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Banking & Finance

Second Fintech Challenge Vietnam launched

Released at: 11:38, 13/08/2019

Second Fintech Challenge Vietnam launched

Photo: ADB

FCV this year focuses on big data, artificial intelligence, financial service outreach, and cyber security technology solutions.

by Doanh Doanh

The second Fintech Challenge Vietnam (FCV) was officially launched on August 13 at the State Bank of Vietnam (SBV).

The SBV is organizing the FCV with support from the Mekong Business Initiative, a program jointly funded by the Australian Government and the Asian Development Bank (ADB).

This year’s FCV focuses on big data, artificial intelligence, financial service outreach, and cyber security technology solutions. It aims to accelerate financial technology (fintech) and industry collaboration for financial inclusion and digital banking transformation in Vietnam’s fast-growing market.

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

“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 Vietnam. “It is a unique mechanism to accelerate sustainable solutions for reaching the unbanked and the under-banked groups, while enhancing efficiency and financial security in Vietnam.”

The program’s corporate partners include banks (TP Bank, Vietcombank, Vietinbank, and UOB) and telecommunications companies with approved licenses for payment intermediary services (ViettelPay), which are seeking technology solutions that may enhance the efficiency of their business models while promoting financial inclusion.

The program will help them source solutions from Vietnam as well as around the world. The FCV is also accompanied by technical partners (E&Y and Padang&Co), sponsors (Mastercard and VISA), investment partners (VinaCapital Ventures), and other partners (Vietfintech and VNBA).

Fintech companies can apply to enter the Fintech Challenge Vietnam until September 25. Both early- and growth-stage fintech companies, from Vietnam or anywhere in the world, are encouraged to apply. Shortlisted fintech companies will be invited to present their projects at the November 7 demo day in Hanoi.

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