Vietnam fintech growth an investment magnet: analysts
The Vietnamese fintech sector’s rapid growth, second only to Singapore in Southeast Asia, will be a big attraction for new investment inflows, analysts say.
The fintech market in Vietnam is expected to grow to $18 billion by 2024, despite the sector being highly competitive and having a high entry bar, according to analysts with the Robocash Group.
They noted that 93% of all venture investments in the country are directed at the e-wallet and e-money segment. The total number of fintech companies in Vietnam has grown to 97 since 2016, marking an 84.5% increase. Transaction volume has seen a 152.8% growth since then, with 29.5 million new fintech users.
As a result, every second Vietnamese uses at least one fintech service. With a nearly 100-million population, market demand is high. The market valuation has increased from $0.7 billion in 2016 to $4.5 billion, with $18 billion projected by 2024.

An illustration of interbank money transfers from Momo, a fintech-based super app platform in Vietnam. Photo courtesy of the company.
Banking on unbanked residents in the country via fintech applications is seen as a business with high potential. TNEX, a digital bank created by Maritime Bank (MSB), was launched last year with the aim of bringing some 40 million unbanked consumers into the financial ecosystem and connecting them with small businesses.
Bryan Carroll, CEO of the digital bank, said Vietnam’s fintech sector would maintain its strong pace in the coming years. “Till now, 2022 is seen as the zenith year as more banks and fintech firms leverage technology, big data, and more integrated models to provide consumers a better service experience.”
Bui Thanh Do, CEO of ThinkZone Ventures, highlighted key factors that make the market attractive: a population size of 100 million with a high proportion of young people who are in a position to explore new types of services; and the high ratio of Internet and smartphone users in Vietnam, which is among the highest in the region and the world.
The government has become more involved with the sector, as evidenced by the increasing number of favorable legislation passed. The fintech regulatory sandbox and legal framework for digital assets and cryptocurrencies are underway, and expected to embrace further development in the industry.
The Covid-19 pandemic has accelerated digital transformation around the world, helping reduce digital gaps across Southeast Asia where high adoption of mobile phones and smartphones has enabled more people to connect with digital financial services. This has gone hand-in-hand with booming regional e-commerce, driving up demand for fintech services.
Sky Mavis, the Vietnamese gaming firm behind play-to-earn game Axie Infinity, said this April that it has raised $150 million in a funding round led by Binance. It said the fund would be used to reimburse user funds affected by the Ronin Validator hack. Late last year, Sky Mavis raised $152 million in a Series B funding round led by Andreessen Horowitz.
This April, Vietnamese fintech firm Trusting Social disclosed a $65 million investment from The Sherpa, a subsidiary of Vietnamese conglomerate Masan Group. The startup said a strategic collaboration with Masan will develop an artificial intelligence powered consumer tech platform that will offer customized retail and consumer financial products to serve 27 million families in Vietnam. The platform would provide convenient access to personalized fintech solutions for Masan consumers.
Finhay, a personal investment app fintech platform with 2.7 million users recently raised $25 million in a Series B funding round led by Openspace Ventures. Other investors included VI Group, Insignia, TVS, Headline, TNBAura and IVC.
Digital bank Timo announced in January it had raised $20 million in a funding round led by Square Peg, with other investors including Jungle Ventures, Granite Oak, FinAccel, and Phoenix Holdings. Prior to the financing, Timo had received seed funding from investors from VinaCapital Ventures.
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