Delegation of Fintech enterprises to meet potential partners and interested parties during visit from January 11 to 15.
A delegation of seven leading UK Fintech companies will be in Vietnam from January 11 to 15 seeking cooperation in technology to provide financial services, known as Fintech, according to the British Embassy in Hanoi.
The companies are Byoot Capital, Earthport, Korala Associates, PayPoint, The Floow, Misys International Financial Systems, and State Street.
“They offer a range of technologies that could revolutionize ways of raising finance, making payments, and analyzing risk,” the Embassy’s announcement said. Over 50 Vietnamese companies will be involved in the visit, where there will be opportunities to share expertise and explore what Fintech offers the future of finance at seminars in Hanoi and Ho Chi Minh City.
The development of the Fintech industry was a spoken of as a top priority during Prime Minister David Cameron’s visit to Vietnam last July. Two British firms - Dragon Capital and Standard Chartered Bank Vietnam - have sponsored and launched the Vietnam Fintech Club.
The UK, a world leader in new types of technology in financial services and one of the world’s largest financial centers, is looking to embrace the Vietnamese market because the country is well placed to quickly adapt, benefit from, and develop financial technologies.
“Vietnam is also ripe for new entrants,” the announcement said. In Vietnam, e-commerce currently forms only 1 per cent of the retail market compared to 8 per cent in China. Things are changing rapidly, however. Two years ago Vietnam was the smallest Business-to-Customer e-commerce market in Southeast Asia but online trade is gaining momentum given the high internet penetration and greater online spending per shopper.
With 23 million smartphones and 55 million mobile phone subscribers, Vietnam benefits from large demographic advantages with a major proportion of the population growing up in the digital era.