Current personal financial demands such as loan payment, insurance, online savings, accumulated investments, consumer credit,… can all be done on smartphones, instead of going to the transaction counter as before.
MoMo’s recent report said that the company’s finance – insurance segment now has about 10 million users after 4 years of launching the service to the market. With about 70 partners providing the above services, 90% of the financial needs of individual users have been met.
Of these, about 4 million people use loan services, 3 million people buy insurance products, and more than 4 million people use cumulative investment services. The majority (60%) of users use from two financial services regularly every month.
In the entire MoMo ecosystem, the finance – insurance segment belongs to the fast-growing group, with an increase of 3-5 times per year. By the end of 2021, users have purchased tens of millions of insurance policies and spent trillions of VND through consumer credit products, with the number of users increasing more than 3 times in the past year.
According to research and consulting firm McKinsey & Company, in 2021, the proportion of fintech (financial technology) service users in Vietnam will reach 56%, up from 16% in 2017. The scale of Vietnam’s digital ecosystem Nam is estimated to reach 50 billion USD and can double to 100 billion USD by 2025.
Putting financial services on smartphones helps to remove procedural barriers, shorten time and increase opportunities for Vietnamese people to access financial services. From there, financial services can reach many strata of society, including low-middle-income groups, small/micro businesses.
@ Cafef
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Source: Vietnam Insider