Fintech has huge opportunities in Vietnam: experts

With cash still being the main payment mode, a youthful demographic and growing smartphone penetration, Vietnam offers great opportunities for fintech developers, experts said. A customer makes payment by QR code at a supermarket. Financial technology has greatly disrupted the way that banks and financial institutions operate today, they said. According to the HCM Computer Association (HCA), around 10,000 fintech companies are operating globally, competing with banks in all fields from payment services, deposit mobilisation, lending, foreign exchange trading, and investment consulting. Fintech companies in Viet Nam currently focus on only three services: payment, peer-to-peer lending and crowdfunding. Dr Lillian Koh Noi Keng, CEO of Fintech Academy Singapore, said: “The infocomm and communication technology (ICT) sector is a key enabler for almost every industry, and has enhanced Singapore’s competitiveness by raising productivity and transforming business processes in industries like finance, services and manufacturing. “Fintech came as a disruptor but it is now embraced as innovation and transformation,” she told a press briefing in HCM City on Monday to introduce the Viet Nam ICT Outlook (VIO 2019) conference. The rise of new fintech products and services puts pressure on the traditional banking model, she said. Hoang Cong Gia Khanh, vice rector… Read full this story

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