The shift in focus of companies to improve efficiency and lower costs and growing demand for cryptocurrencies are driving the growth of the Vietnam Fintech Market in the forecast period, 2022-2026. According to TechSci Research report, “Vietnam Fintech Market By Technology (API, AI, Blockchain, Distributed Computing, Others), By Service (Payment, Fund Transfer, Personal Finance, Loans, Insurance, Others), By Application (Banking, Insurance, Securities & Others), By Region, Competition Forecast & Opportunities, 2026”, the Vietnam Fintech market is expected to witness steady growth in the forecast period, 2022-2026.
The Important Factors of the Vietnam Fintech Market
The rise in the number of cyber-attacks that are impacting the organization adversely into financial losses is making organizations invest significantly in the adoption and development of Fintech technology. Fintech provides magnified security for the protection of financial data, which helps make smooth transactions and operations and maintains the perfect cash flow in the organizations. The growing demand for machine learning increases efficiency reduces cost and error and improves their services by offering personal finance solutions, digital lending, and automated insurance.
However, increasing data security and privacy concerns may restrain the Vietnam Fintech market growth in the forecast period.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on “Vietnam Fintech Market“.
The Vietnam Fintech market is segmented on the basis of technology, service, application, competitional landscape, and regional distribution. On the basis of technology, the Vietnam Fintech market is divided into API, AI, blockchain, distributed computing, and others. The AI segment is anticipated to account for a significant market share in the forecast period, 2022-2026. Artificial intelligence technology in developing chatbots and creating interactive interfaces has upgraded the quality of customer service provided to consumers. AI technology is used in financial assistance to protect the critical details of the customer and helps in the prevention of fraudulent activities.
Artificial Intelligence can be used for predictive analysis, which aids in efficient wealth management. The growing demand for AI-integrated business technologies and the high-end investments by the market players to use advanced technologies are expected to fuel the market growth.
On the basis of the service, the Vietnam Fintech market is divided into payment, fund transfer, personal finance, loans, insurance, and others. The insurance segment is expected to fastest incremental growth in the next five years. The use of Fintech by financial institutions is growing at a rapid rate. Digitization of banking services and the emergence of services like RegTech, InsurTech, PayTech, and digital banking is expected to significantly contribute to attracting a large number of customers to avail of their services. The high demand for increased transparency and improved accessibility to avail services at any time from anywhere is expected to create vast growth potential for the market growth.
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On the basis of the application, the Vietnam Fintech market is divided into banking, insurance, securities & others. The banking sector is expected to witness significant growth in the forecast period. The growing awareness in banking institutions towards the benefits of the adoption of Fintech, such as enhancing consumer service, amplifies the consumers’ overall banking experience. Vietnamese commercial banks are actively adopting Fintech solutions and applying financial solutions to improve the banking operations such as tokenization, electronic wallets, mobile, and QR code payments, using domestic chip cards for payments expected to accelerate the growth of the market.
Banking intuitions are using Fintech technology to increase access to banking services for all of their customers, primarily to consumers residing in remote ad rural areas. The intense competition among the primary banking intuitions is fueling the adoption of Fintech technology to provide quality services to its customers and accelerate the digitalization of the banking intuitions.
“Businesses are actively using Fintech technology to develop a customer-centric approach and the growing use of infrastructure-based technology in the open platforms is contributing to the market growth. The use of user-friendly interfaces by the market players to transform the way conventional businesses operate is accelerating the adoption of Fintech technology. Market players are making high-end investments for the development and adoption of advanced technologies such as the automation of the robotic process and Robo-advisors, distributed accounting technology to improve customer service which is projected to propel the Vietnam Fintech market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Vietnam Fintech Market By Technology (API, AI, Blockchain, Distributed Computing, Others), By Service (Payment, Fund Transfer, Personal Finance, Loans, Insurance, Others), By Application (Banking, Insurance, Securities & Others), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Vietnam Fintech market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Vietnam Fintech market.
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