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Fintech Challenge Vietnam to expedite technology adoption
By Le Anh
Tuesday,  Aug 13, 2019,17:43 (GMT+7)

Fintech Challenge Vietnam to expedite technology adoption

By Le Anh

Participants at the second Fintech Challenge Vietnam on August 13 - PHOTO: DANG HUU

HCMC – The second Fintech Challenge Vietnam (FCV) was officially launched today, August 13, at the State Bank of Vietnam (SBV), supported by the Mekong Business Initiative, a program jointly funded by the Australian Government and the Asian Development Bank (ADB).

Following the success of the first FCV, this year’s edition focuses on Big Data, Artificial Intelligence, financial service outreach and cybersecurity technology solutions.

The FCV aims to accelerate the use of financial technology and industry collaboration for financial inclusion and digital banking transformation in Vietnam’s fast-growing market.

“The experience and outcomes of the 2019 FCV are expected to be useful inputs for regulators in developing a helpful legal framework for the fintech ecosystem’s development in Vietnam,” remarked Nguyen Kim Anh, SBV’s deputy governor and chairman of the Fintech Steering Committee.

Eric Sidgwick, ADB country director for Vietnam, noted that FCV is an innovative development program that brings together the regulator, banks and fintech innovators to find the intersection between private benefits and the public good.

“It is a unique system to accelerate sustainable solutions to reach the unbanked and underbanked groups, while enhancing efficiency and financial security in Vietnam,” Sidgwick said.

The program’s corporate partners include not only banks (TP Bank, Vietcombank, VietinBank and UOB) but also telecommunication companies with an approved license to provide payment intermediary services (ViettelPay), which are seeking technology solutions that could enhance the efficiency of their business models while promoting financial inclusion.

The program will help them source solutions from Vietnam and around the world. The FCV is also supported by technical partners (E&Y and Padang & Co), sponsors (Mastercard and VISA), investment partners (VinaCapital Ventures) and other partners (Vietfintech and VNBA).

Financial technology companies may apply to participate in the FCV until September 25 at fintech.mekongbiz.org. Both early- and growth-stage fintech companies, from Vietnam or anywhere in the world, are encouraged to apply.

Shortlisted fintech companies will be invited to present at the November 7 demo day in Hanoi. A panel of independent judges will award cash prizes to three growth-stage and three early-stage fintech companies. In addition, Mastercard will have two winning fintechs attend and pitch at Mastercard’s customer event at the Singapore FinTech Festival.

VinaCapital Ventures and ADB Ventures have earmarked up to US$500,000 to pilot exceptional solutions with high potential to scale and ensure financial inclusion in Vietnam.

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