Ripple looks to Asia for growth in blockchain finance. Is that a good chance for the Vietnam fintech market?

In the article with DigFin on May 23, 2023, Ripple’s Asia MD, Brooks Entwistle, says the region is the lynchpin of the scramble to win the Web3 future and affirms that the future of blockchain fintech will be in Asia.

Is that a good chance for the Vietnam fintech market or it has some difficulties hindering the development of this technology in Vietnam? Let’s find out with FinFan.

Ripple looks to Asia for growth in blockchain finance.

During his talk, Brooks Entwistle emphasized many times about the major Asian markets developing blockchain such as Hong Kong, Thailand, UAE, Singapore, etc where this company has invested very heavily. hands on this array.

He further talked about Ripple's project combining Taiwan's Fubon Bank with one of the two projects that are considered to have won the race with 16 coins created by other businesses.

This participation has also contributed to proving that Ripple is very interested in the Hong Kong market in particular and Asia in general.

Is that a good chance for the Vietnam fintech market?

The potential of the blockchain fintech market

Obviously, this is a great opportunity to develop the fintech industry in Vietnam, especially with blockchain technology.

Statistics always show that Vietnam has the number of people holding tokens in the top 10 in the world.

At the same time, Vietnamese people always want to discover new technologies as well as new innovations of the 4.0 era.

Besides, we have also managed to main net valuable coins on major crypto exchanges like Binance or HuoBi like Coin 98, as well as make top-grossing crypto games like Axie Infinity, or foundational blockchains like Tomato Chain, and some other prominent projects.

Vietnamese people are also the most active traders on world-famous crypto exchanges and there are also people who become very successful from their trades.

Is that a good chance for the development of Vietnam’s fintech market?

The answer can be yes or no.

Why might the answer be yes?

The above typical examples show the very rapid development of the blockchain community, especially Vietnamese crypto in recent years.

It also shows that the Vietnamese are ready to receive and turn the world's advanced technologies into unique products with their own style and imprint.

Besides, Vietnamese people always want their currency to be digitized like many other developing countries like Hong Kong, USA or Taiwan, etc.

Who knows, in the future, our digital currency will be born, and it will be VNDC or eVND for example.

Keeping up with trends and coming up with business ideas around blockchain technology is also an interesting issue that the Vietnamese fintech market can target and develop.

For example, opening a payment gateway for all international services, or transferring and receiving international remittances via blockchain will make payments and remittances faster and less expensive.

Why might the answer be no?

In Vietnam, when clear legal frameworks on blockchain or crypto have not been published, a number of scam networks have formed and created countless projects that hide in the shadow of digital technology but actually develop according to the model.

The multi-level model has been formed and has created many consequences for many people such as having to sell houses and sell cars to pay debts.

Next, the development of fintech business models operating under the permission of the State Bank is also a remarkable thing in the development of Vietnam's fintech market. Because all the receiving and transferring of money of the above business models will be strictly monitored (including the transfer of money back and forth in cryptocurrencies).