CE Seminar: The FinTech Revolution was held in Ho Chi Minh City and Hanoi last week, attracting more than 100 investment professionals. At the event, Mr. Sameer S. Somal, CFA, CFO of Blue Ocean Global Wealth and Blue Ocean Global Technology introduced FinTech, its components, as well as the development trends that are transforming the international finance industry.
Forbes estimated that there are 6,500 FinTech startups in the world, 2,500 from Asia and 4,000 from the UK and US. The adoption has been noticeable in emerging markets, particularly in China and India. The global investment in FinTech rapidly increased by 3,770% from $930 million in 2008 to $36 billion in 2016.
Its growth is powered by the development of big data, artificial intelligence and the internet of things. Its future will be in the areas of FinTegration, blockchain, digital payments and robo advisory.
In the world of FinTech, Vietnam is an infant
By 2016, more than 30 local FinTech players was establish in Vietnam. Two-thirds of the startups offer mobile payment solutions in the context off the e-commerce boom. In terms of size, the industry is said to have raised US$129 million by 2016, greater than the combined value of all other sectors, according to a report by Topica Founder Institute.
Recognizing the importance of the sector and the need for governmental guidance, in March 2017, the governor of the State Bank of Vietnam has signed the decision to establish a steering committee on FinTech. The committee comprises of representatives from departments within the central bank as well as the National Payment Corporation of Vietnam, the operator and managing entity of the inter-bank payments system in the country.
The FinTech Committee will advise the Governor with solutions to build a strong FinTech ecosystem, including a legal framework, strategies and plans to accelerate the pace of FinTech development in Vietnam.
Download the full presentation by Blue Ocean Global Technology at CFA CE seminar: Fintech_CFAI_Vietnam_Aug 2017 FINAL