A renewed partnership agreement was signed in HCMC on March 4 by GoBear Vietnam and FE Creditto drive greater financial inclusion to Vietnam’s market. This partnership is one of the key projects for GoBear Vietnam this year, aligned with their growth strategy.
In this partnership, GoBear Vietnam will synergize with FE Credit’s award-winning end-to-end digital lending mobile app $NAP, which offers loans to consumers with the ability to get real-time loan pre-approval within 15 minutes. The new GoBear powered by FE Creditapp will further streamline GoBear Vietnam’s user journey and provide millions of unbanked Vietnamese people better access to unsecured loans. This app employs new technologies including Facial Recognition, AI algorithms, Optical Character Recognition (OCR) and Intelligent Character Recognition (ICR), Voice Based Virtual Assistant, Speech to Text, eSignature, and more, to enable the lender to extend credit to unbanked consumers while keeping risk in check.
Serving the unbanked across the region
GoBear, Vietnam’s leading financial comparison website, is focused on improving financial inclusion to sustain economic development. Mr. Bao Nguyen, Country Director of GoBear Vietnam, said: “Improving financial inclusion and serving the unbanked is very important in an emerging market like Vietnam. They have limited access to mainstream financial services, which is a significant problem as it can substantially restrict the flow of capital to would-be entrepreneurs and small businesses. With the new GoBear powered by FE Credit app, I believe we can help to improve financial accessibility for our users.”
Partnership is one of the key projects for GoBear Vietnam this year, and it’s well-aligned with its growth strategy and company value, adding more products for comparison, help users to make better-informed choices and improve their quality of life through easier access to basic financial products. For GoBear, the collaboration with FE Credit is the first strategic partnership initiative to go to market, reinforces its commitment to find innovative solutions to local challenges in increasing financial inclusion.
“This is our first strategic partnership of its kind in the region and Vietnam. Our ambition is to become the financial products supermarket of Asia,” said Mr. Adrian Chng, CEO of GoBear.
Financial inclusion remains a challenge for many of the emerging markets in Asia. Vietnam, Indonesia and the Philippines, represent some of the largest unbanked population in the region, where financial services are still limited for up to 75% of the population. Part of the company’s strategy this year is to actively grow its product breadth and services regionally. “We want to demonstrate that we’re an innovation leader in Asia’s Fintech space, and we’re doing so with products that will help increase financial access for millions of unbanked consumers in SEA. We’re set to grow this year in volume of users and product offerings,” he added.
Unsecured loans are an important source of credit for the unbanked who are unable to gain access to the traditional banking system. Now GoBear’s users can compare different products to make better-informed choices on the website, before applying for a loan that best suits their needs either from FE Credit via the new app, or any other lenders conveniently and very transparent. This is the confirmation that technology companies and traditional financial providers can collaborate well to better serve the customers, with each party utilizing their own strengths.
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