Priya PatelTLDR: Total funding into Vietnamese FinTech startups decreased by 84% to $35.3 million in 2023 compared to $227 million in 2022, according to a report by data intelligence platform Tracxn Technologies. The report also highlighted that there were no late-stage funding rounds recorded in 2022 and 2023, compared to $300 million in 2021. Early-stage funding stood at $33.1 million in 2023, down 84% from $207 million raised in 2022. Alternative lending, banking tech, and insurance IT were identified as the top-performing segments in the Vietnamese FinTech sector in 2023.
According to the report, the Vietnam government has taken steps to support the development of the FinTech sector, including launching the National Strategy on Digital Transformation and creating a Sandbox environment for FinTech startups to test their products. Tracxn expects the FinTech market in Vietnam to grow in the coming years, driven by the country’s tech-savvy young population and digitalization efforts.
