Vietnam’s FinTech market expected to reach US$18 billion by 2024
The FinTech market in Vietnam is expected to grow to US$18 billion by 2024, according to analysts at financial holding Robocash Group.
Vietnam is one of the leaders among ASEAN in terms of the volume of financing for FinTech, second only to Singapore.
93% of all venture investments in the country is directed at e-wallets and the e-money segment.
The total number of FinTech companies has grown to 97 since 2016, an 84.5% increase. However, the number of newly launched start-ups each year decreased from 11 to 2.
The market features high competitiveness and a high entry bar.
Transaction volume has seen a 152.8% growth since 2016, with 29.5 million new FinTech users.
As a result, every second Vietnamese uses at least one FinTech service. The Vietnamese population's demand for digital services (transactions, payments and wallets) is remarkable.
According to company analysts, Vietnam FinTech is young and promising. The market valuation has increased from US$0.7 billion to US$4.5 billion since 2016.
In the near future, the government will become more involved in FinTech, evidenced by the growing favourable legislation for financial technologies.
The FinTech regulatory sandbox and the legal framework for digital assets and cryptocurrencies will also further develop in the industry.