finfan-logo
FinFan
money beyond border
ENG
ENG

Top fintech companies in Vietnam - Why are companies in the ewallet and digital bank fields always leading?

Thu Jun 20 2024
/
/
linkedinShare
Top fintech companies in Vietnam - Why are companies in the ewallet and digital bank fields always leading?

As a Southeast Asian nation that is expected to rule both Asia and the world in the future, Singapore has produced a number of unicorn businesses that are highly valued and transcend global leaders to grab the top spot in the region, such as Grab, which dethroned Uber, and Grab Pay, which dethroned PayPal.

Vietnam is regarded as a nation with a developed fintech history that has the potential to perform numerous miracles in the future.

Some Vietnamese fintech businesses, like MoMo, VNPay, Timo, etc., have become unicorns. The peculiar thing is that all of these businesses are involved in electronic wallets and digital banking.

What are the standout qualities of these two industries, then, that most businesses and investors desire to enter to gain market share? Let's examine with FinFan in the piece that follows.

Ewallet - the technological revolution that changes people's lives.

Nowadays, when you go out, you can easily see ewallet everywhere. Its unique feature is that it can carry out transactions on behalf of people who previously were unable to do so or who lacked a bank account.

These people are assigned to the underbanked object file. But now that they have access to technology, they can easily pay for all of their daily expenses with a few phone taps.

A good example of that is when I unexpectedly realized that I had left my wallet at the 23/9 Park in Ho Chi Minh City the other day when I stopped by the wayside snack shop where I used to sit. The business owner questioned me right away, "Do you have a MoMo account?" "Yes," and all transactions followed without leaving either my face or hers looking embarrassed.

In the past, I frequently had to contact my family to come to grab it and return it, or I would have to take a motorbike taxi home to obtain money.

Not just addressing the issue with minor expenditures like food, drink, or some of the user's basic needs. Additionally, eWallet makes it simpler for individuals to pay their regular living costs, such as rent, utilities, insurance, and occasionally even school or apartment fees.

Read more:

. 3 best e-wallets in the Vietnam fintech market

Digital banks and NEOBank revolutionized the banking industry.

Up to now, the banking game is still being judged a lot on the construction of many branch systems nationwide and the number of staff at the counters.

All of the aforementioned viewpoints have been partly challenged by the existence of digital banks, particularly Timo's entry into the market.

Since Timo was born, this digital bank has drawn a lot of young people, notably members of Generation Z, who are exposed to technology at an early age and always seek out convenience and speed, instead of using some other traditional banks, join and become a customer of it.

To be able to draw in more of these clients, the banking oligopolies have started the process of switching to digital banking out of concern for losing market share.

Thus, the banking industry's digital revolution has started to take shape and progressively alter consumers' perceptions of banks.

Read more:

. Top 3 digital banks in Vietnam

In addition to digital banking, a significant market for businesses to expand their services in this market is the expansion of NEOBank, particularly international NEOBank in the Vietnamese market.

The common point of these services is to support expatriates to transfer remittances to Vietnam in many different forms and methods from all over the world. At the same time, like many other banking services, NEOBank provides a virtual Visa card and a virtual account for corporate and individual customers.

Read more:

. What is a NEOBank? How do NEOBanks make money?

This article was curated and authored by FinFan's market research and development team, alongside our marketing department.

About FinFan

FinFan is a cross-border embedded financial services company that focuses on mass disbursement, fund collection, card processing, IBAN, and digital APMs solutions, which can provide valuable input and integration on and for the same.

FinFan is already integrated with almost the world's well-known MTOs, PSPs, switch, and core fintech platforms such as Money Gram, Thunes, Qiwi, Remitly, World Remit, Bancore, PaySend, Terrapay, Ria Money Transfer (Euronet), Dlocal, Ripple, TripleA, FoMo Pay, Wings, etc.

For more information, please get in touch with us through:

🌐https://finfan.io

📞(+84) 2866 85 3317

✉ support@finfan.vn

LinkedIn: FinFan

ceo-image

Dr. Tuyen Nguyen

Money Beyond Borders

linkedin-logo
FinFan is a B2B model as a One – Stop – Shop with fully loaded platform as the art of borderless money movement as sending, receiving, spending, lending, exchanging, … It’s integrated multi channels, multi corridors that crosses including mobile, web and branches, POS, ATM, Kiosk, ... and Cards that making it easier to build a strong partner ecosystem of banks, billers, aggregators, agents, merchants, payment networks, etc… and can be brought on board in weeks instead of years for partners expanding quickly to unreached markets.

RELATION POST

Fintech
No New Fintech Companies Licensed After COVID-19, But the Competition Remains Fierce
How will the race between fintech companies in Vietnam unfold, and which technological sectors will financial technology companies focus on in the near future? Let's explore these questions with FinFan through the following article.
Mon Dec 16 2024
share
Fintech
Fintech in Vietnam - What to Do with a Market Estimated to Reach Over 26.9 Billion USD by 2025
In this article, let's join FinFan in analyzing the opportunities, challenges, and emerging megatrends in the fintech market for startup businesses in Vietnam.
Sat Oct 05 2024
share
Fintech
The Growth of Vietnam’s Economy and Its Impact on Fintech Development in Vietnam
This impressive economic transformation is not only reshaping the business landscape but is also fueling the development of the fintech in Vietnam sector.
Fri Oct 04 2024
share
Get in touch - FAQs
Let's build something amazing together
Hey, my name is
And I’m looking for
Get in touch with me at
finfan-logo
FinFan
money beyond border
FinFan is a commercial brand of Best Way Corp. An aggregator switching network & multi methods for all things money x-border
Authorised by the Central Bank - No.973 License of Foreign Currencies Acceptance and Payment
Follow Us:
logo-iconlogo-iconlogo-iconlogo-iconlogo-icon
Solutions
BaaS
Cards
Payment
Remittance
Company
Newsroom
Careers
Location
Contact
Investor
Support
Tracking
FXrate
FAQs
Blogs
DMCA.com Protection StatusProtected by Copyscape
© 2023 FinFan. All rights reserved.
Privacy Statement
Terms & Conditions
Cookie Policy