US$500,000 on offer for excellent fintech solutions

At the launching ceremony.

The State Bank of Vietnam launched the Fintech Challenge Vietnam (FCV) on August 13, the second program of its kind. The program, advocated by the Mekong Business Initiative funded by the Australian government and the Asian Development Bank (ADB), is expected to last from August to November this year.

This year’s FCV program is aimed to seek outstanding fintech solutions in the fields of big data analysis, artificial intelligence, access to financial services, network security for fintech firms in their first phase of development and those at later stages in Vietnam and other countries which apply for the award.

Selected fintech companies will have a chance to present their solutions during the Demo Day slated for November 7. A board of independent appraisers are to conduct the evaluation and grant cash prizes to six wining firms.

Addressing the launching ceremony, Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam, said that the program enables both domestic and foreign Fintech firms to enjoy greater chances to nurture and develop their creativeness and innovative activities. It also helps to increase fair competition and cooperation within the domestic financial and banking market.

Eric Sidgwick, Country Director of the Asian Development Bank (ADB) in Vietnam, asserted that the FCV is a creative program that attracts the broad participation of State management agencies, banks, and fintech companies to bolster connections between public and private sectors.

The program looks to introduce sustainable technology solutions to those who do not have, or have little access to banking services, while enhancing overall financial efficiency and security.