Mobile transactions in Vietnam to grow 400% by 2025

(VOVWORLD) - Mobile transactions in Vietnam are forecast to increase 400% by 2025 in the Fintech and Digital Banking 2025 Asia Pacific Report released by Backbase on Monday. 

The report said 25% of banks in Vietnam will adopt modern digital core platforms and the top 8 banks will use intelligent automation in account origination to achieve 50% growth in new accounts.

Riddhi Dutta, Regional Sales Head for Asia-Pacific at Backbase, said that banks in Vietnam are investing in digital platforms to boost growth.

He said the State Bank of Vietnam has built a plan of action for its banking development strategy until 2025, which focuses on expanding non-cash payments. Dutta hailed the bank’s efforts to improve human resource quality in the banking sector.