However, as the industry is still in the early stages, skepticism, inadequate digital infrastructure, and insufficient support affect young players’ aspirations.

“Currently, 25% of Gostream’s revenue comes from markets outside of Vietnam, including India, Cambodia, Thailand, and Indonesia,” said the co-founder.

A growing presence of digital banks in Indonesia will encourage innovation and digitalization of financial services, expert say.

“Have you ever seen a hacking group that sells t-shirts,” asks the cybersecurity expert.

“We need to show to the world that we can manage and take care of our territories” says Paul Sein Twa.

In Vietnam, use of cashless payments surged more than 500% in the first six months of 2020, compared to the same period in 2019.

Aside from its car-sharing business, Tribecar also provides fleet management software services to other companies.

Grab Financial increased its revenues by over 40% in 2020.