Monday
May 21
2018

How Vietnam’s Fintech Market Could Reach Nearly $8 Billion By 2020

By Casey Hynes

Fintech’s influence is growing around the globe. According to PricewaterhouseCoopers, fintech startups attracted more than $40 billion in investments during the past four years, and legacy institutions are warming up to partnerships with agile, digital-first companies. The Asia-Pacific region saw nearly $15 billion in fintech investments between January 2016 and February 2017 alone. Needless to say, the opportunity in fintech is real–and Vietnam is getting in on it.

Vietnam’s fintech market hit $4.4 billion in 2017, and it will reach $7.8 billion by 2020 , according to research from Solidiance, an APAC-focused consulting firm. In a recently published report, “Unlocking Vietnam’s Fintech Growth Potential,” Solidiance attributes the uptick to several factors, including high internet and smartphone penetration rates in urban centers, increased popularity of e-wallets, rising income and consumption, and a growing e-commerce sector.

Photo courtesy of Pixabay.com.

Source: Forbes (link opens in a new window)

Categories
Finance
Tags
digital payments, e-commerce, fintech, mobile banking, mobile finance, mobile money