Venture capital funding pouring into Vietnamese fintech companies accounted for 36% of the total fintech investment in South-East Asia. The country had seen a soar in investment this year compared to 0.4% last year. This was stated in the Fintech in ASEAN report released by the United Overseas Bank (UOB). Singapore took the leading position with 51%, down from 53% last year.
Thailand, Malaysia and the Philippines accounted for less than 2% of South-East Asia's total fintech investment, down sharply from about 10% last year.In
Vietnam, the leading field attracting venture capital in fintech companies was payment.
VNPay, a Vietnamese e-payment solutions provider, took the lead in the report with total capital revealed to be US$300mil this year.
Singaporean insurance company Singapore Life ranked second with deals worth US$110.3mil, while Vietnamese MOMO Pay e-wallet ranked third with US$100mil.
After attracting just US$35mil in 2014, the total amount of venture capital invested in the fintech sector in South-East Asia has increased sharply over the past five years to $679 million last year.
The total figure has reached US$1.14bil from the beginning of this year.
With an annual growth rate of up to double digits, digital payment is expected to become the payment method of choice from nearly 50% of transactions from now to 2025, and will exceed US$1 trillion.
Fintech companies are targeting about 300 million adults in South-East Asia who do not have bank accounts or access to associated investment, credit and insurance services.
The number of financial transactions made on mobile phones in Việt Nam had nearly doubled as of March 31 this year compared to last year, according to the State Bank of Vietnam.The Vietnamese mobile payment market is expected to reach US$70.9bil by 2025, up from US$16bil in 2016.
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