Vietnam banking on a digitally inclusive future

But this transformation is not solely driven by traditional banks or policymakers. At the core of this revolution are fintechs, Vietnam’s agile, innovative engines of change, reshaping the landscape of finance and widening the circle of opportunity for millions.

Vietnam’s national digital and financial inclusion strategy aims to ensure that 80 per cent of adults have a bank account by the end of 2025, and that digital financial services become the primary method for conducting everyday transactions. Achieving these ambitious targets requires more than regulatory reforms and fiscal policy; it demands innovation that reaches where traditional banking cannot.

Through mobile-first platforms, cloud-native architecture, and the use of real-time analytics, fintechs have emerged as powerful partners in extending services to underserved populations. Their speed, flexibility, and technology-first mindset are helping to reimagine how financial products are designed, distributed, and consumed.

Many of these firms are focusing on solving core problems that have historically excluded young people, rural populations and small business owners, such as lack of credit history, poor documentation, or geographic isolation. Through alternative data analysis, AI-powered credit scoring, and e-verification, fintechs are reducing friction and creating faster, smarter, and more inclusive financial access points.

While banks are still the backbone of Vietnam’s financial system, they increasingly rely on fintech collaborations to expand reach and build customer-centric services. Through these symbiotic relationships, fintechs bring innovation and scalability, while banks contribute infrastructure, scale, regulatory alignment, and consumer trust.

Several Vietnamese banks have launched digital-only arms or partnered with fintech startups to co-develop mobile apps, loan origination platforms, and micro-investment tools. This collaboration has led to an explosion in affordable, user-friendly financial services: from nano-loans and savings wallets to peer-to-peer lending and buy-now-pay-later systems.

Fintech firms are also actively supporting the State Bank of Vietnam’s regulatory goals by promoting transparency, improving financial inclusion, and contributing to macroeconomic stability. Expanding access to credit is a national priority. However, doing so responsibly is essential to avoid systemic and sociodemographic vulnerabilities. Here again, fintechs are playing a pivotal role.

For example, by leveraging machine learning and big data analytics, Circle Asia can construct detailed borrower profiles using alternative information such as card and electronic payments, mobile phone usage, e-commerce behaviour, utility bill payments, and even social network activity.

These advanced models allow for fairer, more accurate risk assessments, especially for people who are practically excluded from the formal financial system.

Beyond credit scoring, fintechs are embedding responsible finance tools into their platforms: dynamic interest rate calculators, real-time loan status updates, repayment reminders, and budgeting dashboards. Such tools particularly help Gen Z, the most rapidly expanding customer segment for financial services, to understand the true cost of borrowing, manage budgets, and make better-informed decisions.

Importantly, this shift towards responsible lending benefits everyone: borrowers avoid debt traps, lenders maintain healthier loan portfolios, and regulators can maintain macroeconomic stability even amidst rapid credit growth.

Fintechs are not only solving urban problems, but they are also reshaping the financial futures of Vietnam’s rural and remote communities. Mobile payment providers and digital wallet companies have significantly reduced reliance on cash and brought basic financial services to the unbanked. In regions where physical bank branches are scarce, fintech-enabled services are often the only viable alternative.

Micro-insurance products, agritech and fintech platforms, and crowd-based lending models are enabling farmers and rural entrepreneurs to access financing, protect assets, and scale their operations. These are the seeds of a more resilient, decentralised economy, planted by innovation and nurtured by inclusion.

To unlock the full potential of fintech in Vietnam’s development, collaboration remains key. Regulators have taken significant steps in recent years to support fintech innovation, including the rollout of regulatory sandboxes, clearer digital lending guidelines, and data protection laws. These efforts provide a secure environment for experimentation without compromising financial integrity.

International development agencies and private investors are also playing a role by funding digital infrastructure projects, capacity-building programmes, and venture capital initiatives targeted at fintech-led financial inclusion.

As 2025 unfolds, Vietnam is sending a clear message: digital innovation is not an end in itself, but a means to uplifting people, businesses, and communities. Fintechs, with their agility, ingenuity, and deep customer focus, are proving that innovation can and should have a human face.

By embracing technology and forging cross-sector partnerships, Vietnam is well on its way to becoming a regional leader in inclusive, digital-led growth.