Characteristics of Fintech market development in Vietnam

Abstract

The term “Fintech” first appeared in the late 90s of the last century, but it was not until the Global Financial Crisis of 2008 when a lot of banks went bankrupt or were adversely affected, that technology companies were given the trust of the people to manage their money. From this milestone, the development wave of Fintech companies has taken place significantly on a global scale. In the period from 2015 to 2020, Vietnam’s Fintech market has also made great progress and become the group with the highest growth rate in Southeast Asia. Through synthesizing secondary data and reviewing research reports that have been implemented by regulators as well as consulting organizations, besides challenges and risks, the research points out key characteristics regarding the development of Vietnam’s Fintech market such as: Fast development, led by two main areas of payment and peer-to-peer lending, Fintech companies often have cooperation with banks, however, operation scale is still relatively modest.