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Vietnam’s embrace of biometrics for payments a double-edged sword

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Wed, Jul 17, 2024 02:02 AM

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In The Top Up this week, we look at Vietnam’s new rule requiring facial recognition for payment

In The Top Up this week, we look at Vietnam’s new rule requiring facial recognition for payments and how it affects the country’s fintech landscape. [Read from your browser]( The Top Up 💵 Welcome to The Top Up! Delivered every fortnight via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in fintech. If you’re not a subscriber, get access by [registering here]( IN FOCUS In today's newsletter, we look at: - [How Vietnam’s new digital payments regulation is shaking up the industry]( - The effects of increasing Europe-China tension on Ant International’s expansion plans --------------------------------------------------------------- Hello {NAME} I switched from an iPhone to an Android phone this month, and one thing I miss is the robust facial recognition functionality of Face ID. It was more convenient than a fingerprint scanner and more straightforward to use. It’s also secure enough, with my Filipino banking and e-wallet apps allowing users to log in and transact via Face ID. In Vietnam, however, facial scans for certain payments have become a requirement, rather than an option, as the government looks to fight online fraud. In this week’s premium story, my colleague Peter dives into the growing pains arising from the new rules, and how it may affect the wider fintech landscape in Vietnam. Industry players have noted that the extra tech and human resources costs of compliance could hurt smaller fintech firms more than established ones. However, as Vietnam continues to move toward a cashless society, and with online fraud estimated to have cost Vietnamese consumers US$393 million in 2023, it might be better to bite the bullet now. -- Miguel  --------------------------------------------------------------- THE BIG STORY [Facial scan to buy banh mi? That’s not too far off in Vietnam]( All online transactions in Vietnam exceeding US$393 now require a facial scan. Surprisingly, some fintech players see this as a potential boon. --------------------------------------------------------------- THE HOT TAKE Ant International, BNP Paribas tie up for EU cross-border payment solutions Here’s what happened: - Ant International, which operates cross-border mobile payments platform Alipay+, has [teamed up]( with Paris-based BNP Paribas, a multinational bank and financial services provider, to enable merchants using the latter’s services to support payments from Alipay+’s 25 mobile partners across the globe. - The two firms will also work together to integrate WorldFirst - the integrated digital payment platform of Alipay+ for global businesses - into the Single Euro Payments Area (SEPA) scheme. - SEPA is a payment integration initiative launched by the European banking and payments industry to simplify cashless transactions made in euros. The SEPA region consists of 36 countries. Here’s our take: Ant International has been steadily building up its stable of international payment partners. While its expansion has mostly been within Asia - including [the Philippines]( and [Thailand]( - the Alibaba-linked fintech giant has been working toward extending its reach beyond its home region. Just last week, Ant International announced that it had [acquired]( Amsterdam-based payments firm MultiSafePay, giving the former access to 18,000 SMEs on the latter’s platform. This expansion makes sense for Ant International, with trade between Europe and China [increasing dramatically]( from 2020 through 2022 compared to previous years. Moreover, in 2023, the European Union [imported the most amount of goods]( from China. This has already shown up in cross-border payments, with Alipay+’s general manager of Europe [saying last month]( that transactions in Germany grew over 67% during the opening week of the UEFA European Championship. However, one potential hitch in Ant International’s European expansion plans is the growing tension between the region and China. The European Round Table for Industry, which comprises chief executives from large regional companies like Unilever, sees the two regions’ relationship [worsening]( over the next couple of years, with the EU’s derisking strategy and the close ties between China and Russia creating high levels of friction. For now, China seems to be taking proactive steps to cool the tension, with President Xi Jinping visiting Europe earlier this year to speak on issues like the trade imbalances between the two regions and an oversupply of Chinese electric vehicles in the continent. However, China is also wielding a big stick, [opening an investigation]( into EU trade barriers. If relations between the two worsen, this will make it harder for Ant International and BNP Paribas to cooperate.  --------------------------------------------------------------- EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](. [Tech in Asia Conference Kuala Lumpur 2024 : Malaysia on The Rise on July 24 - 25]( Join over 1,000 attendees from across the region for two days of insightful discussions and unparalleled networking opportunities. Hear from top industry speakers like Nadira Yusoff, CEO of Kiddocare, Sheyantha Abeykoon, Group CEO of Boost and Kel Jin Chua, Director of Shopee Singapore at the stage sessions of #TIAConferenceKL. Extended release tickets are selling fast. [Secure your tickets today.]( [Tech in Asia’s Founders Meetup in Malaysia on July 25]( We're talking rubbing shoulders with top VCs, locking down game-changing partnerships, and turning "what if" into "we did it." Founders Meetup is where the energy of the handshakes translates into real opportunities. Ready to make it happen? [Get your tickets now]( before it's too late. [KL Conference Exclusive: Antler Portfolio Showcase on July 24]( ​​Experience the unveiling of groundbreaking ventures emerging from Antler, the world's leading early-stage investor. Meet and connect with founders as they showcase their startups' traction and explore funding opportunities. ​​This is an invite-only event. [Apply for an invite here!]( [KL Conference Exclusive: Networking Night on July 24]( Seize the opportunity to connect with the brightest minds and most influential players in Asia's tech ecosystem, all while enjoying panoramic city views and delicious treats. This exclusive event is only open to Tech in Asia Conference Kuala Lumpur Pro Pass holders. [Secure your spot on our guest list today!]( [KL Conference Exclusive: After Party on July 25]( After two days of high-impact learning, join us at the official closing party to unwind, socialize, and celebrate the thriving startup scene in Malaysia. There’s no better way to do so than by immersing yourself in its vibrant energy firsthand. This exclusive event is only open to #TIAConferenceKL Pro Pass holders. [RSVP now to secure your spot!]( [Tech in Asia Conference Jakarta on Oct 23-24]( Where is the next Silicon Valley? It might just be Jakarta! Indonesia's young tech talent is booming, and Tech in Asia Conference Jakarta puts you right in the center of the action. Join us at #TIAConferenceJKT to connect with 4000+ region's brightest minds, 150+ hottest startups, and hear straight from 80+ experts. Early-bird tickets are now available! [Snatch the 75% discount while it lasts!]( ---------------------------------------------------------------  That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preferences center. In the meantime, if you have any feedback or ideas, feel free to get in touch with Terence, our editor-in-chief, at terence@techinasia.com. See you soon! P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  Copyright © 2024 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894

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