Technology solutions in the fields of big data, artificial intelligence, financial outreach and cyber security are the focus of the second Fintech Challenge Vietnam (FCV), which was launched in Hanoi on August 13.
The second Fintech Challenge Vietnam (FCV) is launched in Hanoi on August 13. (Photo: ictnews.vn)
Hanoi (VNA) – Technology solutions in the fields of big data,artificial intelligence, financial outreach and cyber security are the focus ofthe second Fintech Challenge Vietnam (FCV), which was launched in Hanoi onAugust 13.
The programme is held by the State Bank of Vietnam (SBV) with support of theMekong Business Initiative - a programme funded by the Australian Governmentand the Asian Development Bank. It will run until November this year.
According to SBV Deputy Governor Nguyen Kim Anh, the proramme’s corporatepartners include several commercial banks like TP Bank, Vietcombank, Vietinbankand United Overseas Bank, and telecommunications companies with licences forpayment intermediary services such as ViettelPay, and organisations who areseeking technology solutions to improve business efficiency as well as promotefinancial inclusion.
Fintech firms can apply to join the FCV 2019 until September 25 atfintech.mekongbiz.org. Applicants with the best solutions will have anopportunity to demo their products and services at the Demo Day scheduled forNovember 7.
Besides, Mastercard, a leading global payment andtechnology company, will help the two most excellent firms to present theirsolutions at the Singapore Fintech Festival to be organised the following week.
VinaCapital and ADB Ventures said they will make pilot investment worth up to500,000 USD in any solution which has positive impact on financial inclusion inVietnam.
Anh, who is also head of the organising board, expressed his hope that throughthe programme, domestic and foreign fintech companies will have chances toincubate and develop their breakthrough solutions and creative ideas, whilepromoting innovation, competitive edge and stronger collaboration in thefinance-banking market.
Meanwhile, ADB Country Director for Vietnam Eric Sidgwick described the FCV, whichdraws the participation of State management agencies, commercial banks andfintech firms, as a unique mechanism to boost sustainable technology solutionsso as to enhance finance and banking accessibility, and promote theeffectiveness and safety of finance in the nation.
The SBV launched the first FCV in2017 to spur innovation in financial services for greater financial inclusionin the country.-VNA
The financial technology (Fintech) industry is thriving in Vietnam with the market value expected to increase from 4.4 billion USD in 2017 to 7.8 billion USD by 2020, according to a report by Solidiance, a management consulting firm in the Asia-Pacific.
Vietnam owns special advantages, especially in the IT sector, which can be a basis for the development of financial technology (fintech) towards financial inclusion, according to Dominic Mellor, senior economist of the Asian Development Bank (ADB).
Deputy Prime Minister Vuong Dinh Hue called on Singapore’s Clermont Group to share its experience with and provide consultations for Vietnam in building and developing an ecosystem for fintech and digital banking.
Vietnamese fintech firm Finhay had successfully raised nearly 1 million USD from Singapore-based Insigna Venture Partners and other investors, the company has announced
Vietnamese businesses, particularly small and medium-sized enterprises (SMEs), must embrace digital and AI transformations to remain competitive and achieve sustainable growth, experts said.
Under the European Union (EU)’s global initiative on Chemical, Biological, Radiological, and Nuclear (CBRN) Risk Mitigation Centres of Excellence (CoE), Vietnam has implemented numerous projects aimed at strengthening national capacity in detecting, preventing, and preparing for CBRN-related threats.
The course aims to promote knowledge exchange between scientific and educational schools from different countries, while deepening participants’ expertise in modern technology and technical education. It comprises two main specialisations of electronics-automation and nuclear technology.
ANTARA and VNA can design global-scale cooperation programmes or joint media campaigns, demonstrating the comprehensive strategic partnership between Vietnam and Indonesia, as well as the cooperation between the two national news agencies.
As Vietnam’s digital transformation accelerates, both the frequency and severity of cyberattacks are growing. The National Cybersecurity Association (NCA) reported that in 2024 alone, there were some 659,000 separate cybersecurity incidents, impacting around 46.15% of government agencies and businesses.
A key highlight will be the technology cluster pavilion, showcasing top enterprises selected for their innovation, market potential, and practical applications. These firms will display flagship products and solutions, supported by government policies to strengthen the tech sector.
Since 2022, more than 500 Vietnamese startups have engaged in Google’s Startup Academy, Google for Startups Accelerator, and Google Startup Masterclass. Nearly 100 of these firms received support to develop and improve their products, benefiting more than 300,000 customers and creating over 300 new jobs through successful fundraising and team expansion amidst Vietnam’s competitive economy.
Over the past three decades, Binh Duong has cemented its status as one of Vietnam’s most dynamic industrial hubs, building a robust foundation in manufacturing, exports, and investment. The province now has 30 operational industrial parks spanning over 13,000 hectares, with an occupancy rate exceeding 90%.
The diplomat emphasised that Vietnam places the highest priority on the development of science, technology, and innovation, viewing them as critical drivers for the country’s advancement in the new development era.
The PM revealed Vietnam’s plan to develop nuclear power in the near future, and called on the Swedish side to assist Vietnam in developing and refining legal and policy frameworks for the use of nuclear energy for peaceful purposes; training and developing human resources; ensuring nuclear safety; and conducting training and drills to improve incident management capabilities.
More than an art showcase, the second “Technology with heart” contest seeks to inspire innovation and spotlight the humanistic values that technology can bring into daily life, expected to contribute to a sustainable digital future.
The average speed of the national mobile broadband network remained stable, with download speeds reaching 76.86 Mbps and upload speeds reaching 26.98 Mbps.
Under the MoU, AMD will support several key initiatives spearheaded by HCM City’s authorities, including piloting policies, co-hosting innovation events, and evaluating the investment environment within the Saigon Hi-Tech Park.
The centre is a joint initiative between Australia’s Department of Foreign Affairs and Trade and Vietnam’s Ministry of Science and Technology, with PTIT and the University of Technology Sydney (UTS) serving as co-leads, and global telecommunications giant Nokia as founding industry partner.
The new centre, staffed by a team of scientists, researchers, and AI specialists working in Hanoi and Ho Chi Minh City, forms part of Qualcomm’s global AI research group.
As a flagship initiative of the community project “Digital Literacy for All”, the programme forms part of a national scheme to equip 20 million young people with digital business skills.
The organisers hope the competition will help shape a generation of exceptional engineers who will make significant contributions to Vietnam’s scientific and technological progress in this era of transformation.
In the digital age and amidst the Fourth Industrial Revolution, IP plays an increasingly critical role, not only in safeguarding inventions but also in reducing copyright infringement and curbing piracy.
The second Fintech Challenge Vietnam (FCV) is launched in Hanoi on August 13. (Photo: ictnews.vn) 
