Fintech Challenge Vietnam to speed digital banking transformation

The second Fintech Challenge Vietnam (FCV) was launched on Tuesday by the State Bank of Viet Nam (SBV) in Ha Noi.

 

The SBV is organising the event with support from the Mekong Business Initiative, a programme jointly funded by the Australian Government and Asian Development Bank (ADB).

Following the success of the first Fintech Challenge Vietnam, this year's edition focuses on big data, artificial intelligence, financial service outreach and cybersecurity solutions.

Nguyen Kim Anh, SBV’s Deputy Governor cum Chairman of the Fintech Steering Committee, said the experience and outcomes of the FCV are expected to be useful for regulators in developing a legal framework for the development of the fintech ecosystem in Viet Nam.

“The FCV aims to accelerate financial technology and industry collaboration for financial inclusion and the digital banking transformation in Viet Nam’s fast-growing market,” Anh said.

Eric Sidgwick, ADB Country Director for Viet Nam, said the FCV is an innovative development programme that brings together the regulator, banks and FinTech innovators to find the intersection between private benefits and the public good.

“It is a unique mechanism to accelerate sustainable solutions for reaching the unbanked and the under-banked groups, while enhancing efficiency and financial security in Viet Nam,” Sidgwick said.

The programme’s corporate partners include TP Bank, Vietcombank, Vietinbank, UOB and telecommunication companies with approval to provide payment intermediary services such as ViettelPay, which are seeking technological solutions to enhance their efficiency and promote financial inclusion.

The FCV is also accompanied by technical partners E&Y and Padang&Co, sponsors Mastercard and VISA, investment partner VinaCapital Ventures and other partners Vietfintech and VNBA.

FinTech companies can apply to Fintech Challenge Vietnam through September 25 at fintech.mekongbiz.org. Early- and growth-stage FinTech companies, from anywhere in the world, are encouraged to apply.

Shortlisted FinTech companies will be invited to present at the demo day on November 7 this year in Ha Noi. A panel of independent judges will award cash prizes to three growth-stage and three early-stage FinTech companies. Mastercard will pay for two winning firms to attend and pitch at Mastercard’s customer event at the Singapore FinTech Festival.

VinaCapital Ventures and ADB Ventures have earmarked up to US$500,000 to pilot exceptional solutions with high potential to scale and impact financial inclusion in Viet Nam.

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