Digital Biz

Funtap launched its $10-million Funverse Capital investment fund for startups in the blockchain field on January 16. Funtap is one of the leading mobile game service publishers in Vietnam, providing entertainment and financial technology products to over 42 million users in Vietnam and the world.

At the 2021 Summary Conference on January 14, the Authority of Telecommunications at the Ministry of Information and Communications set a task that, in 2022, all phone users will have mobile money accounts. Speaking at the conference, Minister of Information and Communications Nguyen Manh Hung suggested that the Authority complete 5G network coverage nationwide this year and at the same time start 6G research.

After reaching the milestone of 1 million users after only eleven months in business, the 9Pay e-wallet is now focusing on upgrading technology in a bid to become the Number 1 e-wallet in the market for the payment of digital content services. Vietnam’s fintech market still has a lot of room for 9Pay to expand.

Vietnam’s startup ecosystem is at a turning point in leaving an impression on the region and the world. Over the past two years, despite the strong impact of Covid-19 on the country’s economy, deal numbers have increased sharply, to 108.

Under a breakthrough scenario, Vietnam’s digital economy in 2025 could account for 26.2 per cent of GDP, far exceeding the target of 20 per cent. Three solutions for a breakthrough in the digital economy include introducing national strategies and programs, completing the legal framework, mechanisms, and policies, and accelerating the implementation of the national digital transformation program.

Blockchain is one of the digital technology fields that the government is prioritizing in research, development, and application. There are about ten startups in the blockchain field, with capitalization of over $100 million, with the most prominent being technology “unicorn” the Kyber Network. Mr. Luu The Loi, CEO of Kyber Network, has received $52 million in a fundraising campaign from over 21,000 investors in more than 100 countries and territories. Many experts agree that Vietnam is one of the most dynamic technology centers in the world.