Bright future for the fintech industry in Vietnam

Since the foray into Vietnam over one year ago, KBTG, Thailand’s fintech organization under KASIKORNBANK (KBank), has made great strides in business operations and HR strategy towards redefining Vietnam's fintech landscape through the establishment of KBTG Vietnam. These achievements mark a significant milestone for the company to contribute to driving Vietnam's digital transformation and economic growth.

According to the "Vietnam Fintech Brief in 2023" report jointly conducted by Acclime Vietnam and Decision Lab, Vietnam’s fintech sector is witnessing the highest growth rate in ASEAN after Singapore and is predicted to reach a staggering $18 billion by 2024. Vietnam remains one of the most attractive markets in the region for investors interested in the fintech sector. In assessing the trajectory of industry development, it becomes evident that the pace is intricately tied to the demand for skilled human resources. As highlighted in TopDev's report on IT talent in Vietnam, despite a yearly surge in the number of graduates with IT-related majors, as well as advancements in the study field and benefits for IT professionals, the acquisition of top-tier resources remains a challenging endeavor for technology enterprises in Vietnam. By 2025, Vietnam is anticipated to require an additional 700,000 skilled professionals in the information technology industry.

KBTG Vietnam is honored to receive the "Fast Growing Enterprise" award at the Asia-Pacific Enterprise Awards 2023 after one year of operation.

In late 2022, KBTG introduced itself to the Vietnamese market to capitalize on the opportunities in the fintech sector. The move was followed by the establishment of KBTG Vietnam in June 2023, marking its official entry into Vietnam's rapidly growing fintech market. In just a short time, KBTG has quickly scaled up its presence by opening offices in Ho Chi Minh City and Hanoi.

To date, over 120 tech talents with diverse technical backgrounds have joined KBTG Vietnam. As many companies are vying for talent in Vietnam’s fintech sector, this is an outstanding achievement for KBTG within one year of operation. The company aims to increase its pipeline of tech talents to over 500 within the next three years to support KBank's goal of becoming one of the top 20 banks in Vietnam by 2027.

To facilitate the goal, KBTG Vietnam has developed a comprehensive workforce development strategy to attract and retain Vietnamese tech talents, fostering a culture of care and well-being. In addition to a modern working space with full-equipped facilities, its Individual Development Plan enables each staff member to access global learning courses to acquire new skills. Meanwhile, some staff have opportunities to work at KBTG Thailand to exchange knowledge and network with experts at the headquarters.

Furthermore, KBTG Vietnam has successfully partnered with many local universities to offer internship opportunities for 20 students. The internship gives students the chance to explore KBTG's innovative business, technology, and products that are poised to lead the fintech industry in Vietnam. The initiative also helps KBTG court potential tech talent amid an intensifying talent war.

As an extended arm of KBTG to propel KBank’s regional expansion, KBTG Vietnam is supporting more than 30 projects in Vietnam, Thailand, Cambodia, and Laos, covering various areas such as mobile banking, internet banking, core banking, and financial innovations. Among them, KBTG Vietnam is the tech team behind the K PLUS Vietnam application – KBank’s flagship product with over 1,000,000 users. The company also played a significant role in the recent launch of K PLUS Laos in October 2023 by developing the core banking system.

In 2024, KBTG will expand its Vietnamese team to 200 to bolster its role as KBank's regional technology hub. The company will also bring its university partnership program to Hanoi to provide industry knowledge and career opportunities to young tech talents. Meanwhile, it continues to launch innovative products in the local markets across Vietnam, Thailand, Laos, and Cambodia, servicing areas beyond banking for local customers.

Thanks to these achievements, KBTG Vietnam was honored to receive the "Fast Enterprise Category" award at the Asia Pacific Enterprise Awards (APEA) 2023, marking a significant step forward in the celebration of its first anniversary in Vietnam. The award was given to KBTG Vietnam in recognition of its rapid and comprehensive business growth in terms of revenue, market share, user base, profitability, brand recognition in the market, and readiness to support regional expansion strategies.

It can be said that Vietnam remains largely an untapped market and a promised land for fintech investors. Despite being a new player, KBTG aims to reimagine Vietnam's fintech landscape with its product innovations and workforce development strategy. KBTG's vast experience in the fintech business will greatly contribute to its vision of empowering Vietnamese tech talents to build impactful digital products that accelerate digital transformation and economic growth of the country.