Chinese Fintech Enters Vietnam: Why Did Vietnam’s T&T Group Choose YUSYS?
Vietnam’s fintech market has a new partnership worth watching. On August 12, Vietnam’s T&T Group and Chinese fintech company YUSYS (Yusys Technologies) signed a Memorandum of Understanding (MOU) to study the establishment of a joint venture focused specifically on fintech. The plan is to start with the Vietnamese market and then expand into Southeast Asia. The division of labor in this cooperation is clear: T&T will handle the local market, customers, and on-the-ground implementation, while YUSYS will provide core technology, digital products, and R&D capabilities. From the announced plans, the first major direction for both parties is to drive the comprehensive digital transformation of Saigon-Hanoi Commercial Joint Stock Bank (SHB). 
YUSYS and T&T Group sign MOU. Source: https://znews.vn/
MOU with the Goal of Establishing a New Fintech Company
Currently, the two parties have signed an MOU, and the next step is to study the establishment of a dedicated fintech joint venture in Vietnam. In terms of division of labor, T&T possesses local market knowledge, customers, and industrial resources in Vietnam, and will be responsible for business development and operations. YUSYS will provide core systems, standardized products, source code licensing, and R&D teams. Simply put, one party knows the market, the other possesses the technology. For YUSYS, this path helps avoid some of the pitfalls of entering the Vietnamese market. For T&T, it allows for faster integration of mature fintech capabilities into its portfolio of companies.
Starting with SHB: Bank Digitalization as the First Major Project
The most clearly defined area of cooperation so far is driving the comprehensive digitalization of Saigon-Hanoi Commercial Joint Stock Bank (SHB). This includes distributed core banking systems, smart lending, a Super App, open banking, enterprise data platforms, AI, and risk management. In essence, the goal is to better connect the bank’s previously fragmented services and data, making lending, payments, customer management, and risk control more digital. The partners will initially focus on T&T’s own financial businesses, aiming to create a viable benchmark case before expanding to other markets, which should be easier afterward.
A Saigon-Hanoi Commercial Joint Stock Bank (SHB) branch. Source: https://thitruongtaichinhtiente.vn/
Beyond Banking: Digitalizing All 7 of T&T’s Core Industries
Beyond banking, the cooperation scope extends to T&T Group’s seven core industries, including finance, real estate, new energy, logistics & ports, agriculture, manufacturing, and sports & healthcare. The goal is to establish a unified digital platform that connects data and analytical tools across these different sectors. For instance, real estate transaction data, logistics and port transportation data, and financial credit information could operate synergistically, subject to compliance, to create a cross-industry digital service network.
T&T Group owns and develops projects across various fields nationwide. Source: https://kinhtemoitruong.vn/
Targeting Over $200 Million in Annual Revenue within 3 Years, with the Next Stop in Southeast Asia
The partners have set a target for the joint venture to become a leading fintech company in Vietnam within three years, achieving annual revenue exceeding $200 million, and then expanding services into Southeast Asia. YUSYS has deep expertise in core banking systems, data, and AI, having been ranked among the global top 50 fintech companies for many years. The partners also plan to venture into areas like consumer finance, supply chain finance, cross-border payments, and are preparing to establish a Vietnam-China Fintech Talent Academy.
In summary, the most noteworthy aspect of this cooperation is the practical “execution capability.” Moving from an MOU to establishing a joint venture and then to implementing bank systems requires navigating regulations and ensuring network data security at every step. This partnership is not just about YUSYS bringing technology into Vietnam, but also a crucial step for T&T in transforming that technology into its own business capabilities and ultimately expanding into Southeast Asia.
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