Vemanti Group has signed an agreement with Vietnam Public Joint Stock Commercial Bank (PVcomBank) to develop financial products and banking solutions for underserved consumers.
The partners will develop and provide tech-driven, embedded financial and banking services for individuals as well as small businesses in Vietnam.
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As per the terms of the agreement, Vemanti Group will leverage PVcomBank’s license, core banking services, and its technology platform purpose-built for API-based integration to gain the technical know-how and banking expertise.
Both the firms will conduct a market study to assess the business opportunity and commercial feasibility of the planned services.
They plan to design the services in a manner that does not require customers to visit a physical branch or become a registered bank customer.
When launched, the services will be available through API and offered as Vemanti-branded products.
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By GlobalDataPVcomBank is a fully licensed and regulated bank Vietnamese bank, which offers core banking products and services.
The lender is said to operate over 100 offices in major provinces and cities of the country that cater to individual and corporate clients.
Another Vietnamese lender, Timo entered into a partnership with SaaS banking platform Mambu to expand its business.
Established in 2015, Timo is said to be the first digital banking platform in Vietnam. The lender’s portfolio also includes one debit and one credit card.
