Denmark’s Coinify ApS and Bitcoin Vietnam have entered into a strategic partnership that will bring advanced blockchain merchant processing tools to contribute to the maturation of infant fintech market in the south east Asian country.
Payments through a total of 17 blockchain currencies will be automatically converted to the Vietnamese Dong and paid out on a regular basis. Merchants can thus offer more payment options to their customers, while enjoying a “fraud and risk-free payment environment,” the companies said in a joint release.
The new platform will also be applicable in point of sale systems of brick-and-mortar shops.
“Bringing the option of receiving blockchain payments to Vietnamese merchants will dramatically improve the lack of trust and security which are swirling around legacy payment options like credit cards, Paypal and similar offerings. It is a significant award and prove of trust to the advancing Vietnamese hi-tech startup scene, which enables us to close such strategic international partnerships with worldwide industry-leading companies like Coinify,” commented Nguyen Tran Bao Phuong, CEO of Bitcoin Vietnam, the first bitcoin exchange in the country.
The spillover effects of international cooperation, she added, will allow the domestic industry to grow and prosper, paving the path for further international integration of the Vietnamese economy by providing local merchants with direct access to such top-notch technological solutions.
Vietnam has been added to Coinify’s global expansion map, after the Danish cryptocurrency merchant processor had increased its forays in Asia, including establishing partnerships with Digix, Hello-Markets and Payssion.
“Partnership with Bitcoin Vietnam will add yet another PSP to the list of bitcoin enabled services in the Southeast Asia region. Vietnam itself is a very attractive market and we are thrilled to be able to bring their merchants and businesses an infrastructure that enables them to embrace this alternative payment method,” said Mark Hojgaard, Coinify CEO.
Bolstered by a young population with high mobile and Internet penetration of some 45 per cent, Vietnam is the next place to be for fintech, although bitcoin and other blockchain-based currencies have still not been legalised. While awaiting legislation for this area, local entrepreneurs allege there need to be first movers like Bitcoin Vietnam to kick off the virtual currency adoption.