Can it become the Fintech Mecca of the east?

Hong Kong, with its thriving economy and strategic location, has the potential to become the Fintech Mecca of the East. The city’s government is actively promoting the growth of the Fintech sector by offering tax incentives and grants for startups. Hong Kong also boasts a vast talent pool of skilled professionals in the finance and technology industries. The city’s well-established financial infrastructure, coupled with its advanced technological capabilities, makes it an ideal destination for Fintech entrepreneurs and investors alike. With its pro-business environment and supportive regulatory framework, Hong Kong is poised to lead the way in the Fintech industry in the years to come.

Vietnam Fintech Flourishes Under Regulatory Sandbox

Vietnam’s fintech industry has been witnessing new heights, and the introduction of a regulatory sandbox has further fueled its growth. The country’s fintech market is predicted to reach an astounding $18 billion by 2024, making Vietnam one of the most attractive fintech markets globally.

The approval of the National Digital Transformation Program by the country’s prime minister has been a significant catalyst in accelerating the inclination towards fintech. This initiative aims to help Vietnam become a digital economy by 2030, creating a friendly environment for technological innovation.

Vietnam’s fintech industry comprises nearly 200 organizations, and 66% of adults own a payment account, according to the Ministry of Planning and Investment. The perfect blend of 91.3 million smartphone subscribers and an internet penetration rate of 73.2% helped create a supportive environment for the industry’s growth.

The prosperous fintech ecosystem in Vietnam has been attributed to its close links with the banking sector, creating advantageous synergies. The Vietnam Banks Association (VNBA) has been instrumental in introducing favorable changes to the country’s financial services industry. VNBA’s demonstrated its support for the country’s premier fintech event, the World Financial Innovation Series (WFIS).

VNBA’s Secretary-General, Dr. Nguyen Quoc Hung, expressed his views on the event, stating that WFIS 2023 will provide a unique opportunity for technology and business executives from leading banking, insurance & microfinance institutions to share and update information related to digital transformation. It will also give member organizations of the VNBA an excellent chance to attend.

The World Bank Group has been continuously supporting Vietnam in becoming a high-income economy by 2045, and has been encouraging technological innovations in Vietnam’s financial sector. The Senior Financial Sector Specialist, Ketut Ariadi Kusuma, who spoke earlier about the development prospects of the corporate bond market in the country, will be a key speaker at WFIS.

Vietnam’s nascent stage and relatively small size of the fintech market has made it an alluring investment option for big players, investors, and even newcomers to the fintech scene. The current environment offers numerous opportunities to get involved, innovate and scale big, making it an ideal destination for investment.

The WFIS event has attracted big names in the industry, including the Executive Vice President from Techcombank (TCB), Kanishk Upadhyay, who will also be joining the list of key speakers at the event. Upadhyay has also expressed his excitement about the event, saying that WFIS 2023 is an opportunity to update oneself on information related to the latest digital trends and a chance to meet leaders, experts, and business executives from leading banking and fintech companies.

In summary, Vietnam’s fintech industry is on a roll, and the conducive ecosystem and supportive regulations have set the stage for continuous growth in the future. As the industry matures and attracts increased investment, Vietnam is poised to become a leader in the fintech market in the coming years.

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