Vietnam Consumer Finance's largest FE credit, improve service with mobile app
With the rapid growth of Vietnam's financial industry, the need for user experience is increasing. Introducing the latest technology to the financial industry is as demanding as it is in Japan.
FE Credit, the largest consumer finance company in Vietnam, will provide customers with the latest technology in addition to expanding its market share.
Investing in Vietnam's consumer finance
Vietnam's consumer finance is growing tremendously. According to the National Financial Supervisory Commission's report on financial markets, Vietnam's consumer finance has grown rapidly since 2015, with a growth rate of 65.2% in 2017 and 65% in 2017.
Due to the rapid development of consumer finance in Vietnam, many companies have entered and invested not only in Vietnam but also from overseas. Banks and service companies have set up new consumer finance departments. In addition, many foreign-affiliated companies have expanded into Vietnam through investment schemes such as the establishment of new corporations and the acquisition of local companies.
What is Vietnam's largest consumer credit FE credit?
As a pioneer in consumer finance in Vietnam, FE Credit was founded in 2010 as a wholly owned financial subsidiary of VP Bank, which holds the largest share of the consumer finance market. In 2018, FE Credit provided a wide range of products including personal loans, consumer loans, motorcycle loans, credit cards and insurance, and has served more than 10 million customers in 63 states nationwide.
Chinese apps aim to improve mobile services
In China and India, which are ahead of Vietnam in the field of IT, the process of applying for, approving, and paying a consumer loan is completely processed as digital data via the Internet, before the customer receives the money. It only takes about 10 minutes. FE Credit has set the goal of providing the same services in Vietnam as in China. It is expected that mobile lending services will improve, leading to operational costs and new customer acquisition.
What is the FE Credit mobile app?
FE credit app will be available in 2018
The FE Credits app was launched in August 2018.Users can easily use the loan procedure with this app and applyYou can get pre-approval from the lender in 15 minutes. moreover,Approval and payment are available within 24 hours.
What kind of service is a mobile app for consumer finance?
Through the API (Application Programming Interface), a breakthrough platform that integrates digital technology and fintech solutions has emerged. Without simplifying the various approval procedures (KYC: Know Your Customer) required to open a new account, the flow of existing counter operations and new technologies have been integrated. The application is displayed in Vietnamese and is equipped with the latest features such as artificial intelligence AI, optical character reader OCR, in-voice text conversion, voice-based assistant, digital signature, and many other features to enhance the user experience. I am.
Mobile app development for consumer finance, even if it cooperates with EY, it is full of problems. .. ..
FE Credit has been developing a mobile app with EY (Ernst & Young), one of the four major accounting firms in the world. EY is a global company specializing in accounting, taxation and advisory services.
The EY team had experience launching a similar digital lending app in India, but in Vietnam, review materials such as personal number IDs, utility bills, and most recent pay slips were still stored on paper. That was a unique issue for Vietnam that India does not have. For four months, the EY team consulted with FE Credit on application design, vendor selection, and prototyping.
Vietnam's consumer finance, FE credit is the largest
FE Credit Leads Consumer Finance
As of May 2019, with over 1 million app downloads, FE Credit has become the market leader and leader at unprecedented speeds. By reducing the conventional paper-based procedures, face-to-face counter operations, and KYC procedures, FE Credit has led to the reduction of running costs by acquiring new customers and reducing labor costs.
FE Credit also partners with Singapore financial company
In 2019, FE Credit entered into a business alliance agreement with Singaporean Go Bear, which operates a financial and insurance product comparison site. GoBear is collaborating with FE Credit to develop the financing app "GoBear powered by FE CREDIT".
FE credit so far
1993Established by VP Bank, the parent company of FE Credit
Currently, it is capitalized at VND25.3 trillion (about 119 billion yen) and has more than 7,000 employees.I am a member (G12) of a group of 12 major banks in Vietnam.
2010VP Bank establishes FE credit as consumer finance sector
2018FE Credit, the largest consumer finance company, raises a loan of 5.5 billion yen
We have signed a loan agreement with Lion Asia, a private equity fund based in the British Virgin Islands. FE Credit has raised a loan of 50 million USD (about 5.5 billion yen) from Lion Asia for the purpose of expanding its business. In August 2017, the company raised its capital to 4,474 billion VND (about 21 billion yen).
2019Business alliance agreement with Singaporean Go Bear
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