Wee Digital

Wee Digital was a domestic fintech business and not a strange name in the startup world. This company was the winner of the Fintech Challenge Vietnam contest held for the first time by the State Bank of Vietnam (SBV) and had received two investments from VinaCapital Ventures and InterVest (Korea). Face recognition technology was still new in Vietna... m, but Wee Digital was not the only unit developing it. Big-name enterprises, such as VNPT with VNPT eKYC, VNG with TrueID solution, or FPT with FPT.AI eKYC, were aiming to conquer the face recognition market in Vietnam and on a global scale. According to Christian Nguyen, Founder and Chief Executive Officer (CEO) of Wee Digital, biometric payments would prevail in the next five years to 10 years. The value of transactions via QR was still minimal compared to the total transaction, so the market still had many opportunities for other non-cash payment solutions. According to statistics, nearly 40 percent of the Vietnamese population had a bank account, but 80 percent of their daily expenses used cash, 98 percent used cash when paying for under 100,000 dong, and nearly 85 percent of ATM transactions were withdrawals. Therefore, the development of new payment methods, using biometric applications to create convenience and increase user experience, was seen as a measure to encourage people to use cashless payments.Read More