Digital payments are the largest segment in the industry, accounting for more than 30 percent of all fintech in the country, the report said.

As of October 2020, Vietnam was home to at least 39 licensed non-bank payment services platforms. Those digital wallet providers include Moca, MoMo, Payoo, MonPay, ZaloPay, and ViettelPay.

The State of Bank of Vietnam confirmed that there were 4.2 million digital wallet users in the country as of the last year-end, slightly more than four percent of the population. These numbers indicate that there are still many potential growth opportunities as a large number of individuals and businesses may be looking for affordable digital financial services.

Growth was also seen in peer-to-peer lending platforms and the cryptocurrency and blockchain sector. These two high-growth segments witnessed the number of companies grow from only around five back in 2017 to over 15 startups this year.

According to Investvine