Vemanti, a fintech company based in California, recently announced its plan to offer a centralized digital banking service in Vietnam, utilizing Finastra’s core banking solution Fusion Essence. Vemanti aims to address the financial exclusion that the underserved small and medium-sized enterprise (SME) market in Vietnam is facing.
According to Tan Tran, CEO of Vemanti, small businesses in the region struggle to fulfil the collateral requirements designed for large corporations, which hinders them from accessing formal financial services. By partnering with Finastra, Vemanti aims to leverage Finastra’s vast banking experience and strong presence in the region to provide SMEs with financial solutions.
Vemanti’s selection of Finastra’s Fusion Essence solution will allow them to offer personalized finance options beyond traditional commercial loans to SMEs. Vemanti’s partnership with Lendscape, part of Finastra’s partner ecosystem, will provide invoice financing and supply chain financing technology to help Vemanti enhance its credit decisioning and processing capabilities.
Vemanti’s entry into the Vietnamese market is expected to have a significant impact on the SME sector, which historically struggles to access formal financial services. Through its digital banking solutions, Vemanti aspires to promote financial inclusion and facilitate SME growth and success.
Vemanti’s collaboration with Finastra and Lendscape will equip them with the technology and expertise needed to accomplish their objectives. Overall, Vemanti’s partnership with Finastra and Lendscape is a constructive development for the Vietnamese SME sector, enhancing the availability of financial services in the region.