Ecommerce & Logistics

Vietnam’s Fintech Boom Expected to Grow to $8Bn in 2020

Image Source: talk.onevietnam.org

The rapid adoption of smartphones in Vietnam has fuelled an interest in fintech to such a degree that last year the market was worth $4.4 billion. It is expected to reach $7.8 billion in 2020. This is analogous to the interest of major companies in fintech around the world. According to PricewaterhouseCoopers, $40 billion has been invested in fintech in the last four years, $15 billion of which was invested between January 2016 and February 2017 in the Asia Pacific region alone.

The Vietnamese Government has been credited with creating an increasingly supportive regulatory framework to help fintech thrive. The government has plans to increase bank penetration to 70% in the next two years which could be accelerated through fintech.

Vietnam has also signed fintech deals with Singapore to encourage innovation and cooperation.

The state has also planned to move away from cash based transactions. It hopes to decrease the percentage of such transactions down to less than 10% til 2020.

The adoption of smartphones has played a large role in fintech. 84% of those using mobile phones are smartphone users and they’ve become used to apps and virtual payments instead of carrying around physical cash.

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