Ho Chi Minh City is expected to become a launching pad for Vietnamese Fintech.

(HTV) - With more than 70% of Fintech enterprises headquartered in Ho Chi Minh City and increasingly complete technology infrastructure, the city is expected to become a launching pad for financial technology, moving closer to the goal of becoming an international financial center.

Fintech - financial technology - is becoming one of the driving forces that strongly changes the face of the global financial industry. According to estimates, the global Fintech market size is currently about 305 billion USD . In Vietnam, this field is the second fastest growing in Asia, after Singapore, with a market value of about 18 billion USD .

Not only playing the role of a supporting tool, Fintech is also one of the pillars that helps financial centers maintain and enhance their global position. This is also an important direction that Ho Chi Minh City is pursuing.

Digital payment habits spread

In Ho Chi Minh City, people are increasingly familiar with digital payments. Ms. Vo Thi Nga (An Lac Ward, Ho Chi Minh City) shared: since using a bank card and accessing cashless payments, she often makes transactions by transferring money or swiping cards. "This helps me not to withdraw cash, saves time and is much more convenient in daily spending," Ms. Nga said.

According to Ms. Nguyen Linh Trang - Director of MoMo Payment Center, the trend of digitalization and cashless payment has opened up a new space where people can access technology more easily and many other digital activities arise in life.

Ho Chi Minh City residents pay by phone via QR scanner at metro station

Advantages of Ho Chi Minh City

Currently, Vietnam has more than 200 Fintech enterprises, of which about 70% are headquartered in Ho Chi Minh City. With a dense business ecosystem, increasingly complete information technology infrastructure and determination to become an international financial center, Ho Chi Minh City is considered a place with many advantages for breakthroughs.

Technology system serving Fintech management and development in Ho Chi Minh City

Associate Professor Dr. Nguyen Huu Huan - Head of the Department of Financial Markets (Ho Chi Minh City University of Economics ), commented: “Currently, Vietnam ranks 98th in the world in the international financial center rankings. In the coming time, the implementation of the sandbox mechanism - controlled testing - will be an important boost to promote the development of Fintech startups in Ho Chi Minh City. At the same time, the city needs to have solutions to support businesses such as tax incentives, office rental costs and especially investment in core technologies such as blockchain or AI.”

Technology expert tracking data and digital financial transactions in Ho Chi Minh City

From a policy perspective, Dr. Chau Dinh Linh (Banking University of Ho Chi Minh City) emphasized: “A specific mechanism for an international financial center in Ho Chi Minh City is being discussed. This not only includes buildings, infrastructure and data centers, but also requires the cooperation of many domestic enterprises. The policy must be specifically designed, suitable for the characteristics of Ho Chi Minh City to create a breakthrough.”

Towards an international financial center

In the context of global acceleration with financial technology, if Vietnam and Ho Chi Minh City take advantage of their advantages and build a transparent and safe ecosystem, they will have the opportunity to become a destination for international capital, technology and human resources. This is considered an important step to realize the aspiration of making Ho Chi Minh City an international financial center of the region and the world .

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Source: https://htv.com.vn/tphcm-duoc-ky-vong-tro-thanh-be-phong-fintech-viet-222250902104624961.htm