Monday, 14 Oct 2019
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ECONOMY

Fintech Challenge Vietnam to spur financial inclusion and digital banking transformation

Updated at Tuesday, 13 Aug 2019, 15:48
The Hanoitimes - The Fintech Challenge Vietnam is an innovative development program that brings together the regulator, banks, and Fintech innovators to find the intersection between private benefits and the public good, said ADB Country Director for Vietnam Eric Sidgwick.
The Fintech Challenge Vietnam (FCV) aims to accelerate financial technology and industry collaboration for financial inclusion and digital banking transformation in Vietnam’s fast-growing market.
 
Overview of the launch of Fintech Challenge Vietnam. Source: ADB.
Overview of the launch of Fintech Challenge Vietnam. Source: ADB.
Following the success of the first FCV in 2018, this year’s FCV is officially launched today at the State Bank of Vietnam (SBV) with the support from the Mekong Business Initiative, a program jointly funded by the Australian Government and Asian Development Bank (ADB).

The FCV 2019 focuses on big data, artificial intelligence, financial service outreach, and cybersecurity technology solutions. 

“The experience and outcomes of the 2019 FCV are expected to be useful inputs for regulators in developing an enabling legal framework for the Fintech ecosystem development in Vietnam,” said SBV’s Deputy Governor cum Chairman of SBV’s Fintech Steering Committee Nguyen Kim Anh.

“The FCV is an innovative development program that brings together the regulator, banks, and Fintech innovators to find the intersection between private benefits and the public good,” said ADB Country Director for Vietnam Eric Sidgwick. “It is a unique mechanism to accelerate sustainable solutions for reaching the unbanked and the under-banked groups, while enhancing the efficiency and financial security in Vietnam.”

The program’s corporate partners include not only banks (TP Bank, Vietcombank, Vietinbank, UOB) but also telecommunication companies with the approved license for payment intermediary service provision (ViettelPay), which are seeking technology solutions that could enhance efficiency of their business models while promoting financial inclusion. The program will help them source solutions from Vietnam as well as around the world. 

Fintech companies may apply to the Fintech Challenge Vietnam through September 25 at fintech.mekongbiz.org. Both early- and growth-stage Fintech companies, from Vietnam or anywhere in the world, are encouraged to apply.

Shortlisted Fintech companies will be invited to present at the demo day on November 7 in Ha Noi. A panel of independent judges will award cash prizes to three growth-stage and three early-stage Fintech companies. In addition, Mastercard will support two winning Fintechs to attend and pitch at Mastercard’s customer event at the Singapore Fintech Festival.
Ngoc Mai
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