Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Vietnam builds a cashless ecosystem

As Vietnam heads towards a cashless economy and with mobile phones being ubiquitous, the adoption of mobile money next month is predicted to lure local and foreign firms into the field.

Promoting non-cash payments is a priority task for the Vietnamese government. It aims to have cashless transactions exceed one-third of all transactions nationwide in the coming months.

The Minister of Information and Communications, Nguyen Manh Hung, has confirmed that mobile money will officially be deployed on a national scale from next month.

As such, Vietnam’s vast tech-affine, young population and nearly 100% mobile subscription rate would help a string of companies, including international ones, to rack up users as well as revenue in the market.

A press release quoted an industry analyst say that with the State Bank of Vietnam (SBV) not imposing a foreign investment cap and with an already booming ecosystem of fintech in Vietnam, the potential for foreign telecom operators and investors to provide mobile money services is immense.

Under Article 3.13 of the draft amendments to Decree No.101/2012/ND-CP issued in 2012 on non-cash payments, mobile money means electronic money issued by an intermediary payment service provider providing telecommunications services and identifying customers through a mobile subscriber database.

The draft decree put an explicit threshold of 49% on foreign ownership in intermediary payment service providers. This aimed to attract foreign funds but also ensure the active participation of Vietnamese enterprises. However, after due review, the SBV has decided to scrap this suggestion as it believes that foreign investment has played a key role in the formation of the domestic payments landscape since providers heavily rely on technology.

Limiting foreign ownership would hamper foreign investment in the e-payment sector and fintech in general.

Given Vietnam’s high mobile penetration rate and large unbanked population, mobile money could bring basic financial services to those living in remote areas.

State-owned VNPT and military-run Viettel have been licensed by the SBV to implement mobile money services, while MobiFone is waiting for the approval. A national database has also been built for issuing personal identification numbers, as well as adopting e-KYC (electronic Know-Your-Customer).

The Deputy-General Director of VNPT noted that Vietnam has immense potential in terms of mobile money deployment as phone subscriber density has reached 100% of the population.

He said that it only takes one month for the agency to roll out the service in the market after getting the license. VNPT will launch the service at its 100,000 selling points nationwide, promoting cashless payment as subscribers are increasingly turning to e-commerce.

Mobile money will reach new heights if local authorities approve small-sized financial transactions to purchase goods and services, the release stated.

Viettel Group’s Deputy-General Director announced that the group has been in full throttle to launch the new service right after receiving the license.

Accordingly, Viettel has developed the necessary infrastructure for service provision from rural to urban areas, with more than 50,000 points of sales and 200,000 transaction points nationwide.

The government official urged ministries, agencies, and localities to actively push for non-cash payment methods, as OpenGov reported.

SBV was asked to review and complete a legal framework for non-cash payment and e-payment and submit a draft decree on non-cash payment to the government.

It is also responsible for designing and applying KYC solutions to promote the access and use of retail payment services while strengthening inspection and supervision of money laundering and terrorist financing to ensure the effectiveness and security of non-cash payment and e-payment.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.