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In the previous article of this series, FinFan introduced the current state of embedded finance applications across several non-financial industries in Vietnam.

Today, embedded finance is no longer just an additional feature used to increase revenue for digital platforms. Instead, it has gradually become an important part of improving customer experience when people shop online or use digital services.

In this article, FinFan explores several common forms of embedded finance that have appeared in the Vietnamese market and how they are integrated into everyday digital platforms.

Types of Embedded Finance in Vietnam

Embedded banking

Embedded banking, often referred to as Banking-as-a-Service (BaaS), allows non-financial platforms to integrate banking features into their services through partnerships with licensed financial institutions.

Many embedded finance applications rely on banking infrastructure in the background, which is why embedded banking is sometimes considered the foundation of embedded fintech services.

In Vietnam, embedded banking features can be observed in several forms, such as:

• Co-branded credit cards issued by banks in partnership with e-commerce platforms
• QR code payment systems used in restaurants, retail stores, and service counters
• Discount or cashback programs linked to partner bank cards when shopping online These integrations allow customers to access financial services more conveniently while enabling businesses to enhance the overall purchasing experience.

Embedded payments

Embedded payments refer to the integration of payment functionality directly into a digital platform, allowing users to complete transactions without leaving the platform they are using.

A common example can be seen on e-commerce websites. When a customer visits an online fashion store such as H&M for the first time, they typically create an account and enter their payment information.

During future visits, the stored payment details allow customers to complete purchases with just a few clicks, making the checkout process significantly faster and more convenient.

Another example in Vietnam is the integration of digital wallets within e-commerce platforms. On platforms such as Shopee, users can make purchases directly through integrated payment wallets without needing to manually enter payment information each time.

These embedded payment solutions help reduce friction during checkout and can also support loyalty programs such as cashback rewards, digital vouchers, or promotional credits.

Embedded insurance

Embedded insurance is another form of embedded finance that has gradually emerged in Vietnam.

This model allows insurance products to be offered directly within the purchasing journey of another service or product.

One well-known example in the Vietnamese market was the partnership between Tiki and FWD Group, where insurance products were integrated into the checkout process of the e-commerce platform.

In this model, customers purchasing goods or services can choose to add insurance protection as an optional add-on during the payment process.

Embedded insurance can appear in many forms, including:

• travel insurance during ticket purchases
• product protection plans for electronics
• shipping insurance for online orders These integrations allow customers to access insurance coverage in a more convenient and contextual way.

Clarifying the Role of Payment Infrastructure Providers

As embedded finance continues to grow, many digital platforms rely on payment infrastructure providers and financial partners to support cross-border or domestic transactions.

For example, cross-border payment infrastructure providers may collaborate with international remittance networks such as MoneyGram, Remitly, Sendwave, Ria Money Transfer, or Paysend, as well as domestic financial institutions or e-wallets like MoMo, ZaloPay, and VNPay.

These collaborations typically focus on enabling payment connectivity between different financial systems rather than directly embedding financial products into non-financial platforms.

The Future of Embedded Finance in Vietnam

Embedded finance is gradually becoming a key component of the digital economy in Vietnam. By integrating financial services into everyday platforms, businesses can create more seamless experiences for their customers.

Common forms such as embedded banking, embedded payments, and embedded insurance are already appearing in various sectors, particularly in e-commerce and digital services.

As Vietnam’s digital economy continues to grow, partnerships between financial institutions, fintech companies, and digital platforms are expected to play an increasingly important role in expanding access to financial services.

Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial, legal, or investment advice. The examples of companies and platforms mentioned are for illustrative purposes only and do not represent endorsements or partnerships unless otherwise stated. Readers should conduct their own research or consult professional advisors before making financial decisions.

About FinFan

FinFan is a cross-border embedded financial services company that focuses on mass disbursement, fund collection, card processing, IBAN, and digital APMs solutions, which can provide valuable input and integration on and for the same.

FinFan is already integrated with almost the world's well-known MTOs, PSPs, switch, and core fintech platforms such as Money Gram, Thunes, Qiwi, Remitly, World Remit, Bancore, PaySend, Terrapay, Ria Money Transfer (Euronet), Dlocal, Ripple, TripleA, FoMo Pay, Wings, etc.

For more information, please get in touch with us through:

🌐https://finfan.io

📞(+84) 2866 85 3317

✉ support@finfan.vn

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