Exploring the Fintech Industry News in November 2023

In November, Reputa continues to deliver the Social Listening report to its customers in the Fintech industry, providing insights into market dynamics that occurred in October 2023. This aims to assist customers in evaluating the overall market landscape for effective investment strategies. The latest report, titled "Advancements in Fintech in Vietnam," jointly conducted by Acclime Vietnam and Decision Lab, indicates that the Fintech market in Vietnam is poised for robust growth. Factors such as a dynamic and developing economy, robust legal support from the government, the increasing middle-class population, and a rising percentage of smartphone users contribute to the readiness of the Fintech market for significant expansion. According to the Robocash Group, Fintech in Vietnam is experiencing the second-highest growth rate in the ASEAN region, only after Singapore, and is projected to reach USD 18 billion by 2024.

In the past month, discussions about Cryptocurrency/Blockchain surpassed other topics, being 12.2 times more prevalent than discussions about Electronic Payments. The industry's discussion trend experienced a slight increase towards the end of October, reaching its peak at 12,456 discussions. The age group with the most significant participation in discussions was between 25 and 34 years old, constituting 66% of the total users discussing Fintech. This age group also represents the highest users of Fintech applications, especially in electronic payments.

In October, there were noticeable changes in the Top 5 Electronic Payment Companies ranking. MoMo reclaimed the top position with a Total Score of 102.58. On October 29, MoMo received the Top 10 Sustainable Brand award for Innovation at the Better Choice Awards gala. Additionally, during the VIIE 2023 event, MoMo showcased its diverse ecosystem through interactive activities, allowing visitors to explore MoMo's payment solutions, digital finance, and suitable digital conversion. VTC Pay experienced a significant decrease, specifically a 25.13% decline compared to the previous month, achieving a Total Score of 100.03. Despite dropping to the second position, VTC Pay continued to deploy numerous vouchers and hot deals for its customers. Moreover, on October 12, VTC Pay participated in supporting the Digital Technology Business Workshop to promote digital payments - digital economy and society. VNPay maintained its position at the third spot compared to the previous month, achieving a Total Score of 21.45.

In the Digital Banking ranking, there were several fluctuations. However, Nam A Bank retained its top position with a Total Score of 0.99. In October, Nam A Bank demonstrated vibrant social media activity, with 8,755 interactions on its Fanpage. Notably, Nam A Bank received the Inspirational Brand Award at the Asia Pacific Enterprise Awards (APEA) on October 5. Vietcombank moved up two positions compared to the previous month, securing the second spot on the ranking with a Total Score of 0.81. Vietcombank continued to affirm its position by receiving commendation as a "Business for Workers" in the Outstanding Enterprise for Workers ceremony on October 29, 2023. BIDV dropped one position to the third spot with a Total Score of 0.69.

During this month, user engagement in events organized by Fintech companies or Digital Banks accounted for the majority, comprising 36.70% of the overall interest. In contrast, security issues were a significant concern in the customer care experience, constituting 72.74% of the discussion volume.

Vietnam, though a relatively young player in the fintech industry, is showing strong growth. Growth is observed in various fintech areas, such as P2P lending, crowdfunding, digital payments, cryptocurrencies, and insurtech. With a significant proportion of unbanked and underbanked individuals, along with a high increase in mobile phone connectivity (150%), internet penetration (70%), and 3G & 4G subscriptions (45%), Vietnam remains an untapped market and a promising land for fintech investors.

The analysis above provides insights into the Fintech Industry Report for November 2023 from the perspective and measurement indices of Social Listening, as compiled and analyzed by the Reputa team. Download the full report for comprehensive insights and register for consultation services to formulate appropriate strategies for your business.