Vietnam Fintech Market to Grow at 13.41% During 2024-2032, Stimulated by Rising Preferences for Digital Payments

December 18, 2023 | BFSI

According to the latest report by IMARC Group, titled “Vietnam Fintech Market Report by Type (Digital Payments, Personal Finance, Alternative Financing, Insurtech, B2C Financial Services Market Places, E-Commerce Purchase Financing, and Others), and Region 2024-2032,” the Vietnam fintech market is expected to exhibit a CAGR of 13.41% during the forecast period (2024-2032). Financial technology (Fintech) refers to the integration of technological advancements into financial services to improve their use and delivery. It comprises a wide range of applications, such as mobile banking, peer-to-peer payments, cryptocurrency, and blockchain technology. It offers access to financial services, making them available to a broader population, including those previously underserved by traditional banking institutions. It also improves security and lower costs, benefiting both users and businesses. It also facilitates international transactions and global financial interactions more seamlessly. It fosters continuous innovation in financial services, encouraging traditional institutions to adapt and improve their offerings. It is employed in payment systems, making it easier for people and businesses to transfer and receive money electronically.

Vietnam Fintech Market Trends:

At present, the rising shift from cash to digital payments with mobile wallets, online banking, and quick response (QR) code payments represents one of the major factors impelling the growth of the market in Vietnam. Additionally, the increasing recognition of fintech as a tool for providing access to financial services for the unbanked and underbanked is strengthening the market growth. This is fostering entrepreneurship and enabling efficient business operations. Besides this, the growing smartphone usage due to increased internet connectivity allows a larger portion of the population to engage with digital financial services. Moreover, the rising adoption of cutting-edge technologies, such as blockchain, artificial intelligence (AI), and machine learning (ML) in financial services for advancing the fintech to enhance security protocols and personalize financial services for improving operational efficiencies for financial institutions is bolstering the market growth in the country. In addition, the increasing implementation of regulatory reforms and initiatives like the development of a regulatory sandbox for fintech are promoting innovation while ensuring user protection and financial stability. Furthermore, the growing emphasis on financial literacy and education about the benefits, risks, and proper use of fintech services is positively influencing the market. This focus on education aims to ensure that individuals are well-informed and can make the best use of the financial innovations available to them.

Market Summary:

Based on the type, the market has been segmented as digital payments [online purchases and POS (pint of sales) purchases], personal finance [digital asset management services and remittance/international money transfers], alternative financing [P2P lending, SME lending, and crowdfunding], Insurtech [online life insurance, online health insurance, online motor insurance, and others], B2C financial services market places [banking and credit and insurance], e-commerce purchase financing, and others.
Region-wise, the market has been segregated into Northern Vietnam, Central Vietnam, and Southern Vietnam.
The competitive landscape of the market has been examined in the report, along with the detailed profiles of the major players operating in the industry.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million
Scope of the Report	Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Type Region
Types Covered	Digital Payments: Online Purchases, POS (Point of Sales) Purchases Personal Finance: Digital Asset Management Services, Remittance/ International Money Transfers Alternative Financing: P2P Lending, SME Lending, Crowdfunding Insurtech: Online Life Insurance, Online Health Insurance, Online Motor Insurance, Others B2C Financial Services Market Places: Banking and Credit, Insurance E-Commerce Purchase Financing Others
Regions Covered	Northern Vietnam, Central Vietnam, Southern Vietnam
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Vietnam Fintech Market to Grow at 13.41% During 2024-2032, Stimulated by Rising Preferences for Digital Payments

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