Join NexChange - the professional
network for the financial services
industry - and receive a free one-
year subscription to Forbes
Standard Chartered rolls out Vietnam fintech platform
Fresh from launching its Hong Kong fintech accelerator, UK bank Standard Chartered's Vietnam unit has teamed up with local investment fund Dragon Capital to form the "Vietnam FinTech Club".
Its not an accelerator but a roundtable bringing together startups and investors, including veteran Vietnam VC IDG Ventures. According to a release, the club had its genesis during UK prime minister David Cameron's visit to Vietnam in July.
With London quickly emerging as a global fintech hub, the UK government is looking to nurture fintech industry connections in emerging markets such as Vietnam. This new platform will help give the UK firms access to Vietnamese regulators, financial service providers, and ICT entrepreneurs. The Fintech Club will also help bolster Standard Chartered's exisiting Hong Kong-based fintech program. Nirukt Sapru, CEO of Standard Chartered Vietnam, said:
"By backing the FinTech industry in Vietnam, we echo the bank’s strong commitment in supporting and encouraging innovation which we believe is a key driver of economic growth and prosperity. Standard Chartered Bank just launched a FinTech Accelerator Programme in Hong Kong to help local and international early-stage and more established FinTech companies grow in Asia’s vibrant markets. We hope to see strong participation from Vietnam in this initiative.”
News like this can only serve as a boon for the country's venture capital community which has been touting Vietnam's young demographics and increasingly tech0-savy population for several years. Only last week Chris Freund, founder of Mekong Capital told NexChange:
“There is a big opportunity for VC and PE firms to invest and help their investee companies to build their management teams and apply international best practices, which often leads to those companies becoming the winners in their sectors.”
Photo: Jerick Parrone