Vietnam has been experiencing a digital wave in its financial and banking industry, with payments through mobile banking services surging by a whopping 144% per year over the past five years, experts said at a conference last week.
During the conference on digitalizing the banking industry, held in Hanoi last week, Pham Tien Dung, director of the State Bank of Vietnam (SBV)’s payment department, cited data from an SBV survey released earlier this year, noting that banks have been heavily investing into digitalizing their services and operations.
Experts said the development of Internet banking, digital payments and advances in biometric technology have helped the banking industry bring new and convenient services to customers, and help them reach sustainable growth. They also noted fintech’s potential to improve financial inclusion.
Sthaler was formed to find a new way to pay. The company worked with music festival industry to develop a cashless, card-free payment system that was available to everyone. Sthaler developed Fingopay, using VeinID technology, in partnership with Hitachi. Blue Star Capital PLC (LON:BLU) is an investing company with a focus on new technologies. Blue Star’s investments include a 1% holding in Sthaler.