Second Fintech Challenge Vietnam launched

Tuesday, 2019-08-13 17:55:10
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At the launching ceremony (Photo: VNA)
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NDO/VNA – Technology solutions in the fields of big data, artificial intelligence, financial outreach and cyber security are the focus of the second Fintech Challenge Vietnam (FCV), which was launched in Hanoi on August 13.

The programme is held by the State Bank of Vietnam (SBV) with support of the Mekong Business Initiative - a programme funded by the Australian Government and the Asian Development Bank. It will run until November this year.

According to SBV Deputy Governor Nguyen Kim Anh, the proramme’s corporate partners include several commercial banks like TP Bank, Vietcombank, Vietinbank and United Overseas Bank, and telecommunications companies with licences for payment intermediary services such as ViettelPay, and organisations who are seeking technology solutions to improve business efficiency as well as promote financial inclusion.

Fintech firms can apply to join the FCV 2019 up until September 25 at fintech.mekongbiz.org. Applicants with the best solutions will have an opportunity to demo their products and services at the Demo Day scheduled for November 7.
In addition, Mastercard, a leading global payment and technology company, will help the two most excellent firms to present their solutions at the Singapore Fintech Festival to be organised the following week.

VinaCapital and ADB Ventures said they will make pilot investments worth up to US$ 500,000 for any solution which has positive impact on financial inclusion in Vietnam.

Anh, who is also head of the organising board, expressed his hope that through the programme, domestic and foreign fintech companies will have chances to incubate and develop their breakthrough solutions and creative ideas, while promoting innovation, a competitive edge and stronger collaboration in the finance-banking market.

Meanwhile, ADB Country Director for Vietnam Eric Sidgwick described the FCV, which draws the participation of State management agencies, commercial banks and fintech firms, as a unique mechanism to boost sustainable technology solutions so as to enhance finance and banking accessibility, and promote the effectiveness and safety of finance in the nation.

The SBV launched the first FCV in 2017 to spur innovation in financial services for greater financial inclusion in the country.