According to the draft decree of the State Bank of Vietnam which replaces the Decree No.101 about non-cash payment, maximum capital contribution ratio of foreign investors at intermediary payment services suppliers (e-wallets) for both direct and indirect ownership is proposed to be 49 percent.
By limiting ownership ratio of foreign investors at fintech payment enterprises at 49 percent, it will create favourable conditions for foreign investment attraction but still ensure the active role of domestic enterprises. Especially, it will help to avoid manipulation of foreign investors in this field, ensure security and safety in national financial-banking sector.
At the present, there are around 30 fintech enterprises active in intermediary payment field. However, 90 percent of market share concentrates on five enterprises, of which, FDI ownership ratio at these five enterprises is from 30 percent to 90 percent. According to forecast, fintech market will reach $9 billion in 2020.
