Fintech Challenge Vietnam – Finalists Revealed
HAN NOI, VIET NAM – 20 March 2018 – The list of 16 finalists in the first-ever Fintech Challenge Vietnam (FCV) was officially revealed today at the Asian Development Bank (ADB) – Viet Nam Resident Mission.
The Fintech Challenge Vietnam (FCV) is organized by the State Bank of Vietnam (SBV) and the Mekong Business Initiative, the program is funded by the Government of Australia and the ADB. In addition, the Viet Nam Bankers Association (VNBA) and the Viet Nam Fintech Club (VFC) are co-organizers of the program. Program Partners include 7 commercial banks (BIDV, Vietcombank, VietinBank, Shinhan Bank, TP Bank, VIB, VP Bank) as well as FPT, Vietnam Silicon Valley, and VIISA.
The program aims to spur innovation in financial services that promote greater financial inclusion in Viet Nam, focusing on five fintech “verticals” that are critical for financial inclusion, including e-Payments, e-KYC, Peer-to-peer Lending, Open APIs, and Blockchain.
By the application closing date of January 31, 2018, FCV received 141 fintech applications, including 45 from Viet Nam and 97 from 27 countries in 5 different continents.1 The program successfully attracted applications in all five “verticals.”
Applications have been systematically evaluated and scored by program organizers, co-organizers and partners. Corporate and investor partners assessed each applicant based on commercial criteria (Innovation and Relevance; Management Capacity; and Scalability & Investment Readiness) while the State Bank of Vietnam, ADB, VNBA evaluated the potential impact on financial inclusion of each fintech solution.
The following 16 FCV Finalists represent the fintech applicants with highest overall scores as agreed by all the evaluators (in alphabetical order):
No. |
Name of Fintech |
Vertical |
Country of Origin |
1 |
ALTERNATIVE CIRCLE LIMITED |
P2P lending |
Kenya and Mauritius |
2 |
ATI JSC |
Payment |
Vietnam |
3 |
Bluechain |
Payment |
Australia |
4 |
CHEKK |
API |
Hong Kong SAR |
5 |
Enablecode |
E-KYC |
Vietnam |
6 |
Fin2B |
P2P lending |
Republic of Korea |
7 |
Finsify Hub |
API |
Vietnam |
8 |
Instant.vn |
P2P lending |
Vietnam |
9 |
InstaReM PTE Limited |
API |
Singapore |
10 |
Kiu Global |
Payment |
Vietnam and USA |
11 |
Tradle |
Blockchain |
United States |
12 |
UltraCash Technologies |
Payment |
India |
13 |
VayMuon JSC. |
P2P lending |
Vietnam |
14 |
Vi Mo Technology JSC. |
Payment |
Vietnam |
15 |
WECASH |
E-KYC/payment |
China |
16 |
Weezi Digital Corp. |
Payment |
Vietnam |
Additional information about the FCV program and the Finalists can be found at fintech.mekongbiz.org.
Successful FCV applicants will present their business models in the “Showcase Pitch Day” scheduled for 28 March 2018. After this initial Pitch Day, Finalists will be matched with FCV Partners who will serve as their mentors. Finalists will participate in a six-week incubation and mentoring program that will help them to refine and sharpen their business models to fit with local market context.
In a final competitive “Finalists Pitch Session,” all of the FCV Finalists will present their financial technology solutions to a panel of banking industry players, financial experts, and potential fintech investors. Cash prizes will be awarded to the best overall fintech, and to other vertical category winners (see website for more prize details).
The best solutions will have the opportunity to demo their products and services the day before the 2018 Vietnam National Fintech Day, tentatively scheduled for 29-30 May 2018.
The SBV Fintech Steering Committee was established in March 2017 to enhance the financial ecosystem, including the legal framework for facilitating the development of fintech in Viet Nam.
Email: fintech@sbv.gov.vn; Website: www.sbv.gov.vn.
About the Mekong Business Initiative (MBI) – The MBI was launched in 2015 to catalyze private sector development in Association of Southeast Asian Nations (ASEAN) markets, focusing on Cambodia, the Lao People’s Democratic Republic (Lao PDR), Myanmar, and Viet Nam. The program aims to improve the business-enabling environment in these four emerging ASEAN markets with particular focus on innovation, alternative finance, and business advocacy. MBI is supported by the Government of Australia and Asian Development Bank.
On Facebook: MekongBusinessInitiative.
MBI Contact – Mr. Trinh Cong Chuc (Phone: +84-903086968)
FINTECH CHALLENGE VIETNAM CO-ORGANIZERS
FINTECH CHALLENGE VIETNAM ALLIANCE