Thursday
March 29
2018

Vietnam May Soon Emerge As One Of Southeast Asia’s Blockchain Innovation Hubs

By Casey Hynes

During the past several decades, Vietnam has shown what the World Bank describes as a “resilient” economy, thanks to rapid GDP growth. Society-wide, overall health and education outcomes have risen in recent years and the rate of extreme poverty dropped to 3%. This year, Vietnam’s economic growthcould reach 6.7%. However, there’s still plenty of room for improvement.

Looking at financial inclusion alone, only 31% of adults in Vietnam have bank accounts. But smartphone ownership is on the rise, with 40% of the population expected to own these devices by 2021, which means app-based, blockchain financial services could bring the underbanked into the fold.

Instead of struggling to secure credit or invest their money, more people could grow their wealth and establish financial histories. “This presents excellent opportunities for Vietnamese startups to bootstrap their ideas and grow their user base, specifically by tapping in our massive underbanked population,” says Nicole Nguyen, head of corporate marketing at Vietnam’s Infinity Blockchain Labs.

It’s clear that interest in blockchain technologies is growing rapidly in the country. Earlier this month, more than 2,000 people attended the Blockchain Week conference, a two-day event held in Ho Chi Minh City and organized by Infinity Blockchain Labs.

Photo courtesy of Christian Ditaputratama.

Source: Forbes (link opens in a new window)

Categories
Finance, Technology
Tags
banking, blockchain, financial inclusion, fintech, mobile banking, technology, unbanked