LTS QA

Lotus QAは、2021年のあらゆる課題や困難を見事に撃退した数少ない企業の1つです。実際、2021年はLotusの多くの変化と成果を目の当たりにし、パンデミックの中での適応力と柔軟性を証明することができました。それでは、2021年にLotusがどのように発展したかを見ていきましょう。

1. 私たちが乗り越えたもの

COVID-19のパンデミックとの戦いはまだ勝利したとは言えませんが、ワクチンの目処が立ったことで、少なくともトンネルの終わりにかすかな光が見えています。

この間、LotusはハノイでCOVID-19の2度目の暴発に見舞われ、ほとんどの社員が自宅待機を余儀なくされるなど、さまざまな困難にぶつかった。そんな中でも、私たちスタッフは、ひとつひとつの納品物を最高の品質でお届けするために、絶え間なく努力を続けてきました。

 

2. 私たちが達成したこと

2021年、新たなビジョンと戦略的プラン、そしてスタッフの献身的な努力により、Lotusは不死鳥のように立ち上がり、成功を収めたと主張します。

売上は160万ドルに達し、2020年の2倍になりました。また、日本、アメリカ、中国、韓国など世界各国の42社のクライアントと172のプロジェクトを行いました。これは、2020年の実績と比較すると大きな数字です。

私たちの抱える問題やアチーブメント達成の詳細はこちら。

 

 

Lotus QAについて

Lotus QAは、小売、食品および飲料、ヘルスケアなどの多くのドメインでITサービスに関する専門知識と経験を持っており、オフショア開発を実施したい企業にとって信頼できるプロフェッショナルなサービスプロバイダーです。

• 厳格なセキュリティ：Lotus QAは、ISO 27000:01の厳格な手順に従って、最適なセキュリティと国際標準化されたプロセスを実現するだけでなく、お客様の要件に柔軟に適応します。
• 質の高い人材：Lotus QAのスタッフは入社の時からの厳格な面接、そして仕事上のオリエンテーション、継続的な学習と自己開発を通じた能力の高い人材です。
• 柔軟性：お客様がいつでも計画を選択または変更できるように、さまざまな作業モデルを提供しています。

弊社のサービスに関する詳細についてはお気軽にご連絡ください！

• Website: https://jp.lotus-qa.com/
• Tel: (+84) 24-6660-7474
• Fanpage: https://www.facebook.com/LotusQualityAssurance

 

The year 2021 marked the tipping point for many technological advances that would shape our understanding and interaction with the world to come.

Let’s take a look back at some of the year’s most significant technological developments.

The Beginning of the Metaverse

The announcement of Metaverse on November 24th was a significant event in the ever-changing world of technology. This was followed by Mark Zuckerberg’s announcement in October that Facebook would change its name to ‘Meta’ as part of the company’s transition from a social media platform to a virtual reality platform.

Metaverse is a concept of a centralized virtual world in which people and businesses interact with one another via VR headsets, and this platform lacks the usual physical boundaries that today’s social media platforms have.

The Metaverse has the potential to shape how people interact with one another in the ever-expanding virtual world.

The Crypto-Boom and the Global Chip Scarcity

The year 2021 was the year of cryptocurrency, with the industry growing from USD 24 billion to USD 63 billion in a single year, and the trend is expected to continue.

However, this boom, combined with the massive surge in demand caused by the Covid-19 pandemic, resulted in the worst supply-chain issue in the computer industry’s history, affecting global computer buyers as well as every tech industry from chip manufacturers to car companies.

NFT stands for Non-fungible Token.

NFT is an Ethereum Blockchain function that allows a person to trade ownership of anything digital, such as images, drawings, music, and so on, with another person, but each NFT is unique, unlike currencies, which are fungible or identical.

NFTs have become a massive trend in digital art trading in a very short period of time, though the NFT market is still primarily a place where rich people, mostly for bragging rights, throw away their money to own something rather than NFTs being anything substantial.

Silicone made to order

The world’s largest technology companies have finally taken the step of designing their own custom SOCs for their own products.

Apple was the most successful in this venture; the second iteration of their custom silicon, known as the ‘M1 Pro’ and ‘M1 Max,’ set the standard for consumer-level computer efficiency and computational prowess, leaving other manufacturers in the dust.

Google, on the other hand, created their own mobile chip called ‘Tensor,’ which was used in their flagship mobile line-up and delivered impressive performance.

All of the other major phone manufacturers may enter the custom silicon game by 2022; Tesla has hinted at something similar in their upcoming phone release.

LG’s exit from the smartphone market

LG, a well-known electronics company, announced their retirement from the phone business in 2021, stating that they would focus more on home appliances and other electronic products.

To say the least, the company’s recent performance in the smartphone industry has been poor, with bad branding, questionable hardware and software choices, and a lack of reliability causing the company to fall significantly behind their competitors.

However, LG will always have a special place in the industry because of their constant pursuit of innovation, and they were the first to set trends for many of the smartphone features that are now ‘mainstream’ across the smartphone industry.

Let’s take a look at some of the first features introduced by LG to the market: capacitive touchscreen, dual-core processor, 1080p video recording, dual-rear camera, quad-core processor, double-tap to wake, mass-produced quad HD screen, dual-screen display, ultrawide camera, 18*9 display, triple rear camera, and so on. LG will be sorely missed.

Lotus QA is among the few companies that have successfully fought back all of the challenges and difficulties in 2021. In fact, the year of the Ox has witnessed many changes and achievements of Lotus, proving our adaptability and flexibility amidst the pandemic. Let’s take a look at how Lotus developed in 2021.

Changes in our regime

As some of you may know, Lotus started with Lotus QA (Lotus Quality Assurance) in 2016 and continued our journey of providing top-notch talents and services to the world. To do this, our BOD has expanded the service coverage with Lotus Technology Services in 2017 to bring more value and high-quality work to our customers. 

With Lotus TS, we specialize in providing data labeling, data annotation and software development outsourcing services. Another milestone in our development journey is the foundation of Lotus Japan office in October 2020, marking our official presence in the global IT Outsourcing market. Despite facing many difficulties amid the Covid-19 pandemic, Lotus Japan is a big success, as we got many new customers from this promising, yet very demanding market. 

Towards the end of 2021, with the help of partners and many devoting employees, Lotus stepped up our game with the establishment of Lotus Academy – a training hub for young and talented tech newbies.

With Lotus Academy as the newest member of Lotus Group, our BOD believe that we can enhance our talent pools, hence providing top talents to our clients from around the globe.

What we have overcome

While the fight against the COVID-19 pandemic is not yet won, with a vaccine in sight, there is at least a faint light at the end of the tunnel—along with the hope that another train isn’t heading our way.

2021 will be the year of transition. Barring any unexpected catastrophes, individuals, businesses, and society can start to look forward to shaping their futures rather than just grinding through the present. The next normal is going to be different. It will not mean going back to the conditions that prevailed in 2019. Indeed, just as the terms “prewar” and “postwar” are commonly used to describe the 20th century, generations to come will likely discuss the pre-COVID-19 and post-COVID-19 eras.

During this hard time, Lotus stumbled upon many difficulties as we were struck with the second outburst of Covid-19 in Hanoi, resulting in most of our employees having to work from home. Despite all that, our staff has worked nonstop to ensure the highest quality possible in each and every of our delivery.

What we have achieved

Vietnam has witnessed the most serious outbreak of Covid-19 since the beginning of it, and Lotus was somewhat affected by the outbreak. But that was just the story of 2020. In 2021, with new visions and a strategic plan, together with the dedication and devotion from our staff, Lotus group has risen like a phoenix and claimed our success.

To be more specific, our revenue reached $1.6M, doubling the number in 2020. Lotus has worked with 42 clients from all over the world, ranging from Japan, the US, China, Korea, etc. with 172 projects. This is a big number when compared with what we did in 2020. 

Also, Lotus was celebrated as the Top AI Data process service in the prestigious Sao Khue award. On the global scale, we got listed from Clutch, Manifest as top software testing and IT Outsourcing companies. These titles are concrete evidence of what we achieved in 2021.

In terms of internal PR, Lotus has organized many games, team-building activities to bond our employees together.

In terms of staff training, Lotus has founded Learning & Development department and later on, Lotus Academy, which in turn will help Lotus ensure a stable and high-quality source of candidates.

To conclude, the year of 2021 is another year of many difficulties and challenges. But Lotus, with hard work and righteous strategies, has thrived. As we’re getting closer to 2022, our BOD would want to thank you all for your support in 2021. We hope you a Happy New Year!

To deal with the unquenchable thirst for IT talents, Lotus QA has taken strategic steps when partnering with FUNiX for multiple recruitment programs and initiatives. 

 

The potential for HR growth in Lotus QA

Currently, Lotus QA has nearly 250 technology engineers. By tapping the market of IT talents through strategic partnership and innovative approaches, Lotus QA promises to grow to 1000 personnel in 2026. In 2022 alone, the business plans to recruit nearly 350 engineers for Manual positions, Automation Tester; Java, .NET, PHP, NodeJS, React programmer; Processing image data, etc. to meet the demand of the global IT market.

 

 

One thing that draws these candidates to Lotus QA is the attractive salary range of up to VND 50M/month. Our CTO, Mr. Nguyen Hoang Hai indicated that the company will conduct performance and salary reviews twice a year for opportunities for promotion. At the same time, there are professional and skill training courses conducted by experts to help our employees enhance their skills and knowledge.

 

Recruitment partnership with FUNiX 

Lotus QA signed a strategic cooperation agreement on training and recruitment with FUNiX on November 22. Accordingly, our company welcomes undergraduate and post-graduate students to learn and work on our projects. In addition, we also take part in the process of developing training programs by sending experts to teach and train FUNiX’s students, aiming at shortening the gap between students and the company.

 

 

Acknowledging FUNIX’s online training model as practical, effective and pioneering, Lotus QA believes that our partnership can help our business solve the problem of talent shortage in information technology.

The special element that makes FUNiX stand out among other educational programs is that they create the opportunity and the environment for students to meet future employers while they’re still learning. “This helps you find a specific destination and contributes to a great motivation for your learning process.” Mr. Nguyen Thanh Nam, founder of FUNiX added.

 

Lotus QA – an ideal workplace

Lotus Group was established in 2016, including Lotus Quality Assurance and Lotus Technology Services. Currently, the company provides IT services and personnel to international customers, focusing on three main service areas of software development, software testing and AI data labeling.

The enterprise has implemented nearly 200 projects for more than 60 customers from 9 countries, including INFINIQ, Qualcomm, Toshiba and so on. This year, Lotus has become a Silver partner of ISTQB, a certificate provider for Testing Proficiency and received the prestigious Sao Khue award for IT services. At the same time, we are also recognized as the top Software Testing company in Vietnam by Clutch – a leading B2B business ranking agency.

In the next 5 years, Lotus is expected to grow more in automated software testing and outsourcing services in core markets of Japan, Singapore, Korea, Hong Kong and the US.

Vietnam is amongst the top destinations for AI data processing services, providing top-notch data labeling, data collecting and data annotation work. With many favorable traits that can help businesses reduce costs as much as possible, we now have a whole ecosystem of the top Data Labeling companies in Vietnam.

If you are looking for a reliable AI data processing service provider in Vietnam, you can consider our list of top 10 data annotation companies.

You might want to know: Why is Auto Data Labeling the future?

 

Overview of data labeling companies in Vietnam

The demands for AI data processing services hit a record-high number as the world’s technology is revolving around AI-related technologies. To operate an AI model, one business might need thousands of training datasets. The increasing need for AI development and training data leads to the increasing needs for data collection, data annotation and data validation.

Since the dawn of AI and ML, there have been hundreds of companies founded just to handle data processing services (because the number needed is very high). The most mature market in this particular field is the US and China. However, as these countries move further towards AI development, the cost for operating an AI data processing hub gets higher and higher. In these countries, the workforce once dedicated to AI processing services now switch to other AI-related technologies.

To maintain a reliable and stable source of training datasets, AI development companies have to come to other countries for a better cost, and Vietnam is one of the most reasonably-priced destinations.

In Vietnam, the price for hiring and retaining talents is lower than that of China or the US. We also have a young and abundant workforce that can cover your needs for training data.

Our AI data processing services started to boom 6 years ago. And in only 6 years, a whole new ecosystem of the most prestigious and renowned AI data annotation companies are founded and still operating with great prospects:

• Lotus Quality Assurance
• DIGI-TEXX VIETNAM
• Sibai
• SANEI HYTECHS VIETNAM Co., Ltd.
• BEETSOFT Co., Ltd
• MP.BPO
• Vietnam Smart BPO (VSBPO)
• Kotwel
• OkLabel
• Vie-Partner

 

 

Details about top data labeling companies in Vietnam

Top data labeling companies in Vietnam can provide you with an array of different services to fulfill your needs in AI development and AI data processing.

 

Lotus Quality Assurance

Lotus Quality Assurance, as part of Lotus Group, was founded in 2016 with the start of a Testing and Quality Assurance company. As the company moves towards the newest technologies there are in the market, our BOD has come to the realization that AI data processing service holds great potential and prospects for further development. Indeed, since its foundation, Lotus QA has continuously worked with international clients in different data annotation, data annotation and data validation projects. Besides project-based work, Lotus QA has been a long-term partner of multiple clients, mostly in the automotive sector.

 

 

Especially, our annotators and QA engineers assure high-quality training data and annotated data with an average error rate of only 0.02%, which is very ideal for any annotation project.

Since the foundation of Lotus QA, data annotation has always been the key service offering for our clients. As we thrive in this area, we have been working with many kinds of data, ranging from image, text, voice from different sectors. These sectors are automotive, agriculture, construction, fashion, finance, etc.

 

DIGI-TEXX VIETNAM

DIGI-TEXX is a German IT- BPO company headquartered in Ho Chi Minh City, Vietnam since 2002, with 3 branches in Ho Chi Minh City and one office in Fukuoka, Japan. With 100% FDI from Germany, DIGI- TEXX is one of the pioneers in the Business Processing Outsourcing (BPO) industry in Vietnam. As a digital solution provider with a solid BPO background, we empower clients around the world from various industries to achieve business transformation and gain competitive advantages.

With more than 1000 employees, providing round-the-clock services, they guarantee service delivery excellence while ensuring compliance with industry-followed quality and security standards.

They have been consistently providing Outsourced Services and Digital Solutions for more than 19 years to international clients in various industries, that require:

• Document processing to save time and optimize cost.
• Digital solutions to replace paperwork with automation processes, such as Banking, Insurance, and Healthcare.

Besides, they also provide Customer Helpdesk services in fluent Vietnamese, Chinese, Japanese, and English for many E-commerce and trading platforms.

 

SIBAI VIETNAM

SIBAI VIETNAM was founded in 2020 with a dedicated team of more than 200 experienced annotators who can handle your most unstructured datasets. With competent staff who have worked on multiple projects, SIBAI VIETNAM can now carry out your data annotation project on multiple platforms with different data annotation tool, across all content types.

With the combination of human talents and AI, SIBAI VIETNAM thrives as one of the most successful data labeling companies in Vietnam. Our customers’ most complex labeling needs can be well handled and addressed.

 

 

 

With high-quality data labeling and data annotation services, SIBAI is to elevate your business growth. SIBAI VIETNAM has developed a talent pool of more than 200 well-trained annotators in diverse areas. With all combined, we can provide the most suitable solutions that you are looking for, anytime you need them.

Besides the usual data annotation service, SIBAI VIETNAM also focuses on content moderation solutions. SIBAI provides human-level accuracy that significantly moderates community-generated threats in image, video, text, and audio. SIBAI can help brands limit risk exposure and safeguard their online platforms from content that has been flagged as inappropriate or violating community guidelines.

 

SANEI HYTECHS VIETNAM Co., Ltd.

Established on 19th June 2015, SANEI HYTECHS VIETNAM Co., Ltd. is currently one of the best data labeling companies in Vietnam. With the association with Japanese branches and companies, Sanei has strong resources and a foundation for top-notch services. Their service offering includes:

• Software Development (Embedded software, third-party unit verification, software application on Windows, Android, iOS and Bluetooth, etc.)
• LSI Design (FPGA Design/Verification, Logic Dedsign/Verification), Ip Design/Verification)
• Annotation Center (Create, analyze and provide design/evaluation data toward Big Data processing, deep learning data creation of the Artificial intelligence development, BPO service)

SANEI HYTECHS VIETNAM Co., Ltd. is currently operating with small number of employees but it can stretch in scale if requested.

 

 

 

BEETSOFT Co., Ltd

Beetsoft is another stand-out name among the data labeling companies in Vietnam. With more than 5 years of experience working in IT Consultancy and outsourcing services, Beetsoft knows how to play a stellar role in honing the skills of professionals, assisting companies to achieve success in their operating fields. Based in Vietnam and Japan, Beetsoft focuses on providing services to these two markets. Especially in the data labeling and data annotation fields, Beetsoft stands out as it can provide high-quality projects thanks to international standards and a multi-layered QA system.

Beetsoft offers high-end services at competitive rates as our development and annotator team is based in Vietnam. The competitive price of Beetsoft is always accompanied by the best work there is, so their customers can rest assured of the quality.

 

MP.BPO

BPO.MP Co., Ltd. is the first BPO enterprise with the Vietnam-Japan joint venture model to provide Business Process Outsourcing services, including document digitization, data entry & processing data management, financial and accounting processing, content writing, translation-interpretation, image processing, document labeling, etc.

With the motto “Successful cooperation to overcome limits”, the company’s development goal is to combine the advantages of the two cultures of Vietnam – Japan, take advantage of the strengths of businesses of the two countries to provide the best services. MP.BPO promises to bring services of international quality for customers in Vietnam and around the world.

 

Vietnam Smart BPO (VSBPO)

Vietnam Smart BPO (VSBPO) is a brand under Free’t Planning Vietnam, a joint venture between Vietnam, Free’t Planning Japan and I-Corporation Japan. VSBPO takes pride in being a pioneer in the industry, and a leader in providing business process outsourcing (BPO) services in Vietnam. Their partner, Free’t Planning Japan, has 20+ years of experience in IT & BPO industries. Today, the total number of employees is 200+ across 3 countries (Japan, Vietnam, China).

With the vision of becoming the leading BPO company in Vietnam, VSBPO is to provide the best quality services at optimal cost to clients.

 

Kotwel

Kotwel is the emerging data service provider for artificial intelligence. Relying on its own data resources, technical advantages and rich data processing experience, since its establishment, Kotwel has provided high-quality data services to many technology companies and scientific research institutions worldwide.

 

 

Kotwel is committed to total customer satisfaction by providing consistently high-quality data & services that meet or exceed the expectations of our worldwide customers.

Their purpose remains to embrace the power of human ingenuity and technology to create value for your AI & Business Initiatives. Kotwel wants to enable enterprises globally with stellar quality data services by using the combination of advanced tools and human intelligence. Benefitting and creating an optimistic social change through employment.

By supporting the development of game-changing AI & Technology applications with cutting edge workforce solutions, Kotwel wants to become a global leader when it comes to solving your data needs.

 

Ikorn Solutions

As a leader in contemporary online trends, Ikorn Solutions has grown as a highly respected IT company and become a trusted partner of many large Korean firms since entering the IT outsourcing market in 2007. They specialize in software development and I.T. outsourcing services such as data labeling services that are comprehensive, integrated, and customized to suit individual business needs across industries.

Driven by a passion for technology, Ikorn strongly believes that quality integration and technological development are at the center of their business. Ikorn´s competitive advantages are a force to be proud of as an excellent pool of skilled resources recruited from the finest professional education institutions in the industry. In 2017, following 10 years of operation and great persistence in development, Ikorn Solutions took a consistent and rigorous approach to expand our outsourcing services into the automotive industry and began to seek new partners for the next phase of business. This move served to affirm, step by step, the company’s strong position in the software technology market.

 

Vie-Partner

In 2016, VP Studio was founded by a team of computer graphics artists, providing graphic and 2D/3D designs for movies and games productions.

After observing the similarities of working methods and logic between Computer Graphics and Data Annotation, they found that experienced graphic designers achieve a 30% higher annotation speed and accuracy than average.

With years of experience in graphics training, they founded Vie-Partner specializing in Data Annotation. The goal of Vie-Partner is to provide organizations with trustworthy labeling solutions while creating work chances for underprivileged youngsters in Vietnam, minimalize costs without compromising quality.

 

If you are looking for the high-quality data labeling services in Vietnam, contact Lotus QA for more information from experts:

• Website: https://www.lotus-qa.com/
• Tel: (+84) 24-6660-7474
• Fanpage: https://www.facebook.com/LotusQualityAssurance

The first five-year plan of Lotus Group has reached to an end with many achievements and stories to be told. With the foundation and certain success we had in the past five years, Lotus Group sets higher aims and bigger goals to our next five years to thrive.

 

Our motivation strengthens us

Since day one, Lotus has always envisioned to bring the IT talents of Vietnam to the global market. Seeing the unprecedented potentials of well-trained and professional IT workers that enter the job market every year, our BOD senses that these talents can also make a difference in the international market.

The talent shortage in tech positions is very alarming, and to fill these positions are very costly and time-consuming. Seeing the huge number of tech graduates every year, our BOD sets the vision on how to bring as many talents to the world as possible. From small testing projects, now Lotus QA has got some major succeeds with big clients, working in many fields including AI data processing, testing and development.

The motivation of Lotus has always been bringing Vietnam to international customers. Lotus wants to prove to the world that despite the war-torn history, Vietnam now has the potential and the opportunities to thrive as a technology-fused nation. By taking the potentials of these young and dynamic talents, Lotus strengthens the image of Vietnam and joins hand in making Vietnam the top country for IT services.

 

Broaden our services

 priorities for Lotus in the next five years is the expansion of our services to clients. In 2021, Lotus Group, from a company that focuses on AI data processing and testing services, have started the development service and this has helped Lotus Group gain more reputation in the international market.

With the three major services as mentioned above, Lotus appears as the well-rounded IT service company with capability of providing multiple IT services.

Our BOD aims at broadening our services to reach out to more and more customers, hence expanding Lotus Group. As there will definitely new services in our system, there will be a raise in the number of our employees. In 2021, our team reached 248 personnel, and this number is promised to rise more.

 

Learning and Development

Any company that invests in employee development is investing in their own success. By providing ongoing training for your employees, you are creating a workplace that is adaptive, flexible, and ready for change.

In 2022, Lotus Group plans to bring the essential classes to our employees. We not only help them acquire more knowledge but also give them the chance to improve other important skills such as foreign languages and presentation skills.

Employees increasingly expect informative and applicable training, which satisfies their needs both as workers at your organization and as up-to-date, informed professionals. Delivering on this training is an important step in building a genuine employee experience management strategy.

The next five years of Lotus Group will have a lot of changes, but we stay true to our motivation, and that is to bring the talented and professional IT workers to the world. By expanding our services and providing the essential knowledge for our employees, we are getting closer to successfully achieve this goal.

Amazing Lotus – The journey towards perfection of Lotus Group marks a new milestone as we celebrate our 5th year anniversary this October. Through the ups and downs in our journey, Lotus stands strong as we keep fulfilling the goal of bringing top-notch IT services to international clients.

Join us in these upcoming events of our 5th birthday to see our people and culture:

 

5 Years Rewind – October 11th

5 years of hard work, 5 years of ups and downs, and each member of Lotus Group has their own thoughts to share. This 5 Years Rewind is to remind us of the precious memories and lessons that we have in the past give years, and also to speak up our wants and needs in the future.

 

Lotus Gift Box – October 12th

To make this 5-year anniversary the most memorable events of 2021, Lotus QA wants to give you little gif boxes. No matter you’re working onsite or from home, we will send it to you as a thank-you gift for walking with us in the journey of becoming the top IT firm.

 

Lotus Summit – October 13th

Every idea and every thought of our employees will be heard, no matter how long have you been in Lotus Group. In this Lotus Summit event, BOD of the company will collect people’s thoughts and have solutions and measures accordingly. The revenue and business of the company will also be publicly shared so that the employees know what is going on with the company’s performance.

 

The Lotusian Contest – October 13th

An exciting contest to fire up the mood of our Lotusian. This will sure spark joy for our staff whether they are working from home or onsite.

 

5-Year Anniversary – October 16th

The most anticipated event of the year – 5th year anniversary party is a joyous and exciting occasion for the old and new member get to know each other.

Let’s have the most memorable birthday ever with Lotus Group!

Fintech market is one of the most developing and booming sectors in the world’s economy with Global fintech investment rise of almost 15% from H2’20 to H1’21. The number of Fintech deal volume also hit a new record of 2,456 during H1’21, marking a new milestone for this sector in the global market.

As 4.0 Technology enters every aspect of our lives, finance is not an exception. In fact, Fintech is leading and driving many companies’ transformation towards a more client-centric way.

Taking from what Fintech have achieved in the last five years, it is forecast to be a growth of 23.84% in a five-year period – from 2020 – 2026. Such outstanding prominent growth raises questions concerning what have been done in FinTech sector and what can be expected from this booming industry. Let’s unveil the success of FinTech in the following article.

 

1. Why Fintech Market is booming

The world have witnessed the unprecedented growth of Technology and eventually the extensive application of technology in one of the most important industry – finance.

Before digging deeper into why FinTech market can make such a successful debut in the world’s market and have such profound effects, we need to understand the term fintech. In short, fintech refers to any kinds of technology and innovation implemented by FinTech company in finance sector to compete with traditional financial methods in the delivery of financial services to customers.

The development and success of Fintech lie upon many factors, with the most notable ones being the needs for more conveniences, cost-effectiveness, contactless and paperless trends and the security and transparency it can provide.

 

a. The needs for more convenience in finance

The world have never been this technology-infused. Literally everyone can get access to the Internet through smartphones and other digital devices, not to mention many other technological services.

As global consumers use technology more in their lives, they demand more technological advances and conveniences in the most complicated sectors. And finance is at the top of the list.

Under the influences of technology-infused advances, the competition among service providers is more intense than ever. The core for their business operation is now customer-centricity, in which customer experience is of the highest priority.

This is when FinTech steps in the game. With the help of technology in such a complicated and cumbersome sector as Finance, financial processes and services are carried out in a faster manner, which eventually enhances customer experiences.

Let’s take a fine example at how Banks operate now. While traditional banks have fallen behind the digital curve, virtual banks are more favored than ever. With just smart devices such as mobile phones or tablets, customers can open a bank account with just a few steps. This can save up a lot of time of going to the bank, standing in queue and filling out forms.

As opposed to the convenience in how FinTech can help customers in saving time and effort, the regulation in Fintech is perhaps the most critical challenge facing the traditional banking sector.

 

b. Cost-effectiveness

It’s all about the big picture here. For many businesses, the initial cost for building Fintech platforms/apps is enormous, but it will be beneficial in the long-run.

For example, building a Chatbot in banking apps can take up months, but once the chatbot is in operation, it could save a fortune on HR expenses. No more hiring costs and compensation costs.

Another fine example of this is when you want to open a banking account without going to the bank. By applying online, banking institutions can save up a lot of time and effort. Instead of wasting time on minute tasks, they can actually help someone with a more serious problem.

 

c. Contactless and Paperless trends

Under the influence of the pandemic, everyone wants things to move faster with less contact. With the help of fintech, the obsolete payment system can now be faster and more compatible with modern devices. Paperless storage is also another hot topic for customers to engage in.

By implementing fintech, you are not just offering more professional service but also helping to enhance сuѕtоmеr rеlаtіоnѕ, increasing the probability of them returning as a regular buуеr.

 

d. Security and Transparency

Fintech have high capability to increase security and transparency. In the world of 4.0 technology, the fear of information leakage is huge, but with the encryption of the latest technology such as blockchain, this can be prevented.

For transparency, everything is recorded and stored for further uses. Customers can now manage payroll, send invoices, track projects and capture data – all in a single, accessible digital platform.

 

2. What have been achieved in Fintech Market

The Fintech market in the period of 2020 – 2021 has gained sustainable growth in how it thrives during the pandemic. This sector also promises greater development, thanks to the enormous investments from different sources.

 

a. Investment

Although fintech was certain to become a dominant force in the future of finance, this growth was rapidly accelerated by the pandemic and the necessity of digital transformation.

After the unexpectedly strong growth in 2021, the investment in the first half of 2021 sees a massive rebound. The investment in all three categories of Venture Capital, Private Equity, and Merger & Acquisition as a whole is expected to show growth in 2021.

Global fintech investment continued its remarkable rebound in H1’21, rising from $87 billion in H2’20 to $98 billion in H1’21. Fintech deal volume hit a new record of 2,456 during H1’21.

 

b. Market Growth from 2018 – present

The Fintech market has witnessed drastic growth in many regions of the world. For example, in the UK, the use of FinTech apps amid the pandemic grew by more than 50%, in Europe this number is 72%.

The global fintech market was worth $127.66 billion in 2018, and it is expected to reach $309.98 billion at a CAGR Of 24.8% through 2022. According to PRNewswire.com

By the end of 2021, the total transaction value was expected to surpass $6.68 trillion. In 2020, it was at $5.47 trillion, while in 2017, it was only $3.04 trillion. These figures point to strong Fintech growth, especially in the digital payments sector.

 

3. What to expect in the Fintech Market in 2021-2026 phase

The global fintech market size is expected to grow to USD 124.3 Billion by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 23.84%.

 

The Fintech sector has been a success everywhere, but the strongest market is in America, as the US accounts for the overlarge majority of $42.1 billion worth of investment in Fintech. Investment in the EMEA region was also very robust at $39.1 billion. In the Asia-Pacific region, fintech investment rose considerably between H2’20 and H1’21 – rising from $4.5 billion to $7.5 billion, although investment remained suppressed compared to previous record highs.

The UK’s annual fintech revenue is about £7 billion (circa $9.57 billion), and the sector has grown by almost 70% since 2015.

In Asia-Pacific, the top five Asia-Pacific fintech hubs in 2020 list end with Hong Kong, China, and Sydney, Australia

Besides the familiar names, Vietnam also has a very potential fintech market. The number of startups in Vietnam’s fintech sector has tripled from 2017 to 2020. Specifically, Vietnam had 44 fintech startups in 2017, but by 2020 this number will be 118.

Along with the rise of e-commerce in Vietnam, digital payments have been the most prominent segment within the fintech landscape.

In recent years, the country has recorded a significant increase in the transaction values from e-wallets and mobile banking. About Transaction Value of Digital payments in Vietnam, it is worth 8.6bn USD. The forecasted number of registered mobile wallets in Vietnam is worth 6.5m USD.

Looking at these impressive numbers, Vietnam has a high potential of growing and developing Fintech Apps. In fact, there are a large number of Vietnamese business providing Fintech development services at a reasonable price from the top-tier talents.

If you’re looking for a vendor for this, contact Lotus TS for more information. Lotus TS has years of experience working in the Fintech sector and providing software development services.

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