According to information at the conference, Vietnam has great potential for development in financial technology (Fintech), with a very high rate of internet usage and smartphone ownership and the rapid development of e-commerce.
In 2023, according to BDA Partners, the transaction value of the entire Vietnamese fintech market reached 27.2 billion USD and is expected to reach about 31.6 billion USD in 2024.
Vietnam currently has more than 260 Fintech startups and provides many different services such as digital banking (neobank), digital lending (attractive), digital payment (accounting for the highest proportion of Momo, VNPay , ViettelPay, ZaloPay, ShoppePay, SePay...), digital asset management investment, digital insurance technology (2 - 3%)...
Sharing at the workshop, the representative of the State Bank of Vietnam, Da Nang branch, said that Fintech brings many convenient and fast experiences, helping users save costs; compared to traditional banking activities, it eliminates geographical barriers, increases the ability to reach vulnerable groups in society, is highly personalized, thereby helping to provide products suitable to the needs of each person...
However, the biggest challenge of Fintech is the risk of cyber security. If the end user is inexperienced and lacks knowledge, they will suffer great consequences, so an effective solution is needed. In addition, in Vietnam, the legal basis for Fintech is not really clear. In the coming time, it is necessary to study and issue new mechanisms and policies suitable to the actual conditions of Vietnam.
The workshop also heard in-depth sharing and presentations from experts from Vietnam, Thailand, Australia, UK and Korea, focusing on topics such as human resource training, building a Fintech ecosystem, the relationship between data analysis and digital insurance, and Fintech applications in the 4.0 technology revolution.
The workshop is a good opportunity for leading experts to discuss and propose issues and solutions for Fintech development in Vietnam to create a legal corridor and high-quality human resources to facilitate businesses to effectively deploy Fintech services and ecosystems. At the same time, it contributes to promoting the quality of Fintech human resource training, improving international competitiveness and meeting development needs in the digital age.
On this occasion, a discussion on Fintech development strategy also took place with the participation of delegates from the state sector, investors, technology enterprises, financial technology unicorns, domestic and international universities, sharing and discussing the development orientation of the Fintech industry in Vietnam.
Source: https://baoquangnam.vn/du-dia-phat-trien-cong-nghe-tai-chinh-o-viet-nam-rat-lon-3141919.html
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