Vietnam ranks third in ASEAN fintech funding attraction

By Dat Nguyen November 12, 2021 | 01:00 am PT

E-wallet apps are seen on a smartphone. Photo by VnExpress/Quynh Trang

Vietnam ranks third in attracting funding in the fintech industry with $375 million, accounting for 11 percent of the six major ASEAN economies, a report shows.

Two major deals in Vietnam consist of a $250-million investment into payment company VNPay and a $100-million investment into e-wallet MoMo, said the report by United Overseas Bank, PwC Singapore and Singapore FinTech Association, which covers the first nine months this year.

VNPay received the second biggest investment behind Grab Financial Group with a $300 million funding.

Fintech companies in Singapore attracted the most funding, accounting for 49 percent of total value, followed by Indonesia, 26 percent.

In fourth, fifth and sixth places were the Philippines, Thailand and Malaysia.

From 2017 to September this year, Vietnam had seen 76 new fintech companies established, bringing the total to 188.

E-wallets continue to gain popularity in Vietnam with the biggest being MoMo, used by 82 percent of respondents in a report survey.

ZaloPay followed at 62 percent, while VNPay claimed third place at 28 percent.

ASEAN fintech funding in the first nine months more than tripled compared to the entire 2020 to $3.5 billion.