Following the success of the first Fintech Challenge Vietnam, the FCV this year focuses on big data, artificial intelligence, financial service outreach, and cybersecurity technology solutions.

Photo: CPV

Regarding the objectives of the FCV, Mr. Nguyen Kim Anh, SBV’s Deputy Governor cum Chairman of SBV’s Fintech Steering Committee said: “The experience and outcomes of the 2019 FCV are expected to be useful inputs for regulators in developing an enabling legal framework for   the fintech ecosystem development in Viet Nam.”

The FCV aims to accelerate financial technology and industry collaboration for financial inclusion and digital banking transformation in Viet Nam’s fast-growing market.

“The Fintech Challenge Vietnam 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,” said Mr. Eric Sidgwick, ADB Country Director for Viet Nam. “It is a unique mechanism to accelerate sustainable solutions for reaching the unbanked and the under-banked groups, while enhancing the efficiency and financial security in Viet Nam.”

Photo: CPV

The program’s corporate partners include not only banks (TP Bank, Vietcombank, Vietinbank, UOB) but also telecommunication companies with the approved license for payment intermediary service provision (ViettelPay), which are seeking technology solutions that could enhance efficiency of their business models while promoting financial inclusion. The program will help them source solutions from Viet Nam as well as around the world. The FCV is also accompanied by technical partners (E&Y, Padang&Co), sponsors (Mastercard, VISA), investment partners (VinaCapital Ventures) and other partners (Vietfintech, VNBA).

Financial technology (FinTech) companies may apply to the Fintech Challenge Vietnam through September 25th 2019 at fintech.mekongbiz.org. Both early- and growth-stage FinTech companies, from Viet Nam or anywhere in the world, are encouraged to apply.

Shortlisted FinTech companies will be invited to present at the 7 November 2019 demo day in Ha Noi. A panel of independent judges will award cash prizes to three growth-stage and three early-stage FinTech companies. In addition, Mastercard will support two winning FinTechs to attend and pitch at Mastercard’s customer event at the Singapore FinTech Festival.

VinaCapital Ventures and ADB Ventures have earmarked up to USD500,000 to pilot exceptional solutions with high potential to scale and impact financial inclusion in Viet Nam./.

Khac Kien