for more fintech services for SMEs

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).

Hanoi (VNA) – Aworkshop 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 event took place withinthe framework of Finnovation, the first national and biggest contest on fintechstartup and innovation for students.

Bui Huy Nhuong, Vice Rectorof the National Economics University, said over the last five years, fintechhas become an inevitable trend in Vietnam’s financial sector. It began with theestablishment of fintech startups, traditional financial institutions’provision of digital financial services, and technology companies’ entry into thearea of financial services.

The fintech ecosystem inVietnam is developing fast and expected to record 200 companies in 2022. Fintechbusinesses, traditional credit institutions, and tech firms have created amarket of innovative financial services serving the development of a digitaleconomy, he went on.

However, he noted, fintech companiesin the country are focusing on payment services. Their financial products andservices for SMEs haven’t taken shape ina systematic manner while SMEs always need more accessible, low-cost, anddiverse financial services.

Therefore, fintech startups,traditional financial institutions, and tech firms should work out orientationsfor filling the “vacuum” of innovative financial services for SMEs, Nhuongadded.

Participants discussedinnovative digital financial services for promising enterprises in Vietnam; theevolution of financial services for SMEs; opportunities and challenges in thecreation of an environment for fintech businesses and relevant parties toprovide innovative financial services in particular, and digital financialservices in general, for SMEs; and other fintech-related issues.

Finnovation is a regularcontest organised by the Ministry of Science and Technology, the VietnameseStudents Development Support Centre, and the youth union chapters at theVietnam National Universities in Hanoi and Ho Chi Minh City./.

VNA
#financial technology #fintech #small- and medium-sized enterprises #SMEs #Finnovation #fintech startups #financial services #digital economy #updated Vietnam news #Vietnamplus #Vietnam News Agency
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