Sign up for the Daily Newsletter, sent exclusively to our premium subscribers. We break down the big and messy topics of Asia’s tech and startup community. Get the newsletter in your inbox everyday with a premium subscription.
Hello reader,
I’m based in Hanoi, Vietnam, and I haven’t used my debit card in two weeks. The reason why is pretty telling about how the fintech industry has evolved here in recent years.
My bank froze the card due to what its systems deemed a suspicious transaction two weeks ago. Luckily, I’ve not been a victim of any fraud from what I can see, but I still haven’t taken the time to go into a branch and get a new card.
Why? Simply put, you can get by in Hanoi and pay for everything you may need with just your phone.
Virtually every merchant in the country, from the smallest corner store to the biggest international retailer, now accepts payments via QR codes – a world of difference from a few years ago when cash was king.
Today’s featured story looks at how the rise of QR payments has affected the country’s fintech sector and how its players have adapted to changing regulations.
Today we look at:
- The state of fintech in Vietnam
- Indian fruit and veg delivery startup Pluckk scoring funding
- Other newsy highlights such as Temasek eyeing an exit from an investment worth US$7 billion and Chinese farmers tapping into AI.
Premium summary
Vietnam’s QR code revolution
Image credit: Timmy Loen
Cash used to be king in Vietnam, but now? It’s the mighty QR code.
Today’s featured story dives into the country’s evolving fintech market, which faces a funding drought and tighter regulation.
- Cracking the code: Statistics from the State Bank of Vietnam show that cashless payments are growing in the country, but not as rapidly as QR transactions. The rise of the QR code has pushed fintech giants like MoMo and ZaloPay to adapt and position themselves as AI-powered financial super apps rather than just e-wallets.
- Changing priorities: Industry players tell Tech in Asia that firms in Vietnam’s fintech sector are paying more attention to complying with regulatory requirements than they did in the past.
- Coin for your thoughts: Vietnamese regulators are also moving to bring cryptocurrencies out of the legal gray area they’ve existed in for years, with efforts like a pilot crypto trading platform in the works.
Plucking fruit from the funding tree
Quick bytes
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
