Vietnam

In light of the global pandemic, governments across the globe are faced with urgent needs whose immediate coverage is a matter of life and death. Hence, these unusual and uncertain times call for rare and exceptional measures, and without much ado, governments around the globe have provided them. Common to all approaches is the will to enable public contractors to procure the urgently needed supplies to save lives and contain the pandemic without major bureaucratic hurdles.

Financial technology, or fintech, has been transforming a wide range of financial services, receiving warm- welcomes by a fast growing number of adopters and attracting hundreds of billions of USD in global investment value in recent years. As at 30 September 2019, from only 0.4% in 2018, Vietnam rose to rank second in ASEAN in terms of fintech funding, attracting 36% of the regional investment, second only to Singapore with 51%. However, the financial areas transformed by fintech are quite limited, with 98% of the funding concentrated in the payment sector and 1% in blockchain tech related, according to a joint report by United Overseas Bank (UOB), PricewaterhouseCoopers (PwC) and (Singapore FinTech Association) SFA.  Vietnam is still considered as having limited fintech activities and remains an unlikely home base of choice for fintech firms. One of the factors largely impacting the local fintech growth include an unprepared regulatory framework where regulations mostly evolve around fintech in the payment industry.

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