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Vietnam’s Finnovation Contest 2022 to Foster Fintech Solutions

Image credit: Nhan Dan

The Ministry of Science and Technology, the Ho Chi Minh Communist Youth Union, and related units recently led a launch ceremony for the student fintech start-up contest Finnovation 2022. The event aims to raise society’s awareness of innovation and intellectual property in the field of financial technology and digital transformation, according to the Deputy Minister of Science and Technology, Le Xuan Dinh. Popularising fintech will promote the innovation start-up ecosystem and help build a domestic and competitive start-up community capable of going global.

Individuals and groups of students can introduce their ideas and business models to leading experts in the fintech field to receive companionship and legal support, as well as approach investors, seek capital for start-ups, and commercialise products and services. The contest is part of a series of events to celebrate World Creativity and Innovation Day (21 April) and World Intellectual Property Day (26 April). It intends to build a multi-disciplinary ‘finnovation’ creative start-up ecosystem with international standards. The Deputy Minister stated that it will do this with technology and innovation as the means, students as the core, and society as the creative orientation.

The Organising Committee will award the winner with a Certificate of Merit from the Vietnam Students’ Association and a cash prize worth VN50 million (or gifts equivalent to that value). It will award two second-place and two third-place prizes. Additionally, the projects that qualify for the final round will be introduced by the Organising Committee to investment units. Winners can consult with the Committee, which will support the project’s implementation, ensuring it is appropriate and practical to the development needs of the projects. The top ten projects with the highest score will have the opportunity to meet investors to raise capital.

Data from a recent report showed that the global fintech market size was $110.57 billion in 2020 and is estimated will grow to $698.48 billion by 2030, growing at a CAGR of 20.3% from 2021 to 2030. Fintech increases the speed, transparency, and security of transactions, which is why governments and organisations around the world are investing in the sector. For example, investment in UK fintech was seven times higher in 2021 than in the previous year, boosted by a record number of deals.

This month, Singapore and Australia announced a FinTech Bridge Agreement to strengthen cooperation between their fintech ecosystems. Among other things, the agreement sets out a framework for the two sides to support the mutual establishment of fintechs looking to expand in each other’s markets. It will encourage fintechs to use the facilities and assistance available to explore new business opportunities and reduce barriers to entry. Singapore also recently signed an agreement to broaden contactless and digital payments in all junior colleges and secondary and primary schools in the country. Digital payment infrastructure, including tap-and-pay terminals, will be installed in school canteens and bookstores.

In New Zealand, the fintech sector has global revenues of nearly NZ$ 2 billion, with a compound annual growth rate (CAGR) of 32%. This growth has created a 14% annual growth in high-value jobs, as OpenGov Asia reported. The country has been ranked one of Asia Pacific’s fastest emerging fintech hubs and one of the top ten fintech destinations in the region.

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