This study aims to examine the relationship between banks and fintech companies, focusing on the case of banks and fintech companies in Vietnam. Based on the current related literature, we review and discuss the relationship between banks and fintech companies and then link it to the context of Vietnam. After considering the benefits and risks of this relationship, we find that fintech companies have benefited the banks. The bank-fintech alliance not only brings advantages to the banks but also helps to improve fintech firms’ performance. In Vietnam, in recent years, fintech companies have developed, and the bank-fintech alliance has been formulating. Moreover, Vietnam has several favorable conditions to develop fintech; thus, fintech is expected to develop significantly in the future.