Vietnam closes in on Singapore as fintech funding booms

Investors flood the region with cash as chase for unbanked intensifies

Mobile e-payment logos seen at a street food stall in Vietnam's Ho Chi Minh city. Vietnam's slice of regional venture capital funding devoted to fintechs soared from just 0.4% in 2018, to 36% in the nine months to September 30. © Reuters

DYLAN LOH, Nikkei staff writer

November 27, 2019 13:26 JST

SINGAPORE -- Vietnamese financial technology startups are quickly catching up to Singapore in attracting Southeast Asian venture capital funding, with Indonesia rounding out the region's top three investment destinations.

Vietnam's slice of regional venture capital funding devoted to fintechs soared from just 0.4% in 2018, to 36% in the nine months to the end of September. Singapore attracted a 51% share, down from 53% in 2018, with Indonesia receiving 12%, compared to 37% last year.