Fintech revolution changes playing field

Vietnam is a potential market for the financial technology (fintech) industry as it seems that the close cooperation between fintech enterprises and banks will accelerate the growth of financial services in Vietnam, thereby bringing significant benefits to clients.

Fintech is taking Vietnam and the world by storm

A strong wave of fintech

Vietnam is a gold mine for enterprises in the technology industry as it has a young population and it is estimated that as of January 2017, half of the Vietnamese population have access to the internet, a 6 per cent growth compared to 2016. Moreover, 72 per cent of the population has at least a smart phone, a very convenient and popular device to access the internet. People in the age bracket of 20-44 use the internet the most often, with five hours a day.

By contrast, the coverage of financial services is quite limited as only 30 per cent of the population has bank accounts. This figure is much lower than the world average of 60 per cent. Financial services are even less popular in the rural areas with only 16 per cent of people availing themselves of these services.

Thus, financial technology (fintech), the combination of technology and finance in one enterprise, is expected to explode and boom in Vietnam.

According to World Bank expert Ivan Mortimer Schutts, fintech can raise the quantity of financial services as well as their long-term effects. In addition, the development of fintech can optimise the cost structure of the finance industry, thereby changing the ways financial services operate.

Also, he said that fintech enterprises in Vietnam as well as in the world often face plenty of challenges from national policies, administrative regulations, and infrastructure. Thus, fintech enterprises often need more support and attention from the government and commercial banks to develop.

A brand new fintech service in Vietnam

One of the biggest obstacles preventing potential clients from approaching financial services is the complicated procedures and lack of information and knowledge.

Besides, Vietnamese commercial banks offer numerous solutions for each specific group of clients, such as internet banking, promotions and discount programmes, and combine offerings with many other shopping services. However, banks cannot ensure that their clients know about all of their services. This has limited choices for clients and reduced banks’ chances to serve various clients.

Following the wake of the fintech trend and understanding the demands of clients as well as problems of banks in Vietnam, Fingo Vietnam, a subsidiary of Finnology from Europe, offers a fintech solution for those who need a quick and convenient tool to find and compare different financial services in Vietnam.

After a quick and easy comparison, clients can choose the most appropriate financial services. Next, Fingo’s employees will counsel and support clients to complete their loan documents as well as providing clients with other support until they get the loan.

Besides, Fingo Vietnam also allows financial institutions to introduce its services and match these services with clients based on individual needs. Supplying comprehensive services is an outstanding advantage of Fingo.

Entering the Vietnamese market in September 2016, Fingo Vietnam is operated by domestic and international financial experts. After nearly one year, Fingo Vietnam has numerous branches all around the country, helping clients connect with banks and complete loan documents quickly, efficiently, and free of charge.

By Trang Vu

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