3 new types of cross border transactions in 2023 in Vietnam
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In the article 3 types of cross border transactions in Vietnam FinFan discussed the definition of cross border transactions and list out 3 types of cross border transactions that Vietnamese people often use.
In this essay, we will mention 3 other new types of cross border transactions in 2023 in Vietnam.
Cross border cryptocurrencies transactions
Cryptocurrencies aren’t strange to Vietnamese people anymore. Although the legal of Vietnam hasn’t accepted these currencies, they have still created big waves that gradually change users' habits.
Due to their growing popularity, these cryptocurrencies will also appear in more transactions. Currently, these coins occur the most transactions on major crypto exchanges like Binance, Huobi, etc.
Maybe in the not-too-distant future, when cryptocurrencies are approved by the state, they will become an indispensable part of exchanges, buying and selling, leading to the possibility of transactions going on increasing.
Hopefully one day, Vietnamese people will be able to trade with VND stable coin like some other countries. Typically, Montenegro has been supported by FinFan's partner (Ripple) to promote the transition to using CBDC (central bank digital currency).
Cross border ecommerce transactions
When everything becomes online, ecommerce is a prime example of changing the way people exchange, buy and sell. Now, most purchases and sales of goods are done through online forms. That shows the importance of this segment in changing the consumption habits of consumers.
“I remember back in my childhood, when I liked a certain toy from a foreign country, I usually could only watch it on TV or expect a relative from abroad to return home to buy the toy or send it to me through the post office. However, when I had the toy in hand, its new model was updated, making me extremely disappointed.”
Now that I have grown up and come into direct contact with technology, I feel that things that were once very difficult for me to achieve have become very easy and fast.
Currently, MIA.vn is also importing some models from many famous suitcase brands in the world with just a few clicks.
D, CMO of MIA.vn - the most famous suitcase company in Saigon - recounted
When the pace of life started to get faster, technology started to advance and became an integral part of life, people in Vietnam right now don’t need to wait for a long time for American gifts or products from their relatives like the last decades.
When they feel interested or like something in a foreign country. They can easily order them on Amazon or eBay, and it doesn't take too long for the products to reach their hands.
Cross border online funding transactions
In the article Top 5 fintech investment platforms for VCs in Vietnam FinFan listed 5 Grow Funding platforms that VCs’ representatives often use to find out their potential startups to invest in.
That is also a new type of cross border transaction when a preventative of a VC can be in the U.S., using these platforms to find out and analyze the startups that they want to invest in.
In real life many VCs from America have been investing in technology startups around the world without having to meet face-to-face or have a face-to-face meeting, it has reached the due diligence step.
That case also happened in Vietnam when the two fintech giants MoMo and VNPay, have been invested by some giants in the investment world such as Standard Chartered, Goldman Sachs and Soft Bank.
These are 3 new types of cross border transactions. We can find common ground between these models is that they are all realized through the development of technology and the internet.
As the world enters the digital age, everything will become faster, more convenient and simpler. Cross border transactions must also change to keep up with the trend, So the types of cross border transactions also change and help users more.