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Vietnam Fintech Trends: Top Companies, Growth and Analysis

Apr 19, 2024




14 min read


Vietnam's fintech ecosystem has been experiencing significant growth in recent years. With a young and tech-savvy population and several startups emerging and attracting substantial investments, the country has become a fertile ground for innovation in the financial technology sector.

In this article, we will explore the key trends, top companies, and the overall growth of the fintech sector in Vietnam, providing a detailed analysis to understand its trajectory and future potential.

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Vietnam Fintech Trends
Vietnam Fintech Trends

Overview of Vietnam's Fintech Landscape

One of the key factors contributing to the growth of Vietnam's fintech ecosystem is the increasing smartphone penetration rate. With the rising availability of mobile connectivity and the prevalence of e-commerce, Vietnam's fintech sector is experiencing significant growth. According to Statista, investment and new businesses in the sector have increased by over 180% from 2018 to 2022. 

According to TechwireAsia, venture investments in Vietnam's e-wallet and e-money segment are currently at 93%, with the fintech industry growing by 84.5% since 2016. Despite fewer startups launching yearly, transaction volume has increased by 152.8%, with 29.5 million new fintech users. Market valuation has risen from $0.7 to $4.5 billion, indicating great potential. The government is also introducing favorable legislation for financial technologies. The future looks promising, with the fintech market expected to reach $18 billion soon.

Currently, there are more than 260 fintech startups in Vietnam offering a wide range of services, including digital payments, alternative finance, wealth management, and blockchain. 

Vietnam's fintech market growth is projected to continue in transaction value, reaching $45.3 billion by 2028. 

Vietnam Fintech Trends

Source: Statista

The digital assets and payments market is expected to be the largest segment, with assets under management (AUM) of $249.10 million in 2024. In the same year, the average AUM per user in this market is expected to be $24.54. 

Furthermore, forecasters project the digital assets market will see a revenue growth of 19.19% in 2025. The number of users in the digital payments market is expected to reach 46.87 million by 2028, spurred by the meteoric rise of e-commerce and the increasing adoption of digital payment methods.

Over the past few years, nearly one-third of Vietnam's fintech startups fell under the digital payment category, such as Momo, Viettel Pay, and Zalopay. This segment secured the highest funding value among all fintech categories. Additionally, alternative lending showcased considerable potential in Vietnam, demonstrating one of the highest growth rates in the fintech sector.

Another promising area within Vietnam's fintech ecosystem is peer-to-peer lending. Traditional banks in Vietnam have long been known for their strict lending criteria, making it difficult for small businesses and individuals to access credit. Fintech companies have stepped in to fill this gap by providing platforms that connect borrowers with lenders, making the lending process more efficient and accessible.

Top-Funded Fintechs in Vietnam

As we look ahead to 2024, here are the top 10 recently funded fintech companies in Vietnam (in alphabetical order):

CeePay Vietnam Fintech


Address: Ho Chi Minh City, Vietnam
Industry: Artificial Intelligence, Payments, Management Solution
Total Funding Amount: $110K

CeePay offers an AI-powered payment suite that combines accounts receivable, accounts payable, and expense management solutions for businesses. With automation and streamlining, CeePay facilitates efficient cash flow management and helps businesses reduce workload, enhance productivity, and save time and cost.

F88 Vietnam Fintech


Address: Thanh Xuân district, Hanoi, Vietnam
Industry: Consumer, Digital Lending Services
Total Funding Amount: $185.8M

F88 is a financial services firm that provides loans to micro and small businesses as well as individual consumers. The company offers small loans secured by automobiles and provides insurance and money transfer services.

Gimo Vietnam Fintech


Address: Hanoi, Vietnam
Industry: Bookkeeping and Payroll
Total Funding Amount: $19.5M

A fintech company that provides bookkeeping and payroll services. It specializes in Earned Wage Access (EWA) and aims to serve underbanked Vietnamese workers, helping them alleviate financial stress and build financial security. 

Holdstation Vietnam Fintech


Address: Ho Chi Minh City, Vietnam
Industry: Blockchain and Cryptocurrency
Total Funding Amount: $2M

Holdstation is a digital wallet for trading that operates in various trades, including cryptocurrency and forex. It utilizes ERC-4337 and MPC technology and focuses on research labs, blockchain news, and hidden gems.

IMB DAO Vietnam Fintech


Address: Ho Chi Minh City, Vietnam
Industry: Blockchain and Cryptocurrency
Total Funding Amount: $950K

Involved in investing, consulting, and supporting blockchain startups. The company has been active in the blockchain industry since November 2016. It has established a network of relationships in blockchain and Dapps programming as well as with Ventures Capital and other key opinion leaders in Vietnam.

MFast Vietnam Fintech


Address: Ho Chi Minh City, Vietnam
Industry: Insurtech
Total Funding Amount: $10M

MFast  is an insurtech company that operates as a tech-driven agent banking platform. MFast incorporates the latest technologies in finance to provide convenient and credible financial services to both agents and end customers. 

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Saladin Vietnam Fintech


Address: Ho Chi Minh City, Vietnam
Industry: Insurtech
Total Funding Amount: $2.4M

Saladin is an online platform that offers life, health, automotive, and travel insurance services to consumers.

Stag Vietnam Vietnam Fintech

Stag Vietnam

Address: Ho Chi Minh City, Vietnam
Industry: Wealth Management
Total Funding Amount: $600K

Stag is a wealth management app tailored for young Vietnamese investors. It provides educational investment tools and analyses to help investors make better-informed decisions.

Timo Vietnam Fintech


Address: Ho Chi Minh City, Vietnam
Industry: Digital Banking
Total Funding Amount: $30M

Timo is a digital bank in partnership with Viet Capital Bank. Timo offers a private banking experience without the requirement of maintaining a large balance.

Unicorn Ultra Vietnam Fintech

Unicorn Ultra

Address: Hanoi, Vietnam
Industry: Blockchain and Cryptocurrency
Total Funding Amount: $10M

Unicorn Ultra is a blockchain and cryptocurrency company. Its U2U ecosystem includes decentralized and centralized exchanges, an NFT minting hub and marketplace, and a native wallet, providing a comprehensive suite of tools and products for successful blockchain environments.

Web3 Space Vietnam Fintech

Web3 Space

Address: Tran Phu, Hanoi, Vietnam
Industry: Blockchain, Web3, Information Technology
Total Funding Amount: $50k

Web3 Space is an education, incubation, and investment platform for startups in the web3 and blockchain industries. It leverages the growing startup ecosystem in Southeast Asia to support entrepreneurs in the web3 and blockchain sectors.

Vietnam’s 5 Fintech Unicorns

As technology continues to advance, five fintechs have emerged as industry leaders and achieved "unicorn" status. 

Let’s explore the five unicorns responsible for spearheading Vietnam’s fintech revolution:

The CrownX

Address: Hanoi, Vietnam
Industry: Consumer Goods, Retail Platform
Total Funding Amount: $1.1B

The CrownX has established itself as a prominent player in the fintech industry, offering innovative solutions to enhance financial inclusion. With a focus on empowering underserved communities, this unicorn fintech company provides digital banking services, affordable loans, and seamless payment solutions. The CrownX's commitment to leveraging technology to bridge the financial gap has earned it a reputation as a trailblazer. 


Address: Ho Chi Minh City, Vietnam
Industry: Mobile Payments, E-Wallet
Total Funding Amount: $433.8M

Momo has rapidly becomea leading fintech company, revolutionizing the mobile payment landscape. With its user-friendly interface and robust security features, Momo provides a convenient and secure platform for users to make online transactions. By partnering with numerous merchants and financial institutions, Momo has successfully created an extensive payment ecosystem, propelling it to unicorn status. 

Sky Mavis

Address: Ho Chi Minh City, Vietnam
Industry: Blockchain, Information Technology
Total Funding Amount: $311M

Sky Mavis is an innovative fintech company that has gained recognition for contributing to the decentralized finance (DeFi) space. By leveraging blockchain technology, Sky Mavis has developed a unique platform that allows users to trade virtual assets securely and efficiently. Their flagship product, Axie Infinity, has gained immense popularity, enabling users to play-to-earn and participate in the emerging virtual economy.


Address: Hanoi, Vietnam
Industry: Payments, E-Commerce, Logistics and POS
Total Funding Amount: $550M

VNLIFE is a unicorn fintech company that focuses on providing cutting-edge solutions to enhance financial services. With a wide range of products and services, including mobile banking, digital payment systems, and e-commerce solutions, VNLIFE has become a vital player in the industry. Their dedication to innovation and customer-centric approach has garnered immense trust and support from users and investors alike.


Address: Ho Chi Minh City, Vietnam
Industry: AI, Cloud Services, Digital Content, Software and Applications, Internet and Game Development
Total Funding Amount: $500K

VNG, another prominent name in the fintech industry, has made significant strides in transforming the digital finance landscape. With a diverse portfolio of products such as e-wallets, online gaming, and social networking platforms, VNG has successfully positioned itself as a comprehensive fintech solution provider. By catering to a broad range of user needs, VNG has created a loyal customer base and solidified its position as a unicorn fintech company. 

As the fintech industry continues to evolve, these companies will undoubtedly play a pivotal role in shaping its future.

Fintech Challenges in Vietnam

Alongside its remarkable growth trajectory, challenges still remain for the country’s fintech ecosystem. 

Let's explore the key challenges fintechs in Vietnam face and potential strategies for overcoming them.

Regulatory Framework

One of the primary challenges fintech companies face in Vietnam is navigating the evolving regulatory landscape. As the sector experiences dynamic growth, authorities like SSC are working to strike a balance between fostering innovation and safeguarding financial stability. 

In addition, the government has also approved the National Digital Transformation Program, allowing fintech investors to enter the sector. Overall, fintech firms must stay agile and proactively engage with regulators aiming towards compliance while maintaining room for innovation.

Access to Funding

While Vietnam's fintech ecosystem is vibrant, access to funding remains a significant challenge for startups

Building trust among investors, especially in a market that is still maturing, requires fintech companies to demonstrate innovative solutions while navigating regulatory complexities.

Consumer Trust and Adoption

Establishing consumer trust is crucial for the success of any fintech venture. Many individuals in Vietnam, particularly in rural areas, still prefer traditional banking methods due to a lack of awareness or concerns about the security of digital financial services. Fintech companies must invest in education and awareness campaigns to overcome these barriers and encourage widespread adoption.

In addition, despite a relatively young population (average age of 32.5 years in 2023) with a rising number of internet users, the ownership and usage of financial products, as well as the adoption of fintech services, remain relatively low. However, the government has been proactively promoting fintech sector development and introduced the first set of fintech regulations and policies in 2021.

Cybersecurity Threats

As fintech solutions become more prevalent, the risk of cybersecurity threats increases. Vietnam's fintech firms must prioritize robust cybersecurity measures to protect sensitive financial information and ensure the integrity of their platforms. 

Collaboration with cybersecurity experts and continuous investment in advanced technologies are essential to stay one step ahead of potential threats.

Talent Shortage

The rapid expansion of the fintech sector has led to a growing demand for skilled professionals. However, there is a shortage of individuals with the necessary expertise in areas such as data analytics, artificial intelligence, and blockchain. To address this challenge, investing in education and training programs can help bridge the talent gap and drive the industry's sustained growth.

These challenges also present opportunities for collaboration, partnership, and continuous improvement, contributing to the overall maturation of the fintech ecosystem in Vietnam.

Fintech in Vietnam vs. Southeast Asia 

Compared to other Southeast Asian countries, Vietnam's fintech scene is still relatively young, with 263 fintech companies in operation. However, the potential for growth is immense, with a large population of unbanked individuals and a growing middle class with increasing disposable income.

While Vietnam has made significant strides in fintech, other countries in the region, such as Singapore and Indonesia, are also emerging as major players in the industry. These countries have more developed fintech ecosystems and are home to several successful fintech startups.


No. of Companies: 334
Population Size (2023): 227,534,122
Fintech Density: 681,240

Indonesia experienced a significant surge in the presence of fintech companies, reaching a total of 334, marking a sevenfold growth compared to previous periods. As indicated by the source, lending entities constituted 35%of the fintech landscape


No. of Companies: 1,580
Population Size (2023): 5,917,600
Fintech Density: 3,745

Singapore is a leading fintech hub in Asia with around 1,580 fintech companies.

South Korea

No. of Companies: 553
Population Size (2023): 51,741,963
Fintech Density: 93,566

In 2021, South Korea boasted a total of 553 fintech companies. This expansion can be attributed to the rising need for digital financial services amid the pandemic and the considerable investments made by enthusiastic investors. The growth of fintech entities in the nation has been a recent notable trend.


No. of Companies: 289
Population Size (2023): 118,376,353
Fintech Density: 409,607

From January to November 2022, four new fintech companies emerged in the Philippines, supplementing 289 firms operating during that timeframe. The expansion of the fintech sector in the country remains evident, propelled by governmental efforts to integrate digital payment methods across various operations.


No. of Companies: 612
Population Size (2023): 34,671,895
Fintech Density: 56,653

Malaysia witnessed a surge in the establishment of 612 new fintechs, marking a rise of 12 companies from the preceding year. This upward trend in the formation of fintechs persisted from 2017 to 2022


No. of Companies: 293
Population Size (2023): 71,885,799
Fintech Density: 245,344

As of 2022, Thailand experienced a rise in the total number of fintechs, reaching 293, marking an increase from the preceding year. The ongoing trend indicates a continuous expansion of the fintech sector in Thailand over the observed period.

Hong Kong

No. of Companies: 513
Population Size (2023): 7,494,978
Fintech Density: 14,610

With approximately 600 fintech companies and startups, Hong Kong stands out as a leading global hub for startups seeking swift expansion. The city hosts more than 10 unicorn companies, solidifying its position in the entrepreneurial landscape.


No. of Companies: 300
Population Size (2023): 17,121,847
Fintech Density: 57,073

More than 300 dynamic technology startups are currently functioning at different levels of development within the Kingdom of Cambodia.

Overall, the fintech industry in Vietnam and Southeast Asia as a whole is poised for continued growth in the coming years.

Regulatory Developments in the Fintech Sector in Vietnam

As the sector continues to grow, regulatory developments play a crucial role in ensuring stability, security, and fair competition.

Let’s explore the regulatory framework behind Vietnam's fintech evolution.

The State Bank of Vietnam (SBV)

The State Bank of Vietnam has been at the forefront of shaping the regulatory landscape for fintech. The proactive measures taken by the State Bank of Vietnam reflect a commitment to balance innovation and stability. In recent years, alongside fintech's industry momentum, SBV has thrown its weight behind a number of important initiatives. Let’s explore them below. 

Regulatory Sandboxes 

Sandboxes have been introduced to allow fintech companies to test their innovations in a controlled environment. This facilitates a comprehensive assessment of potential risks and benefits by both regulators and industry stakeholders before product or service adaptation. 

Vietnam, too, has taken a proactive step by introducing plans to enact the country’s first regulatory sandbox. Still delayed and with no specific dates of when it will be active, the Sandbox Decree is poised to be a game-changer for fintech companies involved in online lending. Accompanying this, guiding circulars are scheduled for issuance in early 2024. This regulatory development will provide a lifeline for online lending fintechs, allowing them to effectively navigate and mitigate existing legal risks.

Recently, the decree has undergone updates, prompting a closer look at its implications. The updated decree broadens the scope of eligible participants in the regulatory sandbox. They now include not only startups and technology firms but also traditional businesses looking to incorporate innovative solutions into their operations.

Licensing Requirements

To ensure the credibility and security of financial services, the SBV has implemented licensing requirements for fintech companies. This includes obtaining licenses for activities such as non-cash payment services and payment services, peer-to-peer lending, and crowdfunding. Adhering to these requirements not only ensures the legitimacy of fintech operations but also safeguards consumers' interests.

Data Protection and Cybersecurity

As fintech heavily relies on the use of data, protecting personal and financial information is a top priority. The Vietnamese government has introduced regulations to address data privacy concerns and enhance cybersecurity measures. Fintech companies are now obligated to implement robust security protocols and comply with data protection standards to mitigate the risks associated with cyber threats.

Collaborations and Partnerships

Recognizing the symbiotic relationship between traditional financial institutions and fintech entities, Vietnam regulators are encouraging collaboration. Several major banks like VietinBank, Vietcombank, Techcombank, and Bank for Investment and Development of Vietnam (BIDV) have formed strategic partnerships between fintech companies, which have become more common, fostering an ecosystem where innovation complements existing financial services.

As the fintech sector in Vietnam continues to evolve, so does the regulatory landscape. Fintech players must remain vigilant and adaptive to comply with ever-changing regulatory requirements, ensuring sustainable growth and positive contributions to the financial ecosystem.

Additional Vietnam Fintech Questions

Why are companies going to Vietnam?

The appeal lies in the two most attractive factors:a) reduced expenses and b) a business-friendly regulatory and economic environment.

Despite the nation's primarily rural landscape, only 35% of the population resides in urban areas. Consequently, companies venturing into Vietnam for the first time should consider the changing labor market across regions and strategically invest in locations aligning with their specific industry needs.

Learn more: Doing Business in Vietnam

What is the promising industry in Vietnam?

If you would like to know which sector holds considerable promise and growth potential in Vietnam, there are several equally attractive industries:

  • E-commerce

  • Financial technology (fintech)

  • Health technology (health-tech), and 

  • Educational technology (ed-tech)

This growth is particularly pronounced due to the government's dedicated emphasis on fostering a digital economy. 

Investments directed towards enhancing technological infrastructure, software development, and implementing digital solutions are poised to generate noteworthy returns, contributing to the overall advancement of these dynamic industries in the Vietnamese economic landscape.

Read more: Masan Group

How Can InnReg Help?

InnReg is a global regulatory compliance and operations consulting team serving financial services companies since 2013.

We are especially effective at launching and scaling fintechs with innovative compliance strategies and delivering cost-effective managed services, assisted by proprietary regtech solutions.

If you need help with compliance, reach out to our regulatory experts today:

Published on Apr 19, 2024


Last updated on Apr 19, 2024

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