Vietnam's fintech market to reach $7.8 billion by 2020Fintech, or financial technology, is disrupting Vietnam’s financial services ecosystem. According to the report, the fintech market reached $4.4 billion in 2017 and is estimated to accelerate by $7.8 billion in 2020 due to rising bank penetration. Trends in Vietnam’s fintech spaceAlthough bank penetration in Vietnam is consistently growing, it still trails other Southeast Asian nations in the region. Among the three different fintech product segments, which are digital payment, personal finance, and corporate finance, digital payment leads the fintech service market share at 89%. Challenges including lack of regulatory clarity, capital limitation, management knowledge constraints, and trust issues must be observed in Vietnam’s financial services industry.

Source: VietNamNet News May 03, 2018 08:15 UTC