Google has announced its Google Wallet mobile app will now be available in Vietnam.
The announcement sees Google Wallet join a long line of fintech apps all vying for a piece of Vietnam’s US$14 billion fintech market.
And it’s not just in payments that fintech solutions are taking off. A range of mobile apps targeting stock market trading and investment, along with money lending, have all come online in recent years.
Fintech is undeniably booming in Vietnam and the momentum with which it is propelling forward, for a relatively nascent industry, is showing little sign of slowing down.
Vietnam’s fintech industry in numbers
A Robocash analysis in May of this year found that the market was expected to reach US$18 billion by 2024. This represents a huge demand for fintech services in the burgeoning Southeast Asian nation.
Alongside this finding, Robocash also reported that of venture capital invested in Vietnam, 93 percent, in 2021, was directed toward digital payments.
It also found that between 2016 and 2021 fintech companies in Vietnam boomed. Over five years the number of…
