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This chapter examines the effects of financial technology news on banks’ return, efficiency and profitability in China and Vietnam from 2011 to 2019. The authors use various asset pricing models to estimate the abnormal returns (AR) of various listed Chinese and Vietnamese banks following their announcements of FinTech adoption. The authors also use data envelopment analysis (DEA) to examine whether financial technology improves banks’ efficiency and profitability. The results of this study show that only six banks showed positive reactions, 15 banks experienced negative reactions, 11 banks exhibited mixed reactions and eight banks indicated no reactions to financial technology news in China. On the other hand, the authors find that financial technology is welcomed by Vietnamese banks whereby most of them experience mixed reactions with the domination of positive reactions. The authors also find a lower efficiency level in early adopters of financial technology and reduced profitability in the first year when they started applying financial technology.