February 22, 2024

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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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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.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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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 www.planview.com.

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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.

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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. 

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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.

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