Payment Infrastructure and Open API
Solution to connect banks, check transactions and open data according to standards - infrastructure layer for the entire digital financial ecosystem.
Number · Sector hub
Fintech & E-commerce
HCM VIF aims to enter at a later stage in this field — when the team already has a clear revenue model and a strong legal compliance foundation, because this is an industry where governance risks can be greater than technology risks.
Why now?
The legal framework has paved the way for fintech to operate legally
For many years, the biggest barrier for Vietnamese fintech is not technology but the lack of a clear legal framework. That has changed: Decree 94/2025/ND-CP on a controlled testing mechanism in the banking sector takes effect from July 1, 2025, allowing qualified credit institutions and fintech companies to test new models such as credit scoring, data sharing via Open API and peer-to-peer lending.
Parallel, commercial Electronics continues to be a stable growth driver: the scale of online retail in 2025 is estimated to reach about 31 billion USD, equivalent to about 11% of total retail sales of goods, with an average growth of about 25% per year. These two trends together create great demand for digital payment, credit and logistics infrastructure.
In fintech, a team good at technology but weak at compliance is risky. We evaluate management capacity as strictly as product capacity.
This is the time when HCM VIF wants to accompany: when the legal corridor has been formed and the market is large enough, but the capital for Vietnamese teams working on digital financial infrastructure is still modest compared to the scale of the opportunity.
01/7/2025
Decree 94/2025/ND-CP on controlled testing mechanism in the banking sector takes effect
Source: Decree 94/2025/ND-CP of the Government
~31 tỷ USD
Vietnam's e-commerce retail scale is estimated by 2025
Source: Department of E-commerce and Digital Economy - Ministry of Industry and Trade
~25%/năm
Average growth rate of Vietnamese e-commerce
Source: Department of E-commerce and Digital Economy - Ministry of Industry and Trade
Ho Chi Minh City Chance
Advantages only City funds have
Institute – school of finance and technology
The schools of economics and technology at Ho Chi Minh City provide human resources who understand both financial and technical operations — a rare and essential combination of competencies for fintech.
Financial and consumer centre
Ho Chi Minh City is home to the country's largest concentration of financial institutions, retail businesses and digital customers — an ideal product testing market.
Payment and logistics infrastructure
Dense payment, logistics and delivery networks around the City help e-commerce models operate at competitive costs.
Companion policy
The orientation to build an international financial centre at Ho Chi Minh City opens up policy space for digital financial models to operate in a controlled manner.
HCM VIF what to look for in the industry
Four signals in fintech and e-commerce profiles
Comply with the law from the beginning
Licenses, banking partner contracts and anti-money laundering procedures are established properly from the very beginning.
The revenue model is clear
Revenue, profit margin and customer acquisition costs are proven by operating data, not dependent on growth through promotions.
Real risk management
The credit scoring model, fraud control and risk limitation are verified through the actual data of the business itself.
User data safety
The security, decentralization and personal data protection system meets current legal requirements and financial industry standards.
The central problem
Fintech and e-commerce problems we care about
Credit for small businesses
Scoring and working capital funding model based on cash flow data, serving traditionally hard-to-reach banking customers.
Compliance Technology (RegTech)
Electronic identification tools, transaction monitoring and compliance reporting help financial institutions reduce regulatory operating costs.
E-commerce infrastructure
Multi-channel sales management software, optimizing logistics and delivery for small and medium-sized retailers.
Distributed ledger for traceability
Apply distributed ledger technology to commodity traceability and supply chain financing — where technology solves a real trust problem.
And other breakthrough technologies
The above list is the direction the Fund is interested in, not a limit. If your business pursues a disruptive new technology that falls outside of the above categories, we'd love to hear.
Priority areas
Areas of interest to the Fund
List of priority fields according to the Fund establishment project — where the Fund actively searches and receives investment applications.
The Fund looks for teams to build a digital financial infrastructure that is strong in compliance
Submit your application online for the Fund to consider according to the investment criteria of the fintech & e-commerce sector, or learn about the Fund's investment strategy in advance.