Tima, Moca, Momo, ZaloPay, Payoo grew rapidly

According to IDC’s FinTech Fast 101 report in Asia-Pacific, Vietnam currently has 5 fintech companies in the best growth group in 2020. Specifically, Tima , Moca , Momo , ZaloPay and Payoo .

In particular, Moca, Momo, ZaloPay and Payoo are 4 electronic wallets. Tima is the only technology startup specializing in providing peer-to-peer (P2P) online lending platform.

FinTech Fast 101 brings together 101 financial technology companies with the best growth today.

Vietnam currently has 5 fintech companies in the best growth group in 2020

Earlier, market research firm Cimigo published research showing that Momo , Moca and ZaloPay are currently the three most commonly used e-wallets in the two main cities of Vietnam, Hanoi and Ho Chi Minh City. HCM. At the same time, these three wallets account for 90% of the market share of e-wallet users.

In addition to noting about user perceptions and behaviors of popular e-wallet brands in Vietnam, the study also shows that the most popular e-wallets on the market are currently used to top up. telephone bill, money transfer, regular bill payment, food delivery service and technology car reservation.

According to Crowdfundinsider, Vietnamese fintech companies are moving faster than the region. Specifically, in the first 9 months of 2019, Vietnamese fintechs received USD 410 million in investment. This amount is equivalent to 36% of total investment in Southeast Asia.

The organization assessed that the period 2019 – 2020 is a “golden year” for Vietnamese startups in general, and fintech segment in particular. Especially when total investment in fintech Vietnam increased from 0.4% in Southeast Asia last year, to 36% this year.

The reason that Vietnam has turned up strongly in the fintech segment is that it has a large contribution from major deals such as MoMo Pay and VNpay, both in the e-wallet and payment segments.

Statistics of the State Bank, in the past 3 years, the number of fintech companies has increased nearly 4 times. Currently, there are more than 150 fintech companies in the country, compared to 40 years ago, compared to 40 years ago. Before that, Vietnam fintech market reached USD 4.4 billion in trading value in 2017 and is expected. will reach USD 7.8 billion by 2020.

Along with the goal of reducing the rate of cash use in the economy to less than 10% of the Government, the development trend of this industry is indispensable. Areas of Vietnam’s fintech ecosystem include: electronic wallets, personal finance, peer-to-peer lending, insurance technology, digital banking, credit scores, crowdfunding, etc.

Recognizing the meaning and benefits of fintech, Vietnam has actively approached this field through the establishment of a Steering Committee on fintech in March 2017 with the goal of nurturing and improving the ecosystem. A healthy attitude for the formation and development of fintech companies in Vietnam.

Along with that, the development strategy of Vietnam’s banking industry to 2025, orientation to 2030 has also determined that technology will be the leading solution to the development of Vietnam’s banking system.