Fintech Trends of 2024 through the lens of payment intermediary 9Pay

Over the past decade, the Fintech industry in Vietnam has surged impressively, proving its undeniable appeal in the global financial sector. A breakthrough growth of over 180% in investment and expansion from 2018 to 2022 (according to Statista) clearly demonstrates a shift in mindset and actions within this field.

With over 200 companies and startups, the Fintech ecosystem in Vietnam has exploded, covering areas such as digital payments, alternative finance, personal finance, insurtech, and B2C financial services.

In this context, the constant movement of global Fintech brings about continuous innovative trends. New payment technologies and inventive investment platforms are continuously developing, challenging previous standards.

The "The Advance of Fintech in Vietnam Industry Report 2023" by Acclime sheds light on these fresh trends in the industry.

1. Major shifts in target segmentation 

Banks in Vietnam are expanding their customer base to lower segments, while consumer finance companies (CFCs) and lenders begin to dominate the mass segments previously served by banks. In other words, the competitive environment is becoming more diluted, where traditional and non-traditional market entities are targeting each other's loyal customer segments.

In fact, the legal corridors of banking are still barriers for businesses, hence, a payment intermediary like 9Pay brings convenient and quick solutions for customers, while also supporting businesses in sales communication. Therefore, 9Pay is increasingly attracting the attention of business customer segments to notable services such as payment gateways, collection and disbursement services, and e-wallets.

2. Increasing partnerships between financial institutions and multi-million user platforms

The report indicates that partnerships between banks and Fintech companies are growing, due to the increase in digital ecosystems and the rising demand for customer payments. This partnership will improve financial solutions and allow safe sharing of customer data.

For instance, 9Pay has built a comprehensive ecosystem including payment gateway services, collection and disbursement services, and e-wallets. Businesses can reach millions of users in Vietnam through 9Pay's all-in-one payment solution. This includes domestic ATM cards (in partnership with 40+ banks), credit cards (Visa, Mastercard, JCB, AmEx), e-wallets (+200,000 payment acceptance points), buy now pay later options, and banking apps (QR Code).

3. Sustainable and holistic growth, not just user growth

Organizations across various sectors are recognizing the importance of integrating sustainability, or ESG factors, into their business operations. Customers and investors alike expect companies to contribute to solving issues like climate change and social equity. Therefore, action by Fintech companies becomes essential.

9Pay is aware of this and is committed to becoming a sustainable business. The company has engaged in numerous activities such as supporting the cashless payment campaign, developing prominent products and services like payment gateways, collection and disbursement services, and guiding users in using digital payment methods. In 2023, the 9Pay wallet reached over 2.5 million users and collaborated with over 500 diverse business partners across various sectors.

Additionally, 9Pay actively participates in charitable activities and collaborates with charity organizations, affirming its social role.

Thus, by capturing new trends in the Fintech field, 9Pay consistently aims for innovation and creativity to seize opportunities and integrate into the market flow, gradually establishing its reputation in the industry.