MFast is Vietnam’s leading financial services distribution network. It offers a range of services, from digital account activation and installment loans (for home appliances) to unsecured loans–all distributed through their extensive agent network.
Problem
- Underpenetrated banking: Vietnam’s financial industry faces structural pain points, with 65% of the population unbanked and a high non-performing loan rate in consumer lending.
- Costly sales teams for financial institutions: Financial institutions struggle with the high costs of maintaining and expanding nationwide in-house sales teams, resulting in low customer acquisition and an inadequate KYC process.
- Lack of financial literacy: Customers have limited access to diverse financial services, leading to minimal information for making informed decisions.
Solution
- Fintech infrastructure: MFast’s agent banking aggregator platform provides the most suitable fintech infrastructure solution to facilitate access to formal banking for underserved communities in tier 2 and 3 areas.
Easy access through tech: MFast’s mobile app links underserved communities with financial and insurance institutions, ensuring access to essential services for everyone.
Comprehensive platform: MFast aims to be a one-stop platform for users’ financial needs, ranging from banking (account opening, deposits/withdrawals), financing (consumer, MSME’s), and insurance (life and non-life) via their nationwide agent network.
Media Links
Type
headquarters
Vietnam
Sector
Finance & Insurance
status
Current
founders
Long Thanh, Vinh Thanh
partnered
2022
exited
You may be interested in...
