As the mobile money pilot project takes into effect this March, Vietnamese fintech startups, including over 30 e-wallet providers, will face fresh competition from national telecommunications companies.
At the beginning of March, Vietnam’s Prime Minister has approved the “Mobile Money” pilot project, allowing telecommunications businesses to implement mobile money services in the next two years. The pilot project is expected to strengthen the exponential growth of Vietnam’s financial services, promoting financial inclusion and signaling an initial success of a cashless society in Vietnam.