How trusted tech partnerships drive Vietnam's 249% fintech growth
Vietnam's fintech sector has seen a dramatic rise in investments, surging by 249% as highlighted by Fintech News. In 2022, financial services became the top-funded startup sector in Vietnam, amassing $244 million. This remarkable growth contrasts sharply with that of other established industries such as e-commerce, healthcare, and entertainment.
Several factors contribute to the success of Vietnam's fintech. A growing middle class, tech-savvy residents, and a thriving online shopping scene have all boosted this sector. In 2015, there were only 39 fintech companies in Vietnam. By 2022, that number had grown to 176, showing the sector's energy and promise. However, many traditional businesses struggle to adapt to new digital methods, especially when other sectors are experiencing a downturn.
In today's fast-changing digital landscape, a trustworthy technology partner is crucial for businesses. Such a partner helps select the most optimal technological investments, ensuring customer-facing solutions that give good returns. This is where OpenWay stands out. Globally known as the developer and vendor of the top-rated Way4 digital payment software platform, OpenWay has distinguished itself as the preferred partner for both tier 1/2 financial institutions and ambitious startups. It seamlessly serves its clients all over the world, with two hubs in Vietnam and over 20 others worldwide.
OpenWay's contribution to the Vietnam market is evident in its support of pioneering local startups such as Timo Digital Bank and SmartPay. Timo swiftly set up its digital payment system on OpenWay's Way4 platform in just four months, earning the prestigious Vietnam Technology Excellence Award. Meanwhile, SmartPay, leveraging the Way4 platform, experienced rapid expansion over three years, currently serving 40 million users and 700,000 merchants with their digital wallet.
OpenWay is the only best-in-class provider of digital payment software solutions, and the best cloud payment systems provider as rated by Aite and PayTech. OpenWay is a strategic partner of tier 1/2 banks and processors, fintech startups, and other leading payment players around the globe. Among them are Network Int. and Equity Bank Group in MENA, Lotte and JACCS in Asia, Nexi and Finaro in Europe, Comdata and Banesco in Americas, and Ampol in Australia.