(VOVWORLD) -Vietnam's fintech has reached new heights and the newly introduced regulatory sandbox is further fueling its growth, said asiaone.com of Singapore. It quoted forecast that the country's fintech market will reach a staggering 18 billion USD mark by 2024.
Also, the approval for the National Digital Transformation Program by 2025 given by the country's prime minister couldn't have happened at a better time, as it has accelerated the inclination towards fintech.
Housing close to 200 fintech organizations, now 66% of adults have payment accounts as listed by the Ministry of Planning and Investment. Not to forget, the perfect medley of 91.3 million smartphone subscribers and an internet penetration rate of 73.2 percent have made the situation more conducive for the industry's growth.
The success of these promising fintech organizations has been linked with their close ties with the banking sector that has created invaluable synergies, the article said.
The World Bank Group has also been actively supporting Vietnam in becoming a high-income economy by 2045, according to asiaone.com.
For big players, investors and even newcomers, the current nascent stage and relatively small size of the country's fintech market is making it particularly attractive for investment, considering there are a plethora of opportunities to get involved and scaling big, the article said.