Fostering Fintech in Vietnam

Fostering Fintech in Vietnam

13-Oct-2016 by Kate Fitzpatrick

As we have all heard, FinTech is booming in Southeast Asia. Singapore, China, Hong Kong have been growing for a couple of years now, but what about the up and coming ecosystems?

Startupbootcamp FinTech ventured to new lands to explore the FinTech ecosystem in Vietnam. We hosted two events with local co-working spaces to meet and greet with the drivers of FinTech in both Hanoi and Ho Chi Minh City.

Our first event in the old city of Hanoi was the first FinTech networking event in Vietnam. We had some great interest from the local startups, banks, and investment firms. Our Hanoi event kicked off at UP Co-working space where we were joined by Hai Nguyen Thanh from BankGo, Bert-Jan Essen from Dragon Wealth Asia and Luca Mohammadi from Fast Forward Advisors.

“The FinTech scene in Hanoi is in its infancy, with the most companies providing services in the area of payments. Also, the regulatory framework that would support the rise of more FinTech companies is still in its early days. Internet connectivity is improving, but the big data centers service providers are not yet on shore.

On the demand side, I see a lot of interest in FinTech – banks as well as fund providers want to capture the growing market and service the clients better. Vietnam is one of the hotbeds of growth for the new ‘mass-affluent’ class. This emerging class needs better financial services, and in the second stage better financial advice. Banks are now catching up with improved digital services, and financial product providers like fund companies are seeking improved distribution.”

Bert-Jan Essen, Founder Dragon Wealth Asia

After we flew to Ho Chi Minh City to tag team with Dreamplex and FinTech news SG to host a SOLD OUT FinTech Social. The panel comprised of Dominik Weils, Co-Founder of Bitcoin Vietnam, Claude Speise, CEO of TIMO and Mandy Nguyen, Startup Vietnam Foundation. The panel held forward-thinking discussions on how to foster the growth of FinTech in Vietnam and what we can do to encourage the partnerships with Banks and Startups like those of Timo and VP Bank.

The response we received after the panel and social from individuals from both corporates and finance was amazing. So many of the local banks and FI’s really want to get involved with the growing ecosystem.

“Launching a FinTech startup in HCMC is like driving a Harley motorcycle here: you know your bike is the coolest and can go the fastest and farthest – if you can just get out of this darn traffic jam!”

Claude Speise – CEO of Timo

During our time in Vietnam, we can assure you that this unassuming market is ready for the FinTech boom. There is still a lot of ecosystem development to do, but there are also strong ecosystem builders that are committed to the cause. We can’t wait to see what is in store for Vietnam for the coming years.

 

Missed out on our first visit to Vietnam? No worries, we will be back in Ho Chi Minh City on the 10th of November. We will hold a FastTrack and another FinTech Social (Networking) at CirCo Co-Working space.

What is a FastTrack:
A FastTrack event brings together 8-10 early stage FinTech startups to pitch their idea and receive 1:1 feedback on from a small group of mentors in 5x 15-minute ‘speed-dating’ sessions. Come pitch your idea and receive 1:1 feedback from experienced mentors from financial services, angel investors as well as the opportunity to get on the ‘watch list’ for Startupbootcamp FinTech’s 2017 accelerator program – See all our FastTrack stops here

Kate Fitzpatrick