Fintech Challenge Viet Nam to catalyze financial inclusion

By Nga Vu - Nov 29, 2017 | 07:18 AM GMT+7

TheLEADERThe first-ever Fintech Challenge Viet Nam was officially launched today at the State Bank of Viet Nam (SBV) with the support of the Mekong Business Initiative, a program funded by the Government of Australia and the Asian Development Bank (ADB) and sponsored by the Viet Nam Bankers Association and the Viet Nam Fintech Club.

Fintech Challenge Viet Nam to catalyze financial inclusion
Fintech is making big changes in the global financial market. Photo:

The program is aimed to spur innovation in financial services that promote greater financial inclusion in Viet Nam.

Viet Nam’s financial sector has grown substantially but financial institutions still find it challenging to provide financial services to underserved customer segments including small businesses, rural populations, and urban migrants. The recent worldwide explosion of financial technology (fintech), including in Viet Nam, promises to fill this gap.

The focus of the Challenge is on fintech solutions that can improve the offer of financial services to the underserved and unbanked.

The Fintech Challenge Viet Nam is the opportunity for Fintech companies from both inside and outside of Viet Nam who are interested to collaborate with commercial banks to pilot and scale solutions that improve financial services in the following categories: electronic payments; e-KYC (“Know Your Customer”) / e-Identification; Open APIs; Blockchain; and Peer-to-peer lending to apply.

The deadline for application is January 18, 2018, at the website:

Successful Challenge applicants will continue to participate in a two-month long incubation and mentoring program to fine-tune their business models. They will also participate in a competitive “Pitch Session” where they will present their financial technology solutions to a panel of banking industry players, financial experts, and investors. 

The best solutions will have the opportunity to demo their products and services at the 2018 Viet Nam Fintech Day.

Regarding the objectives of the Fintech Challenge Vietnam Program, Nguyen Kim Anh, SBV Deputy Governor, noted: “SBV wants to create an enabling ecosystem for financial innovation that improves access to financial services for Viet Nam’s micro - small- and medium-sized businesses and other underserved populations”.