Vietnam: The land of fintech opportunities

Vietnam’s fintech sector is in the early stages of development with customers progressively appreciating the value of contactless payments.

One of the Vietnamese recognized fintech startups Finhay has successfully raised $25 million in the Series B funding round led by Openspace Ventres, based in Singapore, who is the initial investor of Indonesia’s GoTo Group according to Forbes.

The funds will be directed toward the expansion of Finhay, as well as talent recruitment and technology advancement. Alongside the fundraising, the startup has strengthened its position through the acquisition of a securities brokerage, turning Finhay into the only licensed digital investment platform in the country.

Founded in 2017, Finhay operates in the wealth management sector, helping users especially millenials micro-invest in mutal funds. With over 2.7 million registered users, the business has been able to take advantage of the potential market.

The market of potentials

fintech 22 speakers

Vietnam’s fintech landscape is growing at a fast pace. Remarkably, the country’s fintech startups has always been on the rise in number. It is predicted by experts to reach US$ 18 billion within the next two years. The future is promising with evidence of the government’s involvement in fintech through favourable legislation. The legal framework is also being perfected to create a supportive environment for developing a variety of products and services to serve the evolution of the financial technology sector. These purposeful efforts is expected to draw in more investors to the fintech market in Vietnam.

Despite becoming a lucrative market, the Vietnamese fintech is still facing challenges surrounding cybersecurity. The complexity does not come from scammers alone but also from consumers’ unwareness of the significance of data security. This requires the Vietnamese government to strictly regulate the policies to promote awareness of the situation and apply practical solutions to protect the vulnerable users.

Some other prominent fintech players in Vietnam are Momo, Moca, Payoo, ZaloPay, Money Forward and Money Lover.

 

 

ABF media

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