The fintech market reached USD 4.4 billion in 2017 and is estimated to accelerate by USD 7.8 billion in 2020, driven by rising bank penetration.

Solidiance’s latest white paper, “Disruption by fintech: Transforming Vietnam’s Financial Services Ecosystem”, explores key drivers and current trends of fintech adoption in Vietnam, the key barriers as well as the future outlook in the market.

Trends in Vietnam’s fintech space

Although bank penetration in Vietnam is consistently growing, it still trails other Southeast Asian nations in the region. Vietnam’s ratio of banked citizens only reached 59% in 2017 while Thailand and Malaysia accounted for 86% and 92% respectively in the same year.



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As Vietnam catches up with other neighboring countries, increasing internet and smartphone penetration, improvements in telecommunication infrastructure (3G & 4G), and growing income levels from the middle-class have significantly given rise to opportunities in Vietnam’s fintech space.

Among the three different fintech product segments – digital payment, personal finance, and corporate finance – digital payment solution leads the fintech service market share at 89%.

However, personal & corporate finance is expected to grow at a faster rate through 2025.

Vietnam’s burgeoning e-commerce sector

Vietnam’s burgeoning e-commerce sector with growing order value has further promoted intermediary payment platforms & digital payment services. Currently, there are ~35.4 million online shopping users and it is expected to accelerate to ~42 million, accounting for 42.5% of the projected population by 2021.

The average spend of USD 62 online will grow to USD 96 by 2021 and Cash on Delivery – the major means of payment – is expected to be replaced by digital payments & other modern payment methods, signifying ample opportunity for fintech firms to tap into.