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 financial technology (Fintech) startups and provides various 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%)...
Vietnam - Korea University of Information and Communications Technology (VKU), Danang University has just opened the Center for Training, Research and Innovation (VKU Fintech Hub).
According to Mr. Le Phuoc Cuu Long - Head of the Department of Digital Economics and E-commerce of the Vietnam - Korea University of Information and Communications Technology, Fintech workers must have knowledge of technology combined with knowledge of finance and grasp emerging financial technology trends and the ability to apply them in practice.
One of the things that Vietnamese students lack is practical experience with new developments and technology trends in the market. At the center, the unit will build a simulation model, describing financial activities, allowing students to participate as participants in the Fintech field. This helps them form practical thinking, thereby solving real problems.
According to Mr. Vo Minh - Director of the State Bank of Vietnam, Da Nang Branch, Fintech brings many convenient and fast experiences, helping users save costs; compared to traditional banking activities, it removes geographical barriers, increases access to vulnerable groups in society, is highly personalized, thereby helping to provide products suitable to each person's needs...
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.
