• ISSN: 2155-7950
  • Journal of Business and Economics

The Impact of Fintech Startups on Banking Services in Vietnam

Huyen Thi Dieu Le1, Men Thi Bui2, Giang Thi Cam Nguyen1
(1. Faculty of Finance, Banking Academy, Vietnam;
2. Department of Tax and Public Finance, Faculty of Finance, Banking Academy, Vietnam)

Abstract: Fintech has considered a new financial industry that applies technology in the financial sectors to improve the business activities. Fintech companies provide one or more internet-based and digital-based additional financial services. Fintech startup is at the center of the fintech ecosystem, has its entrepreneurship and promote innovation mainly in payment, lending, crowd-funding, real estate management and insurance, providing more personalized services than traditional financial intermediaries. This paper discusses the impact of fintech startups on banking services such as: (i) alternative payment method; (ii) changing lending business operation; (iii) efficient crowd-funding business model. Therefore, it is time to consider about the integration of these Fintech services into the banking services in the context of digital technology advancement.

Key words: fintech; fintech startups; banking services

JEL codes: G21, G28, G38

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