Vietnam – The Southeast Asian nation of Vietnam is one of the fastest growing markets in the region to adopt fintech. It is expected that the fintech market in the country will reach a value of US$18b by 2024, according to a report from financial group Robocash Group.
According to the insights, since 2016, the total number of fintech companies has grown to 97, making an 84.5% increase. However, the number of newly launched start-ups per each year decreased from 11 to 2. The market features a high competitiveness and a high entry bar.
Furthermore, transaction volume demonstrated a 152.8% growth since 2016, with 29.5 million of new FinTech users. As a result, every second Vietnamese uses at least one FinTech service. The demand for digital services such as transactions, payments and wallets among the Vietnamese population has seen an upward trend as well.
“In the near future, the government is going to become more involved in FinTech, evidenced by the increasing number of favourable legislation for financial technologies. The fintech regulatory sandbox and the legal framework for digital assets and cryptocurrencies also assume further development of the industry,” the company said in a statement.
