Vietnam, a nation identified for its wealthy tradition and fast growth, has emerged as an attractive hotspot for fintech innovation.

With a youthful inhabitants, rising cellular and web penetration, and a authorities desirous to modernise its monetary panorama, the Southeast Asian nation presents a vibrant stage for the fintech business.

Digital transformation of the Vietnamese financial system is on the prime of its authorities’s agenda. The federal government has set a goal for the digital financial system to account for 30 per cent of GDP by 2030. To attain this, the nation has recognized key focus areas, together with fintech, e-commerce, digital funds and different rising applied sciences similar to synthetic intelligence (AI), blockchain and the web of issues (IoT).

Figures from the Vietnam Banks Affiliation (VBA), Vietnamese banks have invested over $660million into digital transformation, whereas a latest report by market intelligence agency IDC, international funds platform 2C2P and Ant Group recognized the SEA as main digital financial system progress at 15.8 per cent for the subsequent 5 years, outpacing the USA and EU.

Though Vietnam stays a predominantly money based mostly financial system with a majority of the inhabitants not being a part of the banking ecosystem and 80 per cent of transactions nonetheless carried out offline in money, that is altering quickly.

Towards this backdrop, an upcoming UK fintech commerce mission, organised by the Division for Enterprise and Commerce Vietnam staff (DBT Vietnam), presents a novel gateway for modern companies to faucet into the potential of the burgeoning area.

The mission

From 4 to eight March 2024, firms will head to Hanoi and Ho Chi Minh Metropolis to achieve insights into the area and discover enterprise alternatives via conferences with key stakeholders. The mission goals to foster collaboration and partnerships between the UK and Vietnam within the fintech, FPS (monetary fee system), and banking sectors.

The mission is a part of of UK-Southeast Asia Tech Week 2024, which can convey collectively regulators, coverage makers, authorities officers, lecturers, buyers, and firms to have a good time, showcase and focus on the UK-Southeast Asia know-how partnership.

Throughout the mission, delegates could have the alternatives to interact with Vietnam’s prime native banks and IT Associations, together with the Vietnam Software program & IT Companies Affiliation. Delegates can even attend visits at Vietnam’s largest tech conglomerates and luxuriate in free entry to South East Asia Tech Week’s conferences, receptions and networking occasions.

Fintechs which are at present desirous about South East Asia and the Vietnam market, or even have growth plan to the area can register their curiosity within the fintech commerce mission on-line.