Financial technology has taken Asia Pacific by storm. According to a report by Accenture, Asia Pacific fintech investments have expeditiously grown in 2015. From roughly $880 million in 2014, investments have increased to around $3.5 billion in the first three quarters of last year.
India and Malaysia have already jumped on the fintech bandwagon, and now Vietnam is also joining in on the action. Known to be one of the emerging markets in Asia, Vietnam is seriously elevating their fintech programs.
Fintech provides Vietnam with unconventional alternatives that deviate from the conventional practices of business services and economic growth. In the previous year, fintech investments came close to reaching $3 billion, tangible proof that the fintech industry is one of the most popular sectors in Vietnam, among other investments. In the upcoming few years, the industry is estimated to flourish to almost $8 billion. The country’s fintech startups have already received multi-million investment rounds and valuations.
Compared to the developed markets, like in the United Kingdom and United States, investments in an emerging market can multiply significantly further. There are new solutions that could ultimately close the gap between the developed and emerging market countries. With the help of fintech technologies, it is greatly possible for Vietnam to bypass important developments. This is a huge achievement since at some point, other leading industrial nations have been challenged with similar developments.
With the powerful force that fintech provides Vietnam, business and consumers in the country could eventually have a chance to be contenders in the international scene.