19:57 (GMT +7) - Monday 16/07/2018

Business

First-ever Fintech Challenge Vietnam launched

Released at: 14:41, 28/11/2017

First-ever Fintech Challenge Vietnam launched

Photo from thoibaonganhang.vn

Challenged launched by SBV on November 28 to spur innovation in financial services that promote greater financial inclusion.

by Doanh Doanh

The Fintech Challenge Vietnam was official launched on November 28 at the State Bank of Vietnam (SBV), aimed at spurring innovation in financial services that promote greater financial inclusion.

The focus of the Challenge is on financial technology (FinTech) solutions that can improve the offer of financial services to the underserved and unbanked.

“The SBV wants to create an enabling ecosystem for financial innovation that improves access to financial services for Vietnam’s micro, small and medium-sized enterprises and other underserved populations,” said Mr. Nguyen Kim Anh, SBV Deputy Governor. Mr. Anh also heads the SBV’s Fintech Steering Committee and Working Group, which was formed in March to promote the uptake of financial technology in Vietnam.

The Fintech Challenge Vietnam is being organized by the SBV with support from the Mekong Business Initiative, a program funded by the Government of Australia and the Asian Development Bank (ADB).

“The Fintech Challenge Vietnam will create opportunities for Vietnam’s commercial banks to engage with FinTechs and to consider how they might take advantage of the technology and creative new approaches to expand financial services to the unbanked,” said Mr. Eric Sidgwick, ADB Country Director.

The Fintech Challenge Vietnam is an opportunity for FinTech companies both inside and outside of Vietnam who are interested in cooperation with commercial banks to pilot and scale solutions that improve financial services in the following categories: electronic payments; e-KYC (Know Your Customer) / e-Identification; Open APIs; Blockchain; and peer-to-peer lending. The deadline for applications is January 18 at fintech.mekongbiz.org.

Successful Challenge applicants will continue to participate in a two-month long incubation and mentoring program to fine-tune their business models. They will also participate in a competitive “Pitch Session”, where they will present their FinTech solutions to a panel of banking industry players, financial experts, and investors.

The best solutions will have the opportunity to demonstrate their products and services at the 2018 Vietnam Fintech Day.

The Vietnam Bankers Association and the Vietnam Fintech Club are co-sponsors of the program. Program Partners include seven commercial banks (BIDV, Shinhan Bank, TP Bank, VIB, Vietcombank, VietinBank, VP Bank) as well as FPT, Vietnam Silicon Valley, and VIISA.

User comment (0)

Send comment