Indonesian buy-now-pay-later fintech expands to Vietnam
Indonesian fintech Kredivo, which is planning to go public on Nasdaq via a special purpose acquisition company, or SPAC, eyeing a valuation of $2.5 billion, on August 26 said that it was expanding into Vietnam, its first venture abroad.
The buy-now-pay-later financing provider, which was founded in 2015 by Singapore-based fintech startup FinAccel, revealed it would form a joint venture with Vietnamese family office Phoenix Holdings and local financing firm VietCredit Finance under the name Kredivo Vietnam.
Phoenix Holdings is the family office of Vietnamese-American businessman, entrepreneur and venture capital investor Henry Nguyen and his wife, Nguyen Thanh Phuong, daughter of a former Vietnamese prime minister and chairwoman of financial services firm Viet Capital Securities.
VietCredit Finance, formerly known as Cement Finance, the lending business of Vietnam Cement Industry Group, will be operating the consumer lending and other financial service for Kredivo Vietnam.
Launch in the fourth quarter in Vietnam – Thailand and the Philippines to follow in 2022
Plans are to launch its consumer financing portfolio in stages from the fourth quarter of 2021, starting with pay-later products and instant personal loans through a smartphone application or an online portal, followed by credit card offerings.
Particularly for the latter, Kredivo sees high potential in Vietnam where credit card penetration is low at around 4%. The country also has one of the lowest rates of bank branches per capita in the region.
Kredivo says it uses artificial intelligence to assess risk before issuing a digital credit card, with a decision made within minutes. It calls itself the biggest buy-now-pay-later platform in Indonesia, where it also plans to open a digital bank. It further plans to expand into Thailand and the Philippines in 2022.
Kredivo’s parent company FinAccel in early August said that it would go public in the US through a SPAC sponsored by Chicago-based alternative asset management firm Victory Park Capital.
Indonesian fintech Kredivo, which is planning to go public on Nasdaq via a special purpose acquisition company, or SPAC, eyeing a valuation of $2.5 billion, on August 26 said that it was expanding into Vietnam, its first venture abroad. The buy-now-pay-later financing provider, which was founded in 2015 by Singapore-based fintech startup FinAccel, revealed it would form a joint venture with Vietnamese family office Phoenix Holdings and local financing firm VietCredit Finance under the name Kredivo Vietnam. Phoenix Holdings is the family office of Vietnamese-American businessman, entrepreneur and venture capital investor Henry Nguyen and his wife, Nguyen Thanh Phuong, daughter...
Indonesian fintech Kredivo, which is planning to go public on Nasdaq via a special purpose acquisition company, or SPAC, eyeing a valuation of $2.5 billion, on August 26 said that it was expanding into Vietnam, its first venture abroad.
The buy-now-pay-later financing provider, which was founded in 2015 by Singapore-based fintech startup FinAccel, revealed it would form a joint venture with Vietnamese family office Phoenix Holdings and local financing firm VietCredit Finance under the name Kredivo Vietnam.
Phoenix Holdings is the family office of Vietnamese-American businessman, entrepreneur and venture capital investor Henry Nguyen and his wife, Nguyen Thanh Phuong, daughter of a former Vietnamese prime minister and chairwoman of financial services firm Viet Capital Securities.
VietCredit Finance, formerly known as Cement Finance, the lending business of Vietnam Cement Industry Group, will be operating the consumer lending and other financial service for Kredivo Vietnam.
Launch in the fourth quarter in Vietnam – Thailand and the Philippines to follow in 2022
Plans are to launch its consumer financing portfolio in stages from the fourth quarter of 2021, starting with pay-later products and instant personal loans through a smartphone application or an online portal, followed by credit card offerings.
Particularly for the latter, Kredivo sees high potential in Vietnam where credit card penetration is low at around 4%. The country also has one of the lowest rates of bank branches per capita in the region.
Kredivo says it uses artificial intelligence to assess risk before issuing a digital credit card, with a decision made within minutes. It calls itself the biggest buy-now-pay-later platform in Indonesia, where it also plans to open a digital bank. It further plans to expand into Thailand and the Philippines in 2022.
Kredivo’s parent company FinAccel in early August said that it would go public in the US through a SPAC sponsored by Chicago-based alternative asset management firm Victory Park Capital.
