Vietnam is ranked as the 7th country in terms of internet penetrations. The country has a mobile penetration of 24 percent and smartphone penetration of 15 percent. With a population of more than 90 million people, mainly Millennials, Vietnam has got great potential, and yet, fintech is still pretty much unknown there. However, this may change soon as some smart fintech companies are already exploring the market. See some of the popular fintech companies Vietnam.
1Pay is a mobile payment platform that allows vendors and consumers to manage all their payment needs from one platform. It is arguably one of the top mobile payment platforms in Vietnam. Launched in 2013, 1Pay offers merchant access to the SDK and API key to integrate payment through mobile for their content, games, or mobile apps. The solution enables users to pay by online, SMS and through prepaid cards for purchases via their mobile phones.
As the 1st Vietnamese digital bank, Timo provides a variety of banking services such as bill payment, savings and money transfer. Powered by VP bank, it brings a 100 percent free services to end-users. Launched early last year, the company attracted 4,000 customers within the first four months, highlighting the appetite of Vietnam’s people for all things mobile.
Using Bitcoin, Cash2Vn provides a remittance platform for individuals to send money to their loved ones in Vietnam. The company leverages the Bitcoin network to allow faster, cheaper and more expedient international money transfers. With approximately 80 000 people leaving Vietnam each year to work abroad, numerous families rely on money being sent back by their relatives.
LoanVi is an online P2P lending platform for personal loans. Founded in 2015, the company aims at bridging the gap between investors and underbanked individuals by making an accessible channel for investors to earn solid fixed-income returns and for people to acquire loan financing. Last year, LoanVi became the first start-up in Vietnam to be selected by SparkLabs, one of the top accelerators in Seal, to integrate the prestigious 3-month accelerator program.
OnOnPay is a phone top-up and mobile wallet seeking to address the needs of unbanked individuals in a market where credit cards are not commonly used. The start-up provides both a mobile app and a web-based platform that enables users to top up their mobile phones and win rewards like coupons and extra credit. Last year, the company participated in the start-up pitch battle at Tech in Asia Singapore and came in 3rd from a line-up of nine participants.
Payoo provides intermediary services for e-commerce platforms. It is an e-wallet services start-up designed to help users to buy, sell and make transactions” online. According to TechInAsia, the company is one of the most funded fintech start-ups in Southeast Asia with over US$2 million in funding.
- Money Lover
Money Lover is a finance management app that enables users to track their expenses and manage their monthly and annual budget. Created in 2011, the app is available in iOS, Windows Phone, and Android. The app has over 2.3 million downloads globally and 40 percent from Southeast Asia.
BankGo is the largest financial comparison site in Vietnam, connecting borrowers with banks. Launched last year, the platform allows individuals compare financial products and personal loans such as housing, consumer, car, as well as savings accounts, credit cards, and SME loans.
Founded in 2015, FundStart is a crowdfunding platform that was created as a bridge between the community and the creative project. The platform allows project leaders and artists to raise fund from the crowd, “to turn dreams into reality with resources coming from the community.”