Swiss fintech startups should tap into opportunities in Vietnam – the country with rising demand for digital financial solutions, supportive policies, and government initiatives to nurture fintech innovation, according to a new Vietnam Fintech report by Switzerland Global Enterprise (S-GE).

The Top 10 outstanding digital technology firms in Vietnam 2023 aims to honour businesses in the ICT industry as well as introduce them to partners and customers both inside and outside the country.

Ho Chi Minh City hopes to become a financial technology hub (Fintech hub), a model similar to that of US Wall Street in New York city, according to Lam Dinh Thang, director of the municipal Department of Information and Communications.

Da Nang and UK city Birmingham have agreed to minutes on co-operation in five key sectors – economics, trade and investment; digital infrastructure construction, innovation and technology and Fintech; education and training; sustainable development and circular economy; sports, tourism and cultural exchanges – during the city’s working visit to the UK early this week.

The Asian Development Bank (ADB) and Switzerland have signed a cofinancing agreement of up to US$5 million to develop financial technologies (fintech) that can help address low financial inclusion in Vietnam, particularly among small and medium-sized enterprises (SMEs).

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.

Both foreign and domestic fintech firms are promoting connections with commercial banks to lend unsecured loans to individuals, and small and micro enterprises as demand for consumer and business loans at the end of the year is rising.

The FinTech market in Vietnam is expected to grow to US$18 billion by 2024, according to analysts at financial holding Robocash Group.

The London-based Global Economics Times magazine has awarded the Best New Fintech Product 2022 to "Fly first - Pay later", a technological product launched by the new-age carrier Vietjet and the MOVI consumer finance solution.

Encouraged by the great success of Axie Infinity, Vietnamese startups are becoming increasingly self-confident in entering choosy markets.