Singaporean site highlights Vietnam’s potential for fintech growth
One of Singapore's top pure-play digital content sites - asianone.com - on March 21 ran an article entitled “Vietnam: Can it become the Fintech Mecca of the east?”, highlighting that Vietnam’s fintech has reached new heights and its growth is fuelled by the newly introduced legal framework.
According to the article, Vietnam’s National Digital Transformation Programme by 2025 has accelerated the inclination towards fintech.
Housing close to 200 fintech organizations, now 66% of adults have payment accounts as listed by the Ministry of Planning and Investment. Not to forget, the perfect medley of 91.3 million smartphone subscribers and an internet penetration rate of 73.2% have made the situation more conducive for the industry's growth.
“The success of these promising fintech organisations has been linked with their close ties with the banking sector that has created invaluable synergies,” said the article.
Vietnam Banks Association (VNBA) has always been upfront in bringing favourable changes to the country's financial services industry, be it for lowering SMS charges for banking services or urging Visa and Mastercard to reduce several types of fees on Vietnamese banks during the COVID-19 pandemic.
Recently, VNBA has officially become a supporting partner for World Financial Innovation Series (WFIS) that's shaping to be the country's premier fintech event.
According to the article, the World Bank Group has also been actively supporting Vietnam in becoming a high-income economy by 2045.
"For big players, investors and even newcomers, the current nascent stage and relatively small size of the country's fintech market is making it particularly attractive for investment, considering there are a plethora of opportunities to get involved and scaling big,” it said.