Fintech start-ups poised to develop in Viet Nam

Monday, Oct 02, 2017 17:22

Duong Do, Toong’s founder and CEO, speaks at the Investor Summit-Deal Day Roadshow in HCM City on September 30. — VNS Photo

Toong, the first professional large-scale co-working space in Viet Nam, and the United Overseas Bank in Việt Nam are joining forces to support businesses, especially those involved in financial technology (Fintech) in Việt Nam and Asia.

Speaking on the sidelines of the Investor Summit-Deal Day Roadshow organised by UOB, Toong and Ernst & Young in HCM City last Saturday, Duong Do, Toong’s founder and CEO, said as part of his company’s agreement with UOB, the latter would share its expertise in business development and innovation with Toong’s clients and other promising start-ups.

The bank will also facilitate knowledge sharing and networking between Vietnamese start-ups, potential investors and industry experts.

Toong will provide its office space for the events.

FinTech start-ups will also be given the opportunity to participate in UOB’s accelerator programme, The FinLab. The FinLab provides practical guidance, resources and mentorship to enable start-ups selected for its 100-day accelerator programme to secure investor funding, sign commercial deals and expand into new markets.

Besides Fintech firms, firms in other sectors, through Toong’s network, will also receive support and consultation from UOB when they do business in countries where UOB has a presence to minimise their risks and to penetrate new markets most effectively, he said.

In addition, in Viet Nam, Toong will support UOB’s customers who want to invest in the country, he added.

Toong and UOB will also co-operate to host Fintech events to support start-ups, he said.

The Investor Summit-Deal Day Roadshow is part of the Fintech Singapore Festival organised by the Monetary Authority of Singapore in November in Singapore.

Startups will get an opportunity to connect with some of the most renowned investors in the world via a personalized matchmaking process at the event, said Varun Mittal, Asean Fintech Lead at Ernst & Young.

Participants from Viet Nam will have two more weeks to apply for the event starting from September 30, he said.

Toong set up its first co-working space in Ha Noi in 2015 and has now five co-working spaces Ha Noi, HCM City and Da Nang.

There is a lack of platforms for Fintech start-ups to test their products and services and a scarcity of start-up mentors in the Fintech sector in Viet Nam.

The co-operation is expected to boost the development of the Fintech start-up community in Viet Nam strongly in the coming years. — VNS

Comments (0)