Member Spotlight — EzyRemit: Australian Fintech Bets on Vietnam's $16 Billion Gap
EzyRemit, an Australian-based fintech firm, launched its e-wallet product EzyWallet in 2026, targeting the global Vietnamese diaspora. The company is applying for an e-wallet license from the State Bank of Vietnam (SBV) and aims to migrate its 2 million existing users to the new platform within the first year. Its strategy focuses on the $16 billion annual remittance flow rather than competing in Vietnam's domestic e-wallet market.
The $16 Billion Gap and Licensing Roadmap
According to the World Bank, Vietnam receives approximately $16 billion in remittances annually, ranking among the top 10 globally and top 3 in Asia. Remittances to Ho Chi Minh City alone exceeded $10.3 billion in 2025, up 8.3% year-on-year, according to the Ho Chi Minh City People's Committee.
Vietnam's domestic e-wallet market has consolidated. According to Decision Lab's Connected Consumer Q2/2025 report, MoMo and ZaloPay lead in user penetration at 64% and 43% respectively, followed by ShopeePay, VNPay, and ViettelPay.
Vietnamese citizens living abroad typically use multiple applications for financial transactions with Vietnam, including family remittances, investment transfers, and domestic service payments. Cross-border payment flows often pass through several intermediary layers, each generating additional costs and processing time.
EzyRemit Worldwide Co., Ltd. has operated in Vietnam since late 2021. According to founder Allan Nguyen, the State Bank of Vietnam granted License No. 975 on December 28, 2021, authorising the company to receive, disburse, and process foreign currency payments domestically. EzyWallet, launched in 2026, builds on this legal foundation.
The existing license does not cover full e-wallet operations. The company is pursuing an additional dedicated license from SBV, alongside participation in the fintech sandbox under Decree 94/2025.
"Our approach consists of two parallel tracks: applying for an independent e-wallet license with SBV, currently in progress, and participating in the fintech sandbox to serve users within Vietnam, without cross-border operations under the sandbox framework," Allan Nguyen said.
EzyRemit currently has approximately 2 million users, according to company-provided data. EzyWallet inherits this entire user base, with a target of converting 50% to active users in the first year, equivalent to around 1 million users.
The transition from a specialised remittance application to a multi-function e-wallet typically takes time in the fintech industry. Revolut, for example, spent several years developing from a prepaid card product before reaching a super-app model.
Vertical Community Strategy and Market Opportunity
The cross-border remittance market in Southeast Asia has attracted numerous international fintech firms. EzyWallet has chosen a strategy focused on the global Vietnamese community rather than a broader multi-market approach.
"EzyWallet focuses on the global Vietnamese community, including migrants, international students, and their families. Positioned as 'a fintech company by Vietnamese, for Vietnamese,' we leverage cultural understanding and specific financial needs of the community," Allan Nguyen said.
The payment needs of Vietnamese in Australia tend to align with cultural cycles such as the Lunar New Year, family memorial days, and weddings. EzyWallet focuses on integrating with Vietnam's domestic payment system Napas and tracking the VND/AUD exchange rate.
Other Vietnamese-founded fintechs have followed a similar trajectory of leveraging international experience to serve Vietnamese markets. Finhay, founded by Huy Nghiem after nearly a decade in Australia's financial sector, was named to KPMG's 2019 Global Top 100 Fintech list and became one of Vietnam's leading digital investment platforms.
EzyWallet's development sits within the broader context of Vietnam's digital currency policy landscape. Domestic payment infrastructure has expanded rapidly. According to SBV, Vietnam recorded approximately 17 billion non-cash transactions in 2024, with nationwide QR code coverage.
According to Chainalysis's Global Crypto Adoption Index 2024, Vietnam ranks in the top 5 globally for digital asset adoption, with offshore exchange transactions accounting for a significant share.
In October 2025, SBV assigned Viettel and MobiFone to research the issuance of a national digital currency (CBDC). The process is currently in the impact assessment phase. According to BIS research on CBDC and cross-border payments, integration of a national digital currency with regional payment infrastructure has the potential to substantially reduce remittance costs. The current global average is approximately 6%, according to the World Bank's Remittance Prices Worldwide report.
Vietnam's cross-border digital finance market is supported by three converging factors.
First, payment infrastructure has matured. According to SBV, Vietnam had approximately 200 million personal payment accounts at the end of 2024, up more than 50% year-on-year. 4G network coverage reaches about 95% of the population, according to the Ministry of Information and Communications.
Second, the remittance cycle is at peak intensity. Vietnamese who emigrated between 2000 and 2015, including students, labour migrants, and economic migrants, are now aged 25-45, representing the peak period for family remittances, parental support, and remote property investment.
Third, the diaspora has reached a significant scale. According to the Australian Bureau of Statistics, approximately 320,000 Vietnam-born residents lived in Australia as of June 2024, up 39.5% over a decade. The total global Vietnamese diaspora is estimated at around 5 million, according to the State Committee for Overseas Vietnamese Affairs.
According to Mordor Intelligence, Vietnam's fintech transaction value is projected to grow from $39.02 billion in 2024 to $72.24 billion in 2029, at a compound annual growth rate of 13.11%. Cross-border remittances and e-wallets are major contributing segments.
In a reference scenario based on the article's assumptions, not a company forecast, if EzyWallet reaches 1 million active users in its first year, with each user averaging 2 cross-border transactions per month at $500 per transaction, total processed volume would reach approximately $12 billion annually. Potential revenue from FX margins and transaction fees at 1-1.5% would range between $120 million and $180 million.
EzyWallet is among the fintech firms testing a vertical community model, at a time when ASEAN payment corridors and sandbox regulations are taking shape.
REFERENCES
1 Vietnam remittances ~$16B/year, top 10 globally, top 3 in Asia World Bank
2 Ho Chi Minh City remittances exceeded $10.3B in 2025, up 8.3% YoY Vietnam Government Portal (Chinhphu.vn)
https://tphcm.chinhphu.vn/kieu-hoi-ve-tphcm-dat-hon-1034-ty-usd-nam-2025-10126012222501171.htm
3 MoMo leads at 64%, ZaloPay at 43% e-wallet usage in Vietnam Decision Lab
https://www.decisionlab.co/decision-lab-connected-consumer-q2-2025
4 17 billion non-cash transactions in Vietnam in 2024 State Bank of Vietnam (SBV)
https://sbv.gov.vn/vi/w/sbv622854
5 200 million personal payment accounts in Vietnam by end of 2024, up >50% YoY SBV (via Banking Times)
6 4G network covers ~95% of Vietnam's population Vietnam Government e-Portal (citing Ministry of Information & Communications)
https://baochinhphu.vn/mang-4g-da-phu-song-khoang-95-dan-so-viet-nam-102224620.htm
7 Vietnam ranks top 5 globally in crypto asset adoption Chainalysis
https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/
8 ~320,000 Vietnam-born residents in Australia as of June 2024, up 39.5% over a decade Dept. of Home Affairs (ABS data)
https://www.homeaffairs.gov.au/research-and-statistics/statistics/country-profiles/profiles/vietnam
9 Global Vietnamese diaspora estimated at ~5 million people Ministry of Foreign Affairs of Vietnam
10 Vietnam fintech transaction value: $39.02B (2024) → $72.24B (2029), CAGR 13.11% Mordor Intelligence (cited via InnoLab Asia)
https://innolab.asia/2024/04/05/unlocking-the-rise-of-fintech-in-vietnam-2024
11 Global average remittance cost ~6% World Bank
https://remittanceprices.worldbank.org/
12 SBV assigned Viettel & MobiFone to research CBDC (October 2025) VnEconomy (citing SBV decision)
https://vneconomy.vn/viettel-mobifone-duoc-giao-nghien-cuu-cbdc-cua-viet-nam.htm
13 BIS: CBDC integration with regional payment infrastructure can reduce remittance costs Bank for International Settlements (BIS)
