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, which was organised by UOB, Toong and Ernst & Young in HCM City on last Saturday, Duong Do, Toong’s founder and CEO, said that as part of UOB and Toong co-operation agreement, UOB will bring its Finlab into Viet Nam to support members working under Toong’s network nationwide.

The Finlab, which was set up by UOB and Infocomm Investments Pte Ltd, is the first full-fledged accelerator programme in Singapore targeting the promotion and acceleration of the growth of Fintech startups and innovation in the region.

The Finlab accelerates the development of Fintech firms by providing start-ups with valuable insights and a strong infrastructure to propel their businesses to the next level.

Companies participating in the Finlab will have a chance to test their products on UOB’s core banking platform as well as receive consultation from UOB experts in the Asian region, he said.

Participating companies would also get opportunities to expand their businesses in the most dynamic markets in the ASEAN region, China, the US and EU.

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

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