Vietnamese small- and medium-sized enterprises now have a new option for working capital loans, driven by a partnership between banks and fintech companies. Dr Sian Wee Tan and Vihang Patel, cofounders of Singaporean fintech firm Finaxar, which just launched its Vietnam subsidiary Finaxar VN LLC, talked to VIR’s Nam Phuong about this new lending model and why it is different from other offers in the Vietnamese financial market. Finaxar Vietnam, Indovina Bank, and Cathay Financial Holdings today announced their partnership to improve access to financing for small- and medium-sized enterprises (SMEs) How can fintech help small- and medium-sized enterprises (SMEs) to gain easier access to capital? Dr Sian Wee Tan and Vihang Patel Technology can fundamentally change the way SME financing is done in Vietnam. With fintech, for example, the entire lending process is online and connected to other platforms such as e-commerce websites, making SME financing quicker and … [Read more...] about Fintech driven lending to alleviate SME financing gap
How does building credit work
The Hanoitimes - The International Fund for Agricultural Development (IFAD) has helped bring down the poverty rate from 60% in the mid-eighties in Vietnam to 16% in 2016. IFAD aids Vietnam’s climate change response IFAD funds VN’s agricultural development project Gov’t direction on IFAD aid Vietnam – the country with more than 70% of the population living in rural areas – has experienced significant changes with the elimination of hunger, reduction of poverty, and most of all the improvement of livelihood over the past 25 years. IFAD's Associate Vice-President Donal Brown. Photo: IFAD How could Vietnam reduce its poverty rate from around 60% of total population in the mid-eighties to 16% in 2016? The presence of the International Fund for Agricultural Development (IFAD) since 1993 has greatly helped to drive down the rate in the Southeast Asian country. Over the past 25 years, the IFAD has financed total US$565.4 … [Read more...] about How does Vietnam rural area change over 25 past years?
Dang Tuyet Dung, country manager for Visa Vietnam and Laos Why did you choose university students as the target audience of your financial literacy education programme? Visa believes the most important financial tool is not a product – it is knowledge. That is why Visa has been developing financial literacy programmes that teach individuals, especially university students. The first reason is that we consider students as the ambassadors of change, and a key factor that will make a lasting impact on the programme’s development in Vietnam. These are the people that will shape the country over the coming years, and as such, it is vital that they learn these skills. Second, the growth of electronic payments is exciting because it benefits everyone by giving them access to faster, more convenient, and more secure ways to pay. Especially, there is huge enthusiasm amongst the Vietnamese youth about technology, and many are shopping online regularly. We expect that, by the time … [Read more...] about Visa kits out students with financial finesse
Mr. Bao Nguyen, Vietnam country director of GoBear. Inequality and exclusion are two of the most pressing challenges facing policy makers today. Economic development will not be wholesome if we do not truly address the problem of exclusion. Providing opportunities to every individual to use their potential for improving their well-being is essential for developing prosperous and stable communities. And it is now accepted wisdom that a key ingredient of inclusive growth is financial inclusion. For a cash-based economy like Việt Nam, however, financial inclusion still has a long way to go. Most transactions are in cash and a majority of adults still do not have any formal financial products. As a result, the unbanked population, of approximately 49.5 million according to World Bank data, does not have access to other products like personal loans or credit cards due to the lack of formal credit history. GoBear, the Singapore-based financial comparison platform, is pushing hard to … [Read more...] about Financial comparison platform GoBear pushes for financial inclusion in VN
RoK technology ventures seek opportunities in Vietnam An event connecting technology ventures of Vietnam and the Republic of Korea (RoK) was held in Ho Chi Minh City on August 22 to strengthen cooperation and trade activities between businesses of the two countries. It was organised by Vuccess Co., Ltd of the RoK, with support from the State Agency for Technology Innovation of the Ministry of Science and Technology, the Vietnam Trade Promotion Agency (Vietrade) of the Ministry of Industry and Trade, along with the Korea Institute of Science and Technology and Korea Techno-Ventures Foundation. At the event, Vietnamese firms were updated on latest technology and cooperation opportunities through 11 leading businesses of the RoK in various fields, including information technology, communications, power-electronics, garment-textile, chemistry, construction, energy and environment. Bui Hoang Yen from the Vietrade said that since Vietnam and the RoK established diplomatic relations in … [Read more...] about BUSSINESS NEWS IN BRIEF 25/8