Vietnam’s banking and finance industry has shown steady growth over the years, becoming one of the most dynamic in all of Asia. Thanks to the implementation of of Doi Moi reforms in 1986, the industry has expanded substantially — in terms of the number of industry players, stakeholders and customers. According to the data released by the State Bank of Vietnam in 2020, about 70% of the adult population in Vietnam now has bank accounts and access to credit.
And now that Vietnam is aiming to move toward a cashless economy, the rapid adoption of digital technologies in the finance sector has paved the way for the emergence of mobile and internet banking. Because of this, banks have been able to reach customers in rural areas, where there are no physical banks.
Research by McKinsey & Company, one of the world’s leading management consulting companies, revealed that this year, 82% of consumers use digital banking at least once a month, propelled by the COVID-19 pandemic; though the trend is likely to hold even as the pandemic subsides.
Major industry players like Vietnamese e-wallet Momo and global pioneer in digital payment Mastercard, have allowed Vietnam’s tech-savvy population easier access to secure and reliable banking services, wherever they are in the country. This has, in turn, helped other sectors like e-commerce and logistics to prosper.
With all these developments in the local banking and finance industry, what other opportunities can institutions and consumers explore? What challenges and risks does the sector face as it moves toward complete digitalization?
These are the questions we’ll answer this Friday, November 5, as Vietcetera hosts a “Shaping The Future In The Digital Age: Financial Services Outlook” webinar to get an exclusive look at the digital transformation of Vietnam's financial services. Together with AIA Vietnam and McKinsey&Company, Vietcetera gathers four experts: Wayne Besant (CEO, AIA Vietnam), Bruce Delteil (Managing Partner, Vietnam McKinsey & Company), Manisha Shah (CFO, Momo) and Winnie Wong (Country Manager for Vietnam, Cambodia and Laos, Mastercard).
“We’re excited to bring viewers an exclusive inside look at how AIA Vietnam and McKinsey & Company Vietnam envision digital transformation for banking and finance services,” says Hao Tran, CEO of Vietcetera and host of the webinar. “With expert insights from AIA’s CEO Wayne Besant and McKinsey’s Managing Partner for Vietnam Bruce Delteil, viewers will walk away more prepared to navigate today’s financial landscape”
The webinar will discuss topics spanning the evolution of Vietnam’s financial market, the next chapter of economic growth and wealth creation, and the status of the digital ecosystems for insurance and financial companies in the country.
“In Vietnam, the growth of digital payments continues in high double digits. Even as global economies are being ravaged by COVID-19, Vietnam’s market has still grown by leaps and bounds,” Mastercard’s Winnie Wong told Vietcetera in a previous interview. "We still have a long way to go, but the trend is very positive. Domestically, spending returned to pre-COVID levels, especially online. This is a positive sign.”
Interested in joining the webinar? Register for free here.