Contestants in final round of Vietnam’s first financial technology competition

Tuesday, 2018-03-20 15:35:10
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The Fintech Challenge Vietnam aims to adopt the latest financial technology and encourages collaboration among banks and fintechs in order to promote financial inclusion in Vietnam.
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NDO – The list of the 16 finalists in the first-ever Fintech Challenge Vietnam (FCV) was officially revealed by the Asian Development Bank (ADB) – Vietnam on March 20.

The Fintech Challenge Vietnam (FCV) aims to spur innovation in the financial services sector that promote greater financial inclusion in the country, focusing on five fintech “verticals” that are critical for financial inclusion, including e-Payments, e-KYC, Peer-to-peer Lending, Open APIs, and Blockchain.

The competition was co-organised by the State Bank of Vietnam (SBV), the Mekong Business Initiative - a programme funded by the Government of Australia and the ADB, along with support from the Vietnam Bankers Association (VNBA) and the Vietnam Fintech Club (VFC).

As of the application closing date on January 31 this year, FCV had received 141 fintech applications, including 45 from Vietnam and 97 from 27 foreign countries and territories. Additional information on the FCV programme and the finalists can be found at fintech.mekongbiz.org.

Applications sent to the FCV were systematically evaluated and scored based on commercial criteria (Innovation and Relevance; Management Capacity; and Scalability & Investment Readiness), in addition to being evaluated on the potential impact on financial inclusion.

The successful FCV applicants will present their business models in the “Showcase Pitch Day” scheduled for March 28. After this initial event, the finalists will be matched with FCV partners who will serve as their mentors. They will participate in a six-week incubation and mentoring programme that will help them to refine and sharpen their business models in order to fit the local market context.

In the final competitive “Finalists Pitch Session,” all of the FCV finalists will present their financial technology solutions to a panel of banking industry players, financial experts, and potential fintech investors.

The best solutions will have the opportunity to demo their products and services the day before the 2018 Vietnam National Fintech Day, tentatively scheduled for May 28.