Deep Dive: Vietnam’s brutal e-wallet war

Cash remains supreme in Vietnam, which means that there’s plenty of opportunities for a fintech player to conquer the market and become the digital payment provider to the country’s 97 million people.

Photo credit: Momo Vietnam

At the moment, several e-wallet operators are battling to win the hearts and wallets of Vietnam. Who will come out on top?

On this episode of Deep Dive, Tech in Asia journalist Thu Huong Le discusses the Vietnamese fintech landscape, the challenges of starting up a fintech business in the country, and the future of its e-wallet scene.

Timecodes:

00:00 – Intro music
00:48 – Today’s topic: Vietnam’s brutal e-wallet war
01:24 – How valuable is the sector?
02:17 – Opportunities that await operators
03:21 – Why foreign investors are eyeing Vietnam’s fintech players
05:05 – 34 e-wallets hoping to replicate Alipay and WeChat Pay’s success in China
05:54 – Challenges in the market
08:35 – Trailing far behind other fintech markets in Southeast Asia
11:20 – The top players of the e-wallet game
13:10 – None of them are making money
15:05 – Do foreign players have an edge over local players?
16:02 – Looking at the e-wallet wars in Indonesia
18:21 – The biggest hurdle: Local regulations
20:15 – What Vietnam’s e-wallets need to do to stay ahead

Download the full transcript here.

Featured reporter:

• Thu Huong Le, a Tech in Asia reporter based in Vietnam

Essential reading:

• Vietnam’s e-wallet war has just begun, and it will be brutal

Episode Sponsor:

This year, the Tech in Asia Conference will explore the tech opportunities presented by Southeast Asia’s new golden age. To adjust to our new reality, we’re going virtual as we aim to bring you the most relevant insights into four areas: