[Ho Chi Minh City, November 15, 2018] At the 48th CFO World Congress, AsiaInvest Group and MoolahSense entered a Memorandum of Understanding (MOU) to jointly launch a digital lending platform to fuel the growth of SMEs in Vietnam. The MOU sets in place the roadmap to establish a joint venture company between MoolahSense and AsiaInvest, that taps on the complementary strengths of both to provide innovative tech-driven financing solutions to address the financing gap for small business in Vietnam.
According to the 2017 Economic Census of The General Statistics Office of Vietnam (GSO), there were 517,900 businesses operating in Vietnam, of which 98% are SMEs. Vietnam SMEs contribute 40% of GDP and 50% of employment. However, according to the Vietnam Chamber of Commerce and Industry (VCCI), only 30% of SMEs in Vietnam have access to loans from the formal sector while the rest still have to use their own funds or depend on unregulated loans. The Joint venture lending platform will provide opportunities for SMEs to quickly and effectively access to financial resources.
At the Signing Ceremony, the two parties were represented by:
Mr. Lawrence Yong –Founder & CEO of MoolahSense,
Mr. Nguyen Ngoc Bach – Chairman & CEO of AsiaInvest.
Under the witnesses of the VIP guests:
Mr. Fausto Cosi – Chairman of International Association of Financial Executives Institutes (IAFEI),
Mr. Teng Theng Dar – Founding Chairman of Asia Entrepreneur Exchange,
Mr. Han Manh Tien – Chairman of Vietnam Association of Corporate Directors (VACD).
Established in Singapore since 2013, MoolahSense is the 1st digital lending platform to have received a full Capital Markets Services license from the Monetary Authority of Singapore in November 2016.
To date, MoolahSense has disbursed over S$70M to more than 600 companies with loan sizes ranging from S$50,000 to S$2M. With a wide network of 14,000 registered investors, the platform had recorded instantaneous funding for some of their SME borrowers, realizing their dreams of on-tap financing to grow their business.
Borrowers can either procure their funds with a credit decisioned fixed rate or subject their rate to the market via a reverse Dutch auction mechanism. Investors can subscribe to an auto-allocation algorithm to ensure that their portfolio will be diversified across multiple SMEs across various sectors in order to better achieve consistent and superior risk-adjusted returns.
At the Ceremony, Mr. Yong shared: “MoolahSense implements a seamless lending-business-in-box solution in collaboration with ecosystem partners by incorporating the latest technologies such as microservices architecture, blockchain, machine learning and artificial intelligence, etc to gather deep insights and learning about the opportunities and challenges for financing small businesses. As the result, the platform helps small business improve their trustworthiness to lenders and enlarges their sources of accessible financing.” According Mr. Bach: “This is an opportunity for SMEs and Start-ups in Vietnam to have a transparent and effective funding source when loans from local banks are limited and hard to access ”.
Founded in 2013, MoolahSense is the first digital lending platform to be granted the full Capital Markets Services license from Monetary Authority of Singapore. Since inception, MoolahSense has been marrying Finance and Technology to expand, simplify and speed up access to working capital for SMEs.
About AsiaInvest Group
Founded in 2008, AsiaInvest has grown to be an International Investment Group focusing on the emerging markets in Asia, particularly in Indochinese countries with the major interest in Real Estate, Education and Technology projects. AsiaInvest has been collaborating with local partners to develop Real Estate and Hi-Tech projects in Vietnam. In addition, the Group has been honored to be strategic consultant and partner of reliable Vietnamese Organizations and Associations such as VCCI, VACD, VNREA, AVR, HNREA, VCFO, etc.
Mr. Truong Tuan Nghia, Deputy General Director
Mobile: +84 24 3927 5858
Website: http://www.asiainvest.com.sg; https://www.asiainvest.com.vn
Mr. Vince Chew, SVP Corporate Development
Mobile: +65 9668 6003
Website: https://moolahsense.com; https://www.askmai.io