A subtle but notable shift is underway in Vietnam’s financial technology (FinTech) scene. The hundreds-of-millions-of-US-dollars funding rounds that were common a few years ago now seem rare. Startups no longer talk as much about “burning cash to gain market share” or “dominating the ecosystem” as they once did. Instead, more and more companies are focusing on cash flow, operational efficiency, and pathways to profitability. If a few years ago the Vietnamese FinTech landscape was marked by a feverish, vibrant growth spurt, the market is now entering a completely different state: more sober, more stringent, and more realistic. But what is interesting is that this shift does not necessarily signal a weakening of the FinTech market. On the contrary, it may indicate that the industry is moving beyond the “hype” stage — a period of growth marked by excessive expectations and excitement — into a more mature phase. From 2018 to 2021, FinTech was practically a “star” in Vietnam’s startup ecosystem. Venture capital flowed strongly into the market, especially after the Covid-19 pandemic, which triggered a boom in digital payments and online consumption. According to the Vietnam Innovation & Tech Investment Report 2024 by the National Innovation Center and Do Ventures, […]