MEDICI recently published an in-depth review of Vietnam’s FinTech investment landscape[1]. Vietnam’s GDP is growing at 6.7% per year with a high phone/internet penetration, as well as a high rate of adult literacy, which is close to 95%. The market expects significant growth in the middle-income and affluent groups in Vietnam, which would translate into opportunities for FinTech players. FinTech in Vietnam is slightly more focused on personal/retail finance, payments, and alternative lending categories and expects more innovations from blockchain and big data players.
Here’s a look at 12 popular FinTech startups in Vietnam:
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MoMo[2], a startup founded in 2007, has raised $133.8 million in total funding. Momo is an e-wallet and payments app that enables users to pay online and transfer money to each other digitally. At selected stores, the app can be used for cashless payments. MoMo also allows users to pay utility bills through its partnership with local banks.
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Timo[3] was founded in 2013. It provides digital banking services through its mobile app. Users can perform their daily transactions through mobile phone and create financial goals. Timo’s app offers banking services such as payments, money transfer, savings, and card management in Vietnam.
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Tima [4] was founded in 2015 and has raised $3 million in total funding. Tima is a peer-to-peer lending marketplace that offers asset-backed mortgage loans and vehicle loans at a yearly interest rate of 10.95%. Tima uses algorithms to provide credit scores of borrowers by analyzing data from their social media accounts to determine their creditworthiness.
