The list of 16 finalists in the Fintech Challenge Viet Nam (FCV) – the first-ever financial technology contest in the country has been officially announced, according to the Asian Development Bank (ADB) in Viet Nam on 20 March.

Illustrative image (Source: Internet)

The FCV was co-organised by the State Bank of Viet Nam (SBV), the Mekong Business Initiative (MBI) – a programme funded by the Australian Government and the ADB, the Viet Nam Bankers Association (VNBA), and the Viet Nam Fintech Club.

It aims to encourage innovations in the financial services sector and promote greater financial inclusion in Viet Nam, focusing on five priority fields for financial inclusion, including e-Payments, e-KYC, Peer-to-Peer Lending, Open API, and Blockchain.

The FCV had received 141 entries, 45 of which are from Viet Nam and the remainder are from 27 foreign countries and territories worldwide.

Fintech applications were judged on commercial criteria such as Innovation and Relevance, Management Capacity, and Scalability & Investment Readiness, and potential impact on financial inclusion.

The finalists will present their products and business models in the “Showcase Pitch Day” scheduled for 28 March. After that, they will be matched with FCV partners who will serve as their mentors. They will work together in six-week incubation and mentoring programme which will help refine and finalise applicants’ their business models in order to fit the local market context.

In the final competition “Finalists Pitch Session”, the candidates will present their fintech solutions to a jury including members from big banks, financial experts and investors.

The best solutions will have the opportunity to be introduced in the 2018 Viet Nam National Fintech Day, which was scheduled for 28 May.

(Source: VNA)