The development of Financial technology in VietNam

The development of Financial technology in VietNam. This assignment that I want to introduce about the development of Financial technology in VietNam nowaday for my teacher know about it. I hope my assignment can help another student a little bit.

Dear Professor Yu-Wei Chen, My name is Lily I come from VietNam I’m a first year student of the International Master of Financial Technology and Innovative Entrepreneur Program (IMFI) I hope my assignment will help you to know more about the development of the FinTech in my country I just graduated from my university in VietNam At that time, I lived in HaNoi City- one of the two the most dynamic cities in VietNam It means that I have opportunities to access to new technologies in my country However, during the time I have lived there, I see that most people still use cash in daily spending The number of people using financial technology applications is still very small So in my opinion, FinTech VietNam companies are still operating in small scale, in small number and in the initial development stage After that, I have had search information about that and I have a lot of new knowledge about FinTech and the development status of FinTech in my country According to the VietNam FinTech market report 2017, VietNam has a lot of potential to develop Fintech For example: In 2016, the percentage of people who use the Internet is about 52%, the proportion of people who use smart phone is 72% in big cities and 52% in rural area There are more than 35 million e-commerce user (the population of VietNam is about 97 million people and the structure is young population), it means account for 36% of the population Compared with other countries in Southeast Asia, VietNam has low rate of using electronic financial solutions, with only 59% of the population having a bank account, while Malaysia is 92% and Thailand is 86% As a result, FinTech has many opportunities to develop in VietNam Currently, VietNam has about 67 FinTech companies in operation This number very small when compared to other countries in the region In 2017, Singapore has about 490 FinTech companies, Indonesia has about 262 FinTech companies and Malaysia has about 196 companies in this field 67 FinTech companies in VietNam operating in different fields According to the statistics, FinTech has strongest growth in VietNam in the payment segment because cash use rate up to 90%, especially in the type of Electronic Wallets Currently, MoMo is the leading FinTech company in VietNam market MoMo was founded in 2009, until now, MoMo has established a network of 4000 agency nationwide and MoMo has reached nearly 10 million users MoMo offers a mobile e-wallet that can be used to pay bills, transfer money recharge phone accounts, book tickets, shop, watch movies, and eat – out, and more In 2018, MoMo received the award “VietNam’s number one Electronic Wallet” and MoMo is the only Vietnamese Financial technology company in the list of Top 100 FinTech World published by KPMG In another area – Digital Bank In VietNam, TIMO is the first digital bank in VietNam It was born in 2016 and it is sponsored by Bank of VietNam joint stock commercial prosperity- VPBank and Global Online Financial Solution TIMO does not have branches or transaction offices like traditional banks All services are performed online via the TIMO app on smartphone or on the website Most transactions are done quickly, free and high security with service guarantee at all times 24/7 TIMO helps the customers to save time and money to go to the transaction offices I hope in the future, FinTech VietNam companies will increasingly develop to help all transactions in society become more convenient and improve the quality of life I believe that the development of FinTech will contribute greatly to the development of VietNam’s economy Thank you for reading assignment! ...67 FinTech companies in VietNam operating in different fields According to the statistics, FinTech has strongest growth in VietNam in the payment... future, FinTech VietNam companies will increasingly develop to help all transactions in society become more convenient and improve the quality of life I believe that the development of FinTech. .. Electronic Wallet” and MoMo is the only Vietnamese Financial technology company in the list of Top 100 FinTech World published by KPMG In another area – Digital Bank In VietNam, TIMO is the first digital