Latest news with #MoMo
Time Business News
6 days ago
- Business
- Time Business News
Vietnam's Digital Rise: From Outsourcing Hub to Innovation Powerhouse
For over a decade, Vietnam has been on the global tech radar as a reliable outsourcing destination. Known for its cost-effectiveness and abundant engineering talent, the country has supported software development needs for clients across North America, Europe, and Asia. But the Vietnam of today tells a very different story: one of homegrown innovation, product leadership, and digital transformation at scale. Today, Vietnam is not just coding someone else's software, it's building its own. Vietnam's shift from a labor-cost advantage to an innovation-driven ecosystem has been nothing short of transformative. While outsourcing remains a vital economic pillar, the country is seeing a surge in tech entrepreneurship, R&D investment, and global product ambition. This evolution is being driven by several converging forces: A young, tech-savvy population embracing digital-first solutions Improved access to capital and international partnerships Government incentives for startups and digital enterprises Strong university and technical education infrastructure The result? Vietnam is steadily emerging as a regional hub for technology innovation, competing not just on price, but on creativity, scalability, and speed to market. Over the past decade, a number of Vietnamese technology companies have gained international attention by launching successful digital products and platforms. 1 – VNG Corporation: From gaming to messaging, cloud computing, and digital payment solutions, VNG has grown into one of Southeast Asia's most influential tech companies, becoming Vietnam's first unicorn in the process. 2 – MoMo: A pioneer in mobile payments and digital finance, MoMo now serves over 30 million users across Vietnam, helping to bring financial inclusion to underbanked populations. 3 – Evolving from an online bookstore to a leading eCommerce platform, Tiki has built its own logistics infrastructure and is now exploring AI-powered recommendation engines and embedded finance. These players are helping shape a tech ecosystem that prioritizes product ownership, customer-centric innovation, and platform thinking, a far cry from the project-based outsourcing model of the past. Vietnam's demographics and digital infrastructure make it uniquely positioned for rapid innovation: Over 100 million people , 70% of whom are under 35 , 70% of whom are under 35 One of the fastest-growing internet economies in Southeast Asia High mobile adoption rates, especially in rural and urban fringe areas Over 50,000 IT graduates entering the workforce annually This young, connected, and increasingly entrepreneurial population is fueling demand for new digital experiences, from education and entertainment to banking, healthcare, and logistics. It's also creating fertile ground for next-generation software companies that do more than just write code; they design, build, and scale world-class digital products. Vietnam's central and local governments have recognized the importance of technology to national competitiveness. Major initiatives include: The National Digital Transformation Program (2020–2025) : Aims to turn Vietnam into a digital-first society by enabling e-government, smart cities, and digital enterprises. : Aims to turn Vietnam into a digital-first society by enabling e-government, smart cities, and digital enterprises. Startup Vietnam Foundation & Techfest : Designed to attract both foreign and domestic investors to support local startups. : Designed to attract both foreign and domestic investors to support local startups. ICT and STEM-focused education reforms: Building a future-ready digital workforce through upgraded curricula and R&D funding. These policies are helping to attract foreign direct investment (FDI), increase public-private partnerships, and strengthen Vietnam's position as a trusted hub for technology innovation in Asia. With its favorable demographics, infrastructure, and track record of delivery, Vietnam is poised to become a global launchpad for software startups and digital platforms. Instead of just being a vendor country, it's evolving into a strategic innovation partner, particularly attractive for companies seeking regional expansion or cost-effective R&D centers. This shift is being reinforced by a new generation of Vietnam software companies building for both local markets and global clients, offering not only engineering, but also product design, AI integration, cloud deployment, and market-fit consultation. One company that exemplifies this transformation is PowerGate Software, a leading software company in Vietnam. This is a product-focused software development studio headquartered in Hanoi with offices in the United States, United Kingdom, Canada and Australia. Rather than functioning as a traditional service provider, PowerGate operates as a software product studio, helping startups and enterprises alike build Minimum Viable Products, AI-powered solutions, and scalable digital platforms from the ground up. With over 200 global clients across FinTech, HealthTech, EdTech, Logistics, and SaaS, PowerGate Software has delivered solutions that go far beyond outsourced development. In one recent project, the engineers helped a North American healthcare company launch an AI-driven platform that predicts patient readmission risks, reducing operational strain while improving care delivery. Another case saw PowerGate Software support a European EdTech startup in building an interactive learning ecosystem. The MVP, built in under three months, helped the client secure early-stage funding and expand into four new markets within a year. These examples highlight how PowerGate Software contributes not only technical expertise, but product strategy, cross-functional execution, and continuous iteration based on user and market feedback. As part of its commitment to excellence, PowerGate Software is certified with ISO 9001:2015 for quality management systems and ISO 27001:2022 for information security, reflecting its dedication to delivering secure, reliable, and high-quality software solutions on a global scale. Vietnam is no longer simply part of the outsourcing conversation; it's actively helping define the future of digital products and services. As more companies worldwide seek strategic, long-term technology partners, the value proposition of Vietnam's software ecosystem becomes undeniable. From emerging unicorns to agile product studios like PowerGate Software, Vietnam is proving itself to be a digital powerhouse with the talent, tools, and tenacity to lead innovation at global scale. PowerGate Software – Leading Software Product Studio in Vietnam PowerGate Software is a global software development partner specializing in full-cycle digital solutions. Since 2011, we've delivered 250+ projects across healthcare, fintech, education, and more – helping startups and enterprises bring their ideas to life with scalable, high-quality technology. With offices in Australia and the United States, and teams across North America, Europe, and Asia-Pacific, we're positioned to support clients close to their markets with speed and flexibility. Our services span custom software and mobile/web development to AI, blockchain, cloud platforms, and ERP systems. Website: Services: Contact: +84 24 66 54 22 83 +84 24 66 54 22 83 Email: contact@ TIME BUSINESS NEWS
Yahoo
07-07-2025
- Business
- Yahoo
Vietnam Prepaid Card and Digital Wallet Market Report 2025: Vietnamese Banks Launch Domestic Prepaid Programs to Boost Financial Inclusion
Vietnam's prepaid card and digital wallet market is set to grow 26.6% annually, reaching US$7.19 billion by 2025. Driven by e-commerce growth, government cashless initiatives, and fintech innovations, the market thrives. Key players like Vietcombank and MoMo dominate, with trends indicating a continued shift to digital. Vietnamese Prepaid Card and Digital Wallet Market Dublin, July 07, 2025 (GLOBE NEWSWIRE) -- The "Vietnam Prepaid Card and Digital Wallet Market Intelligence and Future Growth Dynamics Databook - Q2 2025 Update" report has been added to prepaid card and digital wallet market in Vietnam is expected to grow by 26.6% on annual basis to reach US$ 7.19 billion in 2025. Vietnam's prepaid card and digital wallet market has experienced robust growth during 2020-2024, achieving a CAGR of 30.7%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 23.1% during 2025-2029. By the end of 2029, the prepaid card and digital wallet market is projected to expand from its 2024 value of US$ 5.68 billion to approximately US$ 16.52 billion. Key Trends and Drivers in the Vietnam Prepaid Cards SectorThe prepaid card market in Vietnam is set for continued expansion, driven by increasing digital payment adoption, deeper integration with digital wallets, and the rise of domestic prepaid card programs. As e-commerce continues to grow and the government pushes for a cashless economy, prepaid cards will play an increasingly important role in providing secure and efficient payment solutions. Financial institutions and fintech companies can capitalize on this growth by developing innovative offerings that align with consumer preferences and regulatory the next two to four years, the competitive landscape is expected to evolve as more financial service providers enter the market, leveraging advancements in fintech and expanding digital payment infrastructures. Strengthening the NAPAS network and the broader acceptance of prepaid cards across sectors will contribute to greater financial inclusion and a shift away from cash-based transactions. As the prepaid card ecosystem matures, regulatory developments and strategic collaborations will shape the market, ensuring sustainable growth and increased adoption among Vietnamese Growth of Digital Payment Adoption Vietnam's rapid adoption of digital payments is transforming the financial landscape, with prepaid cards emerging as a preferred payment method among consumers. The increasing reliance on digital transactions, driven by expanding e-commerce activities and heightened security concerns, has accelerated the shift from cash-based payments. Prepaid cards offer a secure and convenient alternative, particularly for online purchases, where consumers seek to protect their primary banking details while maintaining financial flexibility. Government initiatives play a key role in fostering this transition by actively promoting cashless transactions and digital financial inclusion. Policies aimed at reducing cash dependency and regulatory support for digital wallets and fintech services have created an environment conducive to prepaid card growth. As prepaid cards become more accessible and integrated with digital payment solutions, their usage is expected to rise across various consumer segments. Integration of Prepaid Cards with Digital Wallets Integrating prepaid cards with digital wallets in Vietnam enhances the convenience and accessibility of cashless transactions. Consumers increasingly opt for digital payment solutions to manage funds efficiently while maintaining security. As a result, prepaid card providers are embedding their services into digital wallets, enabling users to conduct seamless transactions across various online and offline channels. Technological advancements in fintech are a key driver of this trend, allowing for improved security, interoperability, and ease of use. Consumers, particularly younger demographics, demand quicker and more convenient payment solutions, prompting financial service providers to expand digital wallet functionalities. The ability to link prepaid cards to digital wallets gives users greater control over their spending while eliminating reliance on traditional banking services. Over the next two to four years, the growing integration of prepaid cards with digital wallets will create a more interconnected financial ecosystem. As adoption increases, businesses and financial institutions will likely enhance digital payment solutions to capture a larger market share. This shift will cater to evolving consumer preferences and strengthen Vietnam's digital economy by encouraging greater participation in cashless transactions. Emergence of Domestic Prepaid Card Programs Vietnamese banks are increasingly launching domestic prepaid card programs in collaboration with local partners to strengthen the country's payment ecosystem. These initiatives aim to provide consumers with cost-effective, locally managed prepaid card solutions that reduce reliance on international payment networks. By promoting domestic payment infrastructure, these programs support Vietnam's broader strategy of enhancing financial accessibility and developing a more self-sufficient financial system. The expansion of the National Payment Corporation of Vietnam (NAPAS) network has been a key driver in facilitating domestic prepaid card issuance. Banks and financial institutions are leveraging this network to introduce prepaid card solutions with lower fees than international options, making them a viable choice for cost-conscious consumers. Additionally, businesses are increasingly adopting domestic prepaid cards for payroll, government disbursements, and targeted financial programs, further driving market growth. Over the next two to four years, domestic prepaid cards are expected to gain a larger market share as banks continue to enhance their offerings. Strengthening the NAPAS network and expanding prepaid card functionalities will contribute to broader financial inclusion, allowing more individuals and businesses to access formal financial services. As adoption rises, domestic prepaid cards will play a crucial role in Vietnam's digital financial landscape, reinforcing the shift towards a cashless economy. Competitive Landscape of the Vietnam Prepaid Card MarketVietnam's prepaid card market is witnessing a transformation fueled by digital payment growth, competitive innovation, and supportive regulatory measures. Established financial institutions and new fintech entrants actively invest in prepaid solutions to cater to the growing consumer demand for cashless increasing consumer adoption and regulatory backing, prepaid cards will continue to expand their role in Vietnam's financial ecosystem. Companies prioritizing technological innovation, security enhancements, and strategic partnerships will be best positioned to capture market opportunities and maintain a competitive edge in the evolving prepaid card Market Dynamics Vietnam's prepaid card market has expanded significantly due to the rising adoption of digital payments and financial services. With increasing demand for cashless transactions, prepaid cards have gained traction across different sectors, including retail, corporate payroll, and travel. The market's rapid growth is also fueled by the convenience and security of prepaid cards, particularly in online transactions where consumers seek greater control over their spending. The widespread acceptance of prepaid cards across industries and the growing integration with digital wallets have contributed to this growth. As more businesses and financial institutions introduce prepaid solutions, the market is evolving to meet the changing needs of both consumers and enterprises. Key Players and Market Share The prepaid card market in Vietnam is dominated by established banks and fintech companies competing to provide innovative payment solutions. Leading financial institutions such as Vietcombank, BIDV, and Sacombank have leveraged their extensive networks to offer various prepaid card products catering to individual consumers and businesses. These banks continue to develop their digital offerings to align with the growing trend of cashless payments. In addition to traditional banks, fintech firms like MoMo and ZaloPay have entered the market, introducing prepaid card solutions tailored for tech-savvy consumers. These companies have disrupted the competitive landscape by offering flexible, user-friendly digital payment options. Their presence has intensified competition, pushing both fintechs and traditional banks to enhance their prepaid card services through digital innovations. Recent Launches and Partnerships Strategic partnerships and acquisitions have shaped Vietnam's prepaid card industry. Companies are collaborating to expand their product offerings and strengthen their market presence. A notable example is Got It, a key player in the gift card sector, which has reported significant revenue growth, demonstrating the increasing demand for digital prepaid solutions. In 2023, Got It generated approximately US$ 6.3 million in revenue, a 26.8% increase from the previous year. The company now focuses on digital transformation by expanding from offline store vouchers to integrated digital prepaid solutions for brand partners. Projections for 2024 indicate a 49% revenue increase, driven by its shift to online payment platforms and partnerships with businesses to enhance digital gifting solutions. Anticipated Market Evolution (Next 2-4 Years) The market will evolve as financial institutions and fintech companies innovate to attract a growing customer base. Digital transformation efforts, particularly in mobile payments and e-commerce, will further drive the adoption of prepaid cards. As competition intensifies, companies will focus on differentiating their prepaid card offerings through enhanced security, loyalty programs, and deeper integration with digital wallets. Strategic partnerships and mergers between banks and fintech firms will likely increase, leading to new product innovations and a more interconnected payment ecosystem. The evolving regulatory framework will also be critical in shaping market dynamics, ensuring a secure and competitive environment for prepaid card providers. Regulatory Changes Vietnam's regulatory landscape has evolved to support the transition towards a cashless economy. The government has implemented new policies promoting prepaid card usage and digital transactions in the past year. These measures include tax incentives for businesses adopting electronic payments and regulatory frameworks to support fintech companies entering the prepaid card market. Additionally, authorities have introduced stricter security regulations to protect consumers using prepaid cards for online transactions. These regulatory updates aim to foster trust in prepaid financial products and encourage wider adoption across industries. The government's continued push for financial inclusion is expected to further accelerate the prepaid card market's growth in the coming years. This report provides a detailed data-centric analysis of the prepaid card and digital wallet industry in Vietnam, covering market opportunities and analysis across a range of prepaid card and digital wallet domains. Key Attributes: Report Attribute Details No. of Pages 159 Forecast Period 2025 - 2029 Estimated Market Value (USD) in 2025 $7.19 Billion Forecasted Market Value (USD) by 2029 $16.52 Billion Compound Annual Growth Rate 23.1% Regions Covered Vietnam Report ScopeThis report offers an in-depth, data-driven examination of prepaid payment instruments, focusing on expenditures via prepaid cards and digital wallets within both retail and corporate consumer sectors. It also presents an overview of consumer behavior and retail spending patterns in Vietnam. The report includes a detailed breakdown of key market segments for each country. With over 80+ country-level key performance indicators (KPIs), the report provides a thorough understanding of market dynamics in the prepaid card and digital wallet sectors. Vietnam Prepaid Payment Instrument Market Size and Forecast Vietnam Digital Wallet Market Size and Forecast Vietnam Digital Wallet Market Size and Forecast by Key Segments Vietnam Digital Wallet Retail Spend Dynamics Vietnam Prepaid Card Industry Market Attractiveness Vietnam Open Loop Prepaid Card Future Growth Dynamics Vietnam Closed Loop Prepaid Card Future Growth Dynamics Vietnam Prepaid Card Consumer Usage Trends Vietnam Prepaid Card Retail Spend Dynamics Vietnam General Purpose Prepaid Card Market Size and Forecast Vietnam Gift Card Market Size and Forecast Gift Card Market Size and Forecast by Functional Attribute Gift Card Market Size and Forecast by Consumer Segments Gift Card Market Share Analysis by Retail Categories Vietnam Entertainment and Gaming Prepaid Card Market Size and Forecast Vietnam Teen and Campus Prepaid Card Market Size and Forecast Vietnam Business and Administrative Expense Prepaid Card Market Size and Forecast Vietnam Payroll Prepaid Card Market Size and Forecast Vietnam Meal Prepaid Card Market Size and Forecast Vietnam Travel Forex Prepaid Card Market Size and Forecast Vietnam Transit and Tolls Prepaid Card Market Size and Forecast Vietnam Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast Vietnam Fuel Prepaid Cards Market Size and Forecast Vietnam Utilities, and Other Prepaid Cards Market Size and Forecast Vietnam Virtual Prepaid Card Industry Market Attractiveness Vietnam Virtual Prepaid Card Market Size by Key Categories For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Vietnamese Prepaid Card and Digital Wallet Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Local Spain
01-07-2025
- Climate
- Local Spain
CONFIRMED: This June was the hottest on record in Spain
Weather Spain had its hottest June on record last month, with an average temperature of 23.6 degrees Celsius (74.5 degrees Fahrenheit) "pulverising" the previous high, the Aemet national weather service said Tuesday. The country's "extremely hot" June 2025 "has pulverised records", surpassing the normal average for July and August as well as the previous June record of 22.8C, set in 2017, the agency said on X. Temperatures in southern Spain soared up to 46C on Saturday - another June high - while scientists said the Mediterranean Sea was warmer than usual at 26.01C on Sunday, another June record. Portugal also recorded its highest-ever single-day temperature in June - 46.6 degrees Celsius. All in all, temperatures were 3.5C above normal in Spain this June; normal being the average for all months of June between 1991 and 2020 in this case. With ten days left in the month, Aemet spokesperson Rubén del Campo was already warning that based on the data recorded up to that point and the forecasts for the rest of the month, June was going to be a record-breaking one. This has turned out to be the case. Aemet starting collecting temperature data in earnest around the middle of the 20th century. Spain's national weather agency has sought to explain to online sceptics who say that 'it's always hot here in summer' that the data proves that temperatures this high in June are not normal. According to Spain's System of Daily Mortality Monitoring (MoMo), 330 people have died in Spain due to heat-related causes this June. The only month of June where this figure was higher was in 2017, when 372 people died. When we talk about this type of death, we are not referring to heat stroke , but rather to an excess of deaths that are attributed to an external factor , which in this case is heat. More #Weather
Local Spain
27-06-2025
- Climate
- Local Spain
Weather agency debunks 'summers in Spain are always this hot' claim
Whenever Spain's Aemet weather agency or a news website warns of an upcoming heatwave or record temperatures in Spain, there's invariably a barrage of replies online saying something to the effect of 'It's always been hot in summer'. This is of course true, very obvious, and in many cases quite a disingenuous claim. These sorts of remarks are repeated over and over again as evidence against climate change (along with claims like 'fake news' and 'clickbait') and although it is of course true that temperatures are higher during summer in Spain, and that there have always been abnormal periods and heatwaves over the years, Spain's weather agency has now shown they have never consistently reached current levels, at least not since records began. This has been confirmed by Spain's state meteorological agency Aemet in a social media post in which it debunks the claims with data. Around a quarter of the replies and messages directed at Aemet on social media are insulting, humiliating and threatening, according to figures from the Social Inclusion journal, which may explain why the state body has taken to the internet to make its point. Posting on X, Aemet stated that: 'It's always been hot in summer.' Yes, but there is no precedent for a June as hot as this one. Just look at the anomaly graph. And it's not an isolated case: between 2022 and 2024 there were 7 records of hot months. The last record for coldest month was in 2005. With a graph showing average temperatures in Spain and the variations that have occurred in recent months, Aemet data shows that in most cases when weather anomalies occur they are towards higher or rising temperatures. Take June, for example, which is already promising to be a record month. Aemet provided further data from June that adds to the list of records, especially for incidents of extreme weather and variation, such as the fact that on June 23rd, for example, Almería broke both its highest maximum and minimum temperatures record for the month, 40.9C and 27.1C, respectively. According to Spain's System of Daily Mortality Monitoring (MoMo), from June 1st to 21st 114 people have died in Spain due to heat-related causes. The year with the highest rate of mortality due to heat-related causes was 2022, with 339. As we approach July, the situation doesn't look likely to change, warns Aemet. The average temperature should be between 23C and 24C (an average of maximum and minimum temperatures), but the forecast is for it to be around 30C.
Local Spain
25-06-2025
- Climate
- Local Spain
Heatwave to smother Spain as June likely to be hottest on record
Summer is beginning to take hold of much of Spain. The country's State Meteorological Agency (Aemet) has issued high temperature warnings in twelve regions for the coming days with temperatures expected to reach or exceed 40C in several parts of the country. Although stifling temperatures are already forecast for Thursday, the worst is yet to come. Forecasts point to a rise in temperatures over the weekend in particular, especially in the northeast and the Balearic Islands. Zaragoza, Lleida in Catalonia and Mallorca will be some of the most affected provinces, as temperatures between 38 and 40 degrees are expected, including tropical nights that will not drop below 25 C. In fact, the entire regions of Aragón, Catalonia and the Balearics have orange weather warnings. Aemet forecast indicates that the hottest cities in this final stretch of June could be Palma this Wednesday (39C), Córdoba on Thursday (38C) and Friday (41C), Seville on Saturday (43C) and Sunday (44C), and Lleida and Seville next Monday (43C). Additionally, temperatures will reach or exceed 40C over the weekend in Badajoz, Cáceres, Ciudad Real, Jaén, Madrid, Toledo, and Zaragoza. Other parts of such as Malaga, Albacete, Valencia, and Murcia will remain on yellow alert for extreme heat, indicating a moderate but real health risk, especially for vulnerable people, such as the elderly, children, and people with chronic illnesses. Aemet warns that the orange level poses an even higher health risk and recommends limiting sun exposure, hydrating frequently, and avoiding exercise during the peak hours of the day. According to Spain's System of Daily Mortality Monitoring (MoMo), from June 1st to 21st 114 people have died in Spain due to heat-related causes. Summer has already made itself felt throughout June but this looks set to be the first official heatwave of the summer given that we're past June 21st. There was also a period of very high temperatures in May but in order for it to be classified as a heatwave it must affect a certain amount of the country, last for several days and temperatures must surpass a certain threshold. This time, this looks set to happen. That's according to Aemet's official spokesperson Rubén del Campo, who predicts that it will almost certainly be 'the first heat wave of this summer' and that it will 'start on Saturday and perhaps last until the middle of next week.' This ola de calor, as a heatwave is called in Spanish, is what's led Aemet to state that 'June 2025 will, very probably be the hottest since records began'. The monthly temperature anomaly in mainland Spain is estimated to be around 3.7C . The highs (+4.2C) are even more extreme than the lows (+3.2°C), despite the fact that tropical nights have been a mainstay in both inland and coastal areas, aided by unprecedented Mediterranean Sea temperatures for this time of year. This affects millions of people in Andalusia, Madrid, Aragón and Catalonia, populous regions which are among the regions experiencing the most extreme temperatures.
