The State Bank of Viet Nam (SBV) is completing a legal framework to boost the development of digital banking and Fintech. Viet Nam’s Fintech market is estimated to worth US$9 billion in 2020, making it ASEAN’s fourth-largest market. SBV Governor Le Minh Hung made that statement at a videoconference on investment opportunities in Viet Nam in the post-COVID-19 period. Fintech, or financial technology, means the use of technology to deliver financial services and products to consumers. The rapid rise of the Fintech market in Viet Nam is made possible in no small part by the Vietnamese government’s remarkable efforts in tailoring regulations to increase banking penetration from 59% to 70% in 2017, and to shift to a non-cash payment economy with a target cash to total liquidity ratio of less than 10% by 2020. Other favorable conditions that are spurring the development of the Fintech market in Viet Nam are its vibrant e-commerce sector, which had 35.4 million users with an average spending of US$62 in 2017, and which is predicted to reach 42 million users with an average e-commerce spending of US$96 by 2021. According to Pham Xuan Hoe, deputy director of the Banking Strategy Institute, Viet Nam’s Fintech… Read full this story
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