With cash still being the main payment mode, a youthful demographic and growing smartphone penetration, Viet Nam offers great opportunities for fintech developers, experts said.
Vaymuon.vn – the largest peer-to-peer (P2P) lending platform in Viet Nam – on Thursday signed a strategic co-operation agreement with Vietinbank Insurance Corporation to protect loans.
The Government will soon issue a decision to allow a pilot implementation of peer-to-peer (P2P) lending in the country before officially developing laws for the new form of business, Deputy Prime Minister Vuong Dinh Hue said.
With peer-to-peer lending becoming increasingly popular in Viet Nam, experts said a legal framework is needed to regulate the activity to prevent loan-sharking.
The State Bank of Viet Nam is carefully studying international models of peer-to-peer lending (P2P) to develop a legal framework to effectively manage the country’s nascent fintech business, according to SBV deputy governor Nguyen Kim Anh.