2019 Fintech Vietnam Forum opens in Hanoi

Saturday, 2019-11-09 11:06:07
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Experts discuss fintech ecosystem development in Vietnam at the forum. (Photo: NDO/Hong Anh)
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NDO – The 2019 Fintech Vietnam Forum (FVF) opened in Hanoi on November 8, as the culmination of the 2019 Fintech Challenge Vietnam (FCV).

The FCV is organised by the State Bank of Vietnam (SBV) with the support from the Mekong Business Initiative (MBI), a programme jointly funded by the Australian Government and Asian Development Bank (ADB).

Speaking at the forum, SBV’s Deputy Governor cum Chairman of SBV’s Fintech Steering Committee, Nguyen Kim Anh, stated that it is the right time with favourable conditions for Vietnam's financial and banking system to make a quick change to catch up with the development of advanced banking and financial systems around the world.

The FVF is also an opportunity for the fintech community and the banks to discuss about the possibility of better cooperation in the future, he said, adding that through the 2019 FVF, Vietnam would benefit for its fintech ecosystem.

The event gathered experts and representatives from leading financial institutions around the world to share their knowledge and experience on fintech, as well as different perspectives on digital transformation process in banking operations, technological support and development policies and security and automation in financial - banking services.

At the forum, the organisers also announced the results of the 2019 FCV. According to Anh, the competition has been a useful input into developing an enabling legal framework for the fintech ecosystem development in Vietnam.

With an aim to accelerate financial technology and industry collaboration for financial inclusion and digital banking transformation in the country, the FCV this year attracted 208 applications by early-and growth-stage fintech companies from 28 countries around the world.

Eric Sidgwick, ADB Country Director for Vietnam, said that the FCV bodes well for financial inclusion and digital finance in the country. New technologies have exciting potential to expand access to finance for unbanked and underbanked groups, while enhancing the efficiency and financial security in Vietnam’s fast-growing market, he stated.

The applications focused on big data and artificial intelligence, financial service outreach, and cybersecurity technology, which are the priorities identified by the SBV. The finalists presented their pitches before a panel of independent judges at the Demo Day on November 7. Three early-stage and three growth-stage fintech companies have won cash prizes totalling US$55,000.