2018 proved to be a fantastic year for the Vietnamese economy. Figures from the government showed that the socialist state’s gross domestic product (GDP) grew by 7.1 percent year on year in the first six months of 2018 – the fastest growth recorded since 2011. Vietnam’s impressive growth rate is expected to continue this year.As the Vietnamese economy continues to grow, consumption choices in the country have begun to change.
Malaysian state-owned private equity firm, Ekuiti Nasional (Ekuinas) has divested the entirety of its 60 percent equity interest in cross-border mobile cash transaction firm Tranglo to the Hong Kong-based TNG Fintech Group for US$27.6 million.
The internet has changed the way most of us live. Through internet related technological innovations such as the Internet of Things (IoT), big data and e-commerce, a lot of our day to day tasks have been made easier. Such innovations could also boost industries, making it easier for those who engage in certain types of business to carry out their tasks. The mushrooming of e-wallets in Asia – particularly Southeast Asia – could be useful for the tourism industry.
The competition between ride-hailing apps in the region could slowly become a one horse-race as the tech world has been rocked with rumours of Uber exiting the region. The speculation began after Japan’s SoftBank made a US$1.25 billion investment in Uber that effectively made them the company’s largest shareholder.
With a growing internet user base and a digital economy that is said to be worth US$50 billion last year alone by Temasek and Google, it is no wonder digital wallets or e-wallets are taking off in the region. Digital wallets allow users to keep their credit cards and bank accounts electronically safe. An e-wallets allows you to make payments on e-commerce websites and also in real-life through QR codes or near field communication (NFC).