Timo reportedly offers a user-friendly ‘banking-on-the-go’ experience to customers. The Vietnam-based banking and financial services industry is ripe for disruption and innovation, with low rates of formal financial inclusion but very high rates of smartphone ownership and internet penetration, and a young, digitally-savvy population. The Vietnam-based government is also proactively pushing for innovation, aiming for 80% of the adult population to be ‘banked’ by 2025.
There is currently significant opportunity for Vietnam to attract Foreign direct investment (FDI) in the digital banking space, with the Vietnam-based market proving very attractive to overseas banks and private equity firms due to digital-savvy Vietnamese consumers. The rise of digital banking in the country will also enable financial institutions to tap the unbanked as well as provide customised solutions to the rising middle class.
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