Vietnam’s fintech M&A market is entering a new phase with investors exit gathering pace and buyers increasingly targeting licensed businesses in regulated financial services, according to sector experts.

Deal activity has slowed this year, with only two transactions announced, but several high-profile businesses are emerging as potential acquisition candidates.

Investors that entered the market between 2018 and 2022 are coming under pressure to return capital, as tighter funding conditions make it harder for loss-making fintechs to secure follow-on financing, according to a Ho Chi Minh-based private equity investor familiar with the sector.

“Vietnam is starting to enter an investor-exit and consolidation phase, although the market is still at an early stage,” he said.

MoMo, Vietnam’s leading e-wallet operator, was collecting offers from investors including CVC Capital Partners, MUFG, and Blackstone, as previously reported by this new service. Investors in tech unicorn VNLife, including GIC and Softbank Vision Fund, have also explored stake sales. Meanwhile, Grab has been evaluating acquisitions in Vietnam’s consumer lending space, while Singapore-headquartered fintech group M-DAQ recently integrated Vietnamese METech’s licensed payments provider PayME.

Potential acquirers include domestic banks, regional financial institutions, and technology platforms seeking expansion or specialised capabilities, the PE investor said.

Alongside Japanese acquirers, South Korean, and Thai financial groups are expected to remain active foreign buyers of local licensed assets over the next few years, said Franck da Silva, managing partner of Ænon, a M&A advisory firm focusing on SEA.

Vietnam recorded two fintech M&A transactions year to date, with no inbound transactions announced, according to Mergermarket data. Indonesian fintech unicorn Kredivo acquired local digital bank Timo, and OKX Ventures invested in VPBank’s crypto assets exchange (CAEX). Since 2020, Japanese investors have accounted for six of 19 fintech deals involving Vietnamese targets, ahead of South Korean and Singaporean buyers with four and three deals each.

Source: Mergermarket, data correct as at 03-Aug-26

Licensed assets gain appeal 

Vietnam’s fintech ecosystem comprises more than 200 companies across payments, lending, wealthtech, and financial infrastructure, with leading platforms including MoMo, VNPay, and ZaloPay. However, only a limited number of fintechs hold licences from the State Bank of Vietnam (SBV) that allow them to conduct regulated financial activities directly.

Payment and e-wallet providers require such licenses, while many P2P lending platforms, BNPL operators, and fintech software providers instead partner with licensed financial institutions.

Justin Gisz, partner at law firm Kinstella, said Vietnam remains one of the region’s more tightly regulated fintech jurisdictions, with lending activity firmly controlled by the SBV.

“Fintechs would not be allowed to directly provide loans unless they have a banking or finance-company license from the SBV,” he said.

“The scarcity of consumer lending licences makes them strategic assets,” da Silva noted, citing the selective licensing regime as one driver of investor interest.

A Japanese corporate executive said lending remains the most attractive segment because successful platforms combine four critical advantages: credit assessment, customer reach, funding access, and regulatory relationships.

Investors are increasingly favouring lenders with proven underwriting, risk management, collections and funding capabilities over pure-growth lending apps. Profitability, credit quality, customer retention, and sustainable growth now matter more than user numbers or transaction volume, according to the PE investor.

The market is becoming increasingly bifurcated, said the experts.

Scaled platforms with strong regulatory positioning and established distribution continue to attract strategic interest, while smaller fintechs lacking a path to profitability and access to regulated financial licenses face mounting pressure to pursue mergers, partnerships, or exits.

Regulatory drivers   

Recent reforms in 2025, including Decree 94 on the fintech regulatory sandbox (issued April 2025), the Law on Digital Technology Industry (adopted June 2025), and Resolution 222 on the International Financial Center (passed June 2025), have increased regulatory certainty and heightened focus on licensing and compliance.

The sandbox covers credit scoring, Open API data sharing, and peer-to-peer (P2P) lending. However, foreign-invested companies are not permitted to operate P2P lending platforms directly, though they may participate as lenders under the SBV’s supervision. As a result, foreign investors are seeking lending exposure through partnerships or investing in locally licensed platforms.

Da Silva at Ænon described regulation as “the single biggest structural driver of transactions” in the country. Recent reforms around the formalisation of P2P lending and credit scoring are gradually transforming previously grey-area business models into licensable and transactable assets.

Stricter requirements around customer identification, cybersecurity, consumer protection, and data governance are raising compliance costs and barriers to entry, increasing pressure on smaller fintechs that lack the scale and resources to compete independently, according to a local industry expert.