3 innovation lessons from a fintech company.

As a fintech company with the aspiration to promote financial inclusion, Zalopay has gone through a challenging but also remarkable journey.

Mr. Tran Ba ​​Khoi Nguyen - Chairman of Zalopay

From a fledgling start-up in a nascent digital payment market, Zalopay has gradually become a platform serving millions of users domestically and internationally every day. Behind this journey is a process of continuous innovation, a process always accompanied by choices: the choice to invest in internal capabilities, the choice to embrace challenges instead of following the safe path, and the choice to expand connections instead of competing.

From its development experience, Zalopay has drawn three major lessons. These three lessons also represent the three stages that most innovative businesses must go through: daring to start and daring to correct mistakes; challenging creativity while still prioritizing safety and compliance; and finally, sharing the fruits of success to jointly create value for the market and society.

Lesson 1: Creativity is about daring to learn while doing. Innovation can only happen when businesses place trust in people who dare to act, dare to make mistakes, and are willing to correct them, while simultaneously building an environment that allows mistakes to occur in a controlled manner and yield valuable learning outcomes.

When Zalopay entered the payment intermediary market, fintech was still a relatively new concept in Vietnam. The market lacked sufficiently similar models to learn from, while the legal framework was still being finalized. This meant that almost everything had to be built from scratch, from business processes and risk management systems to partnership models and product standards.

In this context, Zalopay chose the approach of a true start-up, learning as it goes and adjusting as it goes. Instead of expecting immediate success, the company set a goal of "learning quickly," continuously experimenting with small solutions, measuring effectiveness, and promptly correcting mistakes. Innovation, therefore, is not about single groundbreaking decisions but a series of persistent, responsible, and long-term oriented actions.

Zalopay won the Sao Khue Award 2025 for its Zalopay POD solution, in the Fintech - Market and Consumer category, recognizing its groundbreaking contributions to modernizing cashless payments in the logistics industry.

A prime example is that in its early stages, Zalopay relied heavily on its customer base from the VNG ecosystem. This was a crucial driving force, but not enough to create a foundation for independent growth. Recognizing this, the leadership decided to change strategy, proactively expanding its user base, building its own customer community, and diversifying service usage scenarios. This decision was not easy, but it was a necessary condition for Zalopay's sustainable growth.

Simultaneously, Zalopay has always been a pioneer in deploying niche products and innovative approaches. The company proactively experiments with new directions as long as they are not prohibited by law, gradually expanding from an e-wallet to a digital financial services platform, and collaborating with many partners to bring convenient and secure products to users. As a result, Zalopay maintains steady growth, serving millions of regular users, and is expected to achieve a 35% increase in 2025.

The human element plays a crucial role in this process. At Zalopay, responsibility, collaboration, and work efficiency are valued more than qualifications or seniority. Giving opportunities to young people helps generate new ideas, break away from conventional approaches, and contribute to shaping a business model suitable for a rapidly changing market.

Lesson 2: In the financial sector, innovation is inseparable from responsibility and prudence. Innovation is often associated with risk, especially when businesses chase growth while neglecting safety standards. In fintech, user and partner trust is the greatest asset. Even a small incident can cause serious and long-lasting damage. Therefore, at Zalopay, safety, security, and compliance are not auxiliary elements but the core foundation of all innovative initiatives.

Every new product and service must go through the lens of risk management. Zalopay continuously invests in its information security system and operational processes according to international standards. Since 2021, Zalopay has been one of the first e-wallets in Vietnam to achieve ISO/IEC 27001 certification for information security management. Annually, all personnel must complete training programs on cybersecurity, compliance, and anti-money laundering.

For Zalopay, compliance is not only a legal obligation but also a competitive advantage. Building a transparent and secure operating platform helps the company expand cooperation with banks and financial partners, and increase trust in the market. Inspection and monitoring activities are therefore seen as an early warning mechanism, helping to identify risks and make timely adjustments.

Businesses also proactively coordinate with regulatory agencies, ensuring compliance while contributing input to the policy-making process. This approach requires more resources in the short term, but it is a necessary condition for building credibility and ensuring long-term stability for the digital financial system.

Lesson 3: Innovation is only truly meaningful when its results are accessible and shared by society. Zalopay believes that sustainable profits only come when users and partners see the real value of innovation. Therefore, the company pursues initiatives that simplify the overall market experience. Pioneering the deployment of multi-functional QR codes since 2023 is a prime example. As compatibility improves, QR payments become a shared utility, benefiting both users and sellers, rather than being a platform-specific advantage.

Simultaneously, Zalopay has expanded its role as a connecting platform, bringing hundreds of secure financial products from banks and financial institutions closer to users. From being a competitor, many partners are gradually viewing fintech as an effective collaboration channel, contributing to expanding service coverage and enhancing customer experience.

The spirit of sharing values ​​is also demonstrated through ESG activities and social responsibility. Every year, Zalopay collaborates with the Nguoi Lao Dong Newspaper to organize charitable programs, donating tens of billions of VND to support people affected by natural disasters. The company has also partnered with the Ho Chi Minh City Labor Union for many years to organize cashless markets for workers, helping them become familiar with digital payments.

Looking ahead with expectations, based on the three lessons above, Zalopay hopes that legal policies will continue to create favorable conditions for individuals and businesses with practical capabilities who dare to think and act. State management needs to shift strongly towards post-inspection, establishing clear boundaries on what is prohibited. At the same time, the State should play a connecting role, creating a fair playing field for innovative businesses to learn and develop together.

2026 will be a significant milestone for Zalopay in its journey to improve its technological capabilities, strengthen compliance, and make a more positive contribution to society. With the foundation it has built, Zalopay is confident in a path of sustainable, responsible growth that delivers long-term value to the community.

Zalopay's persistent efforts have been recognized through numerous prestigious awards, such as being ranked among the top 200 global fintech companies in 2023, the Sao Khue Award 2025, and the "Digital Transformation Product and Solution for the Community" (VDA 2024). For Zalopay, innovative achievements are only complete when they are disseminated and benefit many people.

Source: https://nld.com.vn/3-bai-hoc-doi-moi-tu-mot-fintech-196260213094709388.htm