Vietnam ranks third in ASEAN fintech funding attraction

Created 12 November 2021
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)

Vietnam ranks third in attracting funding in the fintech industry with $375 million, accounting for 11 percent of the six major ASEAN economies, a report shows.
Vietnam ranks third in ASEAN fintech funding attraction

Two major deals in Vietnam consist of a $250-million investment into payment company VNPay and a $100-million investment into e-wallet MoMo, said the report by United Overseas Bank, PwC Singapore and Singapore FinTech Association, which covers the first nine months this year.

VNPay received the second biggest investment behind Grab Financial Group with a $300 million funding.

Fintech companies in Singapore attracted the most funding, accounting for 49 percent of total value, followed by Indonesia, 26 percent.

In fourth, fifth and sixth places were the Philippines, Thailand and Malaysia.

From 2017 to September this year, Vietnam had seen 76 new fintech companies established, bringing the total to 188.

E-wallets continue to gain popularity in Vietnam with the biggest being MoMo, used by 82 percent of respondents in a report survey.

ZaloPay followed at 62 percent, while VNPay claimed third place at 28 percent.

ASEAN fintech funding in the first nine months more than tripled compared to the entire 2020 to $3.5 billion.


Source: VNE

Maybe You Also Interesting :

» Son Tung M-TP first Vietnamese artist to receive YouTube Diamond Play Button

With his YouTube channel reaching 10 million subscribers Tuesday, Son Tung M-TP has become the first V-pop singer to receive a YouTube Diamond Play Button.

» HSBC hikes Vietnam growth forecast

Lender HSBC has raised its growth forecast for Vietnam from 6.6 percent to 6.9 percent thanks to the country's broad-based recovery from two years of Covid-19...

» Railway guard saves man's life seconds before train arrives

A railway guard in the southern Dong Nai Province saved a drunken man who fell onto the tracks mere seconds before a train passed.