Fintech Challenge Vietnam 2019

    • fintech-challenge-2019fintech-challenge-2019
    Overview

    After a successful Fintech Challenge Vietnam (FCV) in 2017-2018, the second challenge was co-organized by the State Bank of Vietnam (SBV) and Mekong Business Initiative (MBI), a program funded by the Government of Australia and the Asian Development Bank (ADB).

    FCV 2019 has brought in 6 financial institutions as corporate partners (UOB Vietnam,TPBank,Vietcombank, VietCredit, VietinBank, and Viettel Digital Services Corporation), 2 Sponsors (Mastercard and Visa), 2 Investment Partners (VinaCapital Ventures and Phoenix Holdings), 2 Technical Partners (Ernst & Young and Padang & Co), as well as 5 Network Partners (ThinkZone, VietFintech, VIISA, VNPAY, and Vietnam Silicon Valley).

    This year's FCV gave priority to 3 main areas: Big Data and AI-Enabled Analytics, Financial Services Outreach, and Cyber Security.

    A shortlist of solutions, selected from 208 Fintech applications in 28 countries, presented at the Demo Day on November 7th, 2019. Top 3 winners from Mature and Early stage were awarded with cash prizes on November 8th, 2019 at the Vietnam Fintech Forum, Melia Hotel, Conference Room, 44B Ly Thuong Kiet Str., Ha Noi. 

    The finalists

    1. Active Intelligence Pte Ltd (Active.ai)

    Active.ai, Singapore based Fintech Startup, is the leader in Conversational AI, in delivering Conversational Banking & Financial services

    2. Aspire

    AspireAccount, Aspire’s flagship product targeted at digital merchants and startups across the region, can be opened online in just few clicks.

    3. Avatec.Ai

    AVATEC is an intelligent financial services technology platform. We create innovative solutions to connect funding sources – financial institutions and commercial organisations – to consumers and small and micro businesses in Southeast Asia.

    4. Citics

    Citics is a pioneering technology platform in banking-real estate industry. Citics develops and utilizes proprietary valuation algorithms and a technology platform with focus on big data analysis.

    5. CredoLab Pte Ltd

    CredoLab develops bank-grade digital scorecards for banks, consumer finance companies, auto lenders, online and mobile lenders, insurance companies, and retailers from the best alternative data source – smartphone device metadata.

    6. Interloan

    Interloan is a P2P lending platform providing better financial solutions for salary advance and micro investment.

    7. Kilimo Finance

    Kilimo Finance allows banks to finance the agricultural sector by transforming agri-finance knowledge into attractive loan products.

    8. Payfazz

    Payfazz is a digital platform that enables financial services through the creation of a distributed network of agents, who can perform financial transactions on behalf of the unbanked & underbanked customers (especially in rural areas).

    9. Staple

    Staple is developing an AI platform to help finance teams, enterprises and corporate services providers to convert documents into structured data, which can then be used for the automation of various business processes and workflows.

    10. Rapbank Vietnam

    Rapbank aims to service majority of people, especially for financially vulnerable people who lack of confidence in accessing banking service.

    11. Touchless ID

    We see an increasing need for remote mobile user authentication and we believe biometrics is the best way to ensure user identity, all to protect usability and reduce fraud.

    12. Tookitaki

    Tookitaki is innovating the regulatory compliance space by moving beyond rules-based applications and introducing software solutions to maximize efficiency and reduce risks in compliance processes.

    13. Trustdock Inc.

    TRUSTDOCK offers global e-KYC and an API service platform for identity verification.

    14. Trusting Social

    Trusting Social is an AI-first Fintech company with a mission to advance data science and technology to deliver financial access for all.

    15. Verismart

    Verismart is a silicon valley based identity blockchain platform for automation in KYC, Risk and business profiling , built on alternative data intelligence of multiple institutions like banks, telecoms, OTA & other shared rental platforms.

    16. Wannatalk Pte Ltd

    Facecard is a unified facial-recognition driven customer identification platform used at frontline counters for Retail & F&B outlets, Malls, Hotels and Properties.

    17. Vietnam Blockchain Corporation

    Vietnam Blockchain Corporation (VBC) is a technology company providing blockchain solutions and services in Agriculture, Manufacture, Supply Chain, Logistics, E-Commerce, Fintech, Sharing Economy, Public Services, and Smart City.
    The winners

    Overcoming 208 Fintech Startups at the Demo day on November 7, Trusting Social was the champion of Fintech Challenge Vietnam 2019. Trusting Social is an AI-first Fintech company with a mission to advance data science and technology to deliver financial access for all. According to the organizer of the contest "Fintech Vietnam Challenge" (FCV) 2019, Trusting Social now owns the largest credit scored pool in Asia.

    Following Trusting Social, in mature track, Tookitaki from Singapore won the second prize. Tookitaki is innovating the regulatory compliance space by moving beyond rules-based applications and introducing software solutions to maximize efficiency and reduce risks in compliance processes. The third prize belonged to Vietnam’s Interloan which is a P2P lending platform providing better financial solutions for salary advance and micro investment.

    In addition to the prizes, there was three early – stage Fintech startups awarded: Kilimo, Staple and Touchless ID.

    • Kilimo is from Vietnam, developing the Kilimo Finance platform allows banks to finance the agricultural sector by transforming agri-finance knowledge into attractive loan products.
    • Staple is a startup from Singapore. Staples technology can read and interpret any business document, in any format and in any language, including Vietnamese. This substantially improves speed, accuracy, security and privacy for a range of business workflows.
    • Touchless ID is an Indian company that offers multi factor authentication from any mobile device with a camera, and we are based on touchless biometrics, that means we extract the user identity through a picture of a user’s fingers, palm or face.

     “Fintech Challenge Vietnam has been a useful input for the development of an enabling legal framework for Fintech ecosystem in Vietnam”, said the SBV Deputy Governor. “We will continue to gather lessons learned as the winning Fintech startups develop and prepare to deploy their solutions.”