Top fintech companies in Southeast Asia - Does Vietnam have an opportunity to take another place in the top 10 ranks?
In the article Top 10 fintech companies in Southeast Asia, we know that Southeast Asia is the next dragon of the world economy and always a lucrative market for investors, especially in the technology field and particularly fintech.
In that essay, we also take a list of the 10 biggest fintech companies in Southeast Asia, Vietnam has 2 companies in this ranking are VNLife (owns VNPay) and M_Service (owns MoMo).
It is a huge honor for the Vietnamese people to watch the established success of these businesses on a global scale, especially in Southeast Asia, where Singapore and Indonesia are renowned as fintech icons.
So, how can our fintech companies reach the region and be so influential in the fintech industry? And does Vietnam have an opportunity to take another place in the top 10 ranks? Let’s find out all of these answers in this article.
First, let's talk about the success of two giants VNPay and MoMo in the Vietnamese market.
Both of these giants are from the mobile payment segment, which has many opportunities and threats to grow or fail.
These opportunities and threats are mentioned in the article Does Vietnam fintech still have a future to grow? by FinFan.
We can see that the two businesses have one thing in common: they both received capital contributions from well-known players in the banking and investment sectors, including Standard Chartered, Goldman Sachs, and lastly Soft Bank (in the case of VNPay).
Why do such large funds agree to invest in companies from Vietnam like MoMo and VNPay?
Because they have demonstrated to investors the following values:
- They have an outstanding number of users right from the start and have proven smart in their capital planning as well as a vision in their long-term marketing strategy, not short-term.
- They show investors the potential for future development when they have been able to shake hands with big banks such as Vietcombank, Sacombank, Vietinbank, etc from the beginning and have been able to link their services with those parties.
- Investors can better grasp their condition since they are open and honest when presenting the dimensions of their company, as well as their willingness to discuss challenges they faced throughout the startup phase.
- In the instance of VNPay, Soft Bank recognized the company's development potential through prior fundraising rounds and market data that was already available.
Second, does the success of these two companies push fintech companies to become the next unicorns in the market?
The success of the two giants above proves one thing Vietnam's fintech industry has been developing very strongly along with the strong transformation of technology companies that are inclined to solve these financial problems.
Moreover, the success of companies that are funded and valued at billions of dollars will be a great source of motivation in encouraging and supporting the spirit of startups in the same field to strive for development and growth further strongly improving our services to be as successful as the two giants above.
Third, will Vietnam still have third companies ranked at the top of the leading fintech companies in Southeast Asia?
Opportunities for Vietnam are still abundant given the region's present state of development, which is favorable for a country like Vietnam given that investors have recently made significant investments in Singapore and Indonesian promising enterprises.
Even now, some companies in Vietnam have been developing strongly and are proving to the public their success in the market such as Timo, Finhay, and even companies related to peer-to-peer lending.