Fintech in Vietnam: Licensing and Market Entry provisions for foreign investors.
Vietnam’s Fintech industry is heating up and has ample room for growth within the next few years and even the next decades where 44% of Vietnam’s population is unbanked in 2022, however a much higher percentage is still under-banked.
In this episode, Matthew Lourey (Managing Partner at Acclime Vietnam) discusses with Vlad Savin (Head of Business Development) about the requirements, processes and procedures for foreign investors seeking to start a Fintech business in Vietnam, delving into the approval levels with various ministries, business lines, types of licenses and restrictions for certain activities.
Walk away with these takeaways:
- What is considered by the Vietnamese government a fintech activity?
- Some of the key fintech segments in Vietnam and how are they regulated?
- The market entry limitations for a foreign investor seeking to undertake Intermediary Payment Service/e-wallets, payment gateways
- The current regulatory and licensing provisions for foreign investors on P2P lending
- The key role of the State Bank of Vietnam in regulating the Fintech industry, and the Draft Sandbox Decree from SBV
- Practical collaborations with local banks and established payment systems such as Visa/Mastercard
- The recommended approach for foreign companies that are seeking to operate with Fintech business lines in Vietnam, and how long can the market entry process take in practice?