Vietnam
“Can Vietnam's fragmented, cash-heavy financial ecosystem be unified through embedded finance infrastructure spanning wallets, lending, and open banking APIs?”
HQHanoi, Vietnam
IndustryFintech / SMB banking
The story
Vietnam's embedded finance market has evolved rapidly from a predominantly cash-based economy (70% unbanked population) toward digital payments and embedded financial services. The rise of super-apps like MoMo and ZaloPay has driven digital wallet adoption, while neobanks like TNEX and international banks like KBank and CIMB are embedding lending and card products directly into logistics and fintech platforms. The 2025 Personal Data Protection Law signals regulatory maturation and will shape how fintech players handle consumer data cross-border.
Last 12 months
Product timeline
2018
MoMo raised $100M Series C led by Warburg Pincus, cementing its position as Vietnam's leading mobile wallet with 20M+ users.· banking
2025
Vietnam enacted the Law on Personal Data Protection (Law No. 91/2025/QH15), effective January 1, 2026, establishing a comprehensive data governance framework.· pivot
2026
TNEX partnered with Viettel Post and Hi-Tech to launch an embedded working-capital lending model for online sellers on the logistics platform.· lending
2026
CIMB Bank Vietnam and Viva Republica (Toss) rolled out a co-branded CIMB-Toss debit card, expanding embedded card issuance in the market.· card
Regulated entities
Personal Data Protection Law
Vietnam · 2025
Socialist Republic of Vietnam
The stack
Payments / PSP
AdyenMoMo (local wallet)ZaloPay (local wallet)Moca (local wallet)NAPAS (domestic scheme)VietQR / VietQRPay by NAPASSePay (local payment gateway)
Card issuing
Lending
KBank Merchant Cash Advance (up to 240mVND, collateral-free, linked to KBank mayPOS volume)KBank Biz Flexi (credit line up to 100mVND, no collateral)MSB Working Capital Loans (up to VND 50 billion)TNEX embedded working-capital loans for online sellers (via Viettel Post)FE CREDIT consumer lending
Payroll
Open banking
FX & payouts
Accounting gap: none