Topic: fintech

The program to feature various activities, including training, exhibitions and workshops to promote fintech growth.

New investment expected to support company in providing financial solutions for underserved SMEs in Vietnam.

Company picks up investment of $7.5 million in two funding rounds.

Vietnam’s internet economy posted value of $21 billion in 2021, ranking it 14th in Asia and 70th globally, but issues remain.

Vietnam’s digital technology industry has set the foundations for the development of a digital economy, digital society, and digital government.

The Central Institute for Economic Management (CIEM) has said the lack of a legal foundation for fintech and the circular economy raises concerns about risks and negative consequences. It is therefore necessary for Vietnam to accelerate the testing of a sandbox mechanism in the banking sector.

Taking place from April 18 to September 15, the “Finnovation 2022” contest received nearly 100 submissions and aimed to raise awareness about innovation and intellectual property in the field of fintech and digital transformation, the national innovation startup ecosystem, and international connections in fintech. Zinance was the winner, with the two runners-up being WeShare and Mediaverse.

Vietnamese startups raised a total of $1.5 billion in investment last year, according to Nextrans Vietnam. Fintech (financial technology) led the way in venture capital (VC) funding, accounting for 26.6 per cent of the total, revealing the confidence shown in its prospects. There were seven leading fintech startups named by Fintechnews: VNLife, M_Service, Sky Mavis, Trusting Social, Timo, Finhay, and Nano Technologies.

The State Bank of Vietnam (SBV) is researching a decree on a controlled trial mechanism for financial technology (fintech) activities in the banking sector, for submission to the government for promulgation this year. The central bank will also focus on helping credit institutions and foreign bank branches in Vietnam receive foreign aid and concessional loans to finance projects on the green classification list.