Digital Biz

The NextTech Group’s newly-launched $50-million Next100 Blockchain fund is expected to become a driver of blockchain startups in Vietnam and help the crypto investment community reduce the risks. The fund will also help connect Vietnamese blockchain startups with the crypto investment community and funds around the world.

Vietnam’s fintech (financial technology) market has posted notable growth over recent years and introduced a diverse range of services. The legal framework for intermediary payment services and fintech is lacking and inconsistent, however, resulting in fintech companies operating primarily under the Corporate Law and the Civil Law and with many activities not regulated by any law.

The Ministry of Information and Communications (MIC) has granted licenses on providing remote signing to three enterprises - VNPT, MISA, and SAVIS. Vietnam has nearly 20 different public remote signing providers and the market will continue to grow in the future.

FPT posted revenue in October of VND3.262 trillion ($145.23 million), with net profit of VND538 billion ($23.95 million), up 32 per cent and 18 per cent year-on-year, respectively. Net profit in the first ten months came in at VND4.323 trillion ($192.2 million), up 19.3 per cent year-on-year. It also signed a $40 million, two-year contract in October to develop the Smart Nation model for the Singaporean Government.

Telio, the first B2B e-commerce platform in Vietnam, has announced the funding in its Pre-Series B round. The funding was led by the VNG Corporation, with $22.5 million, while global venture capital firm GGV Capital and Tiger Capital also invested. Telio targets becoming the largest B2B platform in Vietnam.

Vietnam aims to have its e-Government and digital government development indexes at among the highest in the world - in the top 50 countries by 2025 and top 30 by 2030. Levels 3 and 4 online public services account for 65.11 per cent nationwide, of which 43.4 per cent are at Level 4.