Another country in the Asia Pacific is jumping into the financial technology race.

Vietnam, considered an emerging market, is ramping up its fintech projects in a serious way. Other emerging markets within Asia, such as India and Malaysia, have also joined the fintech scene.

Financial technology offers emerging markets like Vietnam unique opportunities, with the chance to bypass traditional methods of economic growth and business services.

Out of all investments into startups in Vietnam, financial technology is one of the most popular sectors. Last year, investments into fintech approached $3 billion, which is a large figure for a small emerging market like Vietnam.

The sector is expected to grow to almost $8 billion over the next few years. The key difference between an emerging market like Vietnam and developed markets like the US and UK is that investments can go much further in an emerging market. Many fintech startups in Vietnam are receiving multi-million valuations and investment rounds.

Although Vietnam’s fintech sector is leagues behind the US and other developed markets, the innovative nature of fintech could help to bridge the gap. By utilizing fintech technologies, emerging markets like Vietnam have the chance to skip certain key developments that other advanced industrial nations once struggled with during their development.

Moreover, by the nature of fintech and the internet, consumers and businesses in Vietnam may have the opportunity to compete on a global scale.