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Successfully raising 2.5 million USD, Vietnamese fintech startup MFast actively searches for talent

  1. Vietnam, July 19, 2022 – Digital Payment Solutions Joint Stock Company has just successfully raised 2.5 million USD in financial services application MFast led by Ascend Vietnam Ventures Investment Fund with the participation of of Wavemaker Partners, and two investment funds in the previous round, Do Ventures and JAFCO Asia, bringing the company’s total capital raised to 4 million USD. With this capital, MFast is actively looking for talent in the fields of technology, marketing, and sales to upgrade the product technology platform, expand the dealer network, and develop new business models.

    The fintech application MFast originated from the concerns of founders Phan Thanh Long and Phan Thanh Vinh about the current situation in rural areas of Vietnam. Nearly 70% of the Vietnamese population in rural areas still face many obstacles when accessing basic banking services, insurance packages or reputable loans. Because the credit data of this population group is not yet developed, they often encounter difficulties with paperwork and procedures when working directly with banks and easily become victims of the black market when in need of loans. main. Similarly, although insurance has been present in Vietnam for more than 20 years, the vast majority of people in rural areas still think that buying insurance is wasteful, troublesome or brings bad luck.

    To solve that problem, in September 2020, MFast was born to connect reputable financial and insurance institutions with a network of sales collaborators (also known as agents) who are MFast users on the Internet. nationwide. As a bridge, collaborators help introduce and distribute financial and insurance products to people (end customers) in all regions of the country.

MFast users can be anyone, working in any industry or field. Depending on their needs and abilities, they can participate in one or several sales stages that suit them such as: introducing people in need; Advise on appropriate loans and insurance packages; Instructions for opening bank accounts, e-wallets, and credit cards; or support financial institutions in after-sales customer care.

“With a nationwide network of collaborators, MFast reaches the most remote places, removing difficulties when working with financial institutions and helping people have a more correct and open perspective on insurance. – an indispensable part of a developed society. At the same time, we create benefits for both contributor users and MFast’s financial and insurance partners: helping collaborator users earn more income and expanding the customer network for financial partners. company,”  said Mr. Phan Thanh Long, CEO and co-founder of MFast.

Through the application, collaborators are equipped with the necessary knowledge and tools to perform their work most effectively. MFast also digitizes the entire workflow, replacing complicated paperwork. Thanks to that, MFast shortens approval and disbursement time, bringing the best experience to end customers and collaborators.

Banks and financial institutions that are cooperating with MFast include FE Credit, Home Credit, Mirae Asset, SHB Finance, CIMB, MCredit, EasyCredit, PTF, VIB. Typical insurance companies that are MFast’s partners include BSH, VNI, PTI, PVI, Opes and VASS. After two years of operation, MFast has supported more than 600,000 people (~80% living in rural areas) to access financial and insurance service packages. At the same time, MFast also creates opportunities to increase income for more than 92,000 collaborators across 63 provinces. In 2021, the total commissions paid by MFast to collaborators amount to more than 60 billion VND.

Ms. Nguyen Ngoc Huong Thao – Senior Investment Manager of Ascend Vietnam Ventures said: “The potential of the market, the team with good execution ability and positive impact on society are the reasons we accompany MFast in realizing the company’s mission. Applying technology and data in building and developing the agent banking model (“agent banking”), MFast helps promote the growth of the personal financial market in suburban and rural areas, supporting Comprehensive and sustainable development of the financial system in Vietnam.”

With the new capital, MFast will continue to invest in further development of technology systems and data analysis, to build capacity profiles for collaborators as well as develop quality assessment and appraisal systems. end customer credit amount. In parallel, MFast will develop a network of user collaborators and test new business models to have more autonomy in evaluating, appraising, and approving financial products for customers. In the future, MFast plans to expand its business model to other Southeast Asian countries such as the Philippines and Thailand.

The company is actively expanding its talent pool in all areas, including technology, marketing, sales, and human resources to realize its growth goals. Mr. Phan Thanh Vinh, Co-founder and Chief Technology Officer, shared: “Taking personnel stability as a guideline in management activities, we especially invest in fostering and training talented people.” both professional knowledge and soft skills. In addition, the board of directors always strives to build a team with a ‘home in office’ perspective – the office is like a second home, by equipping entertainment equipment and encouraging employees to take breaks even while working. working hours and regularly organize internal engagement activities.”

“On the path to building a young and fast-growing Fintech company like MFast, anyone has the opportunity to express themselves, prove their abilities and be recognized in a worthy way. MFast’s team not only works with colleagues but with brothers, not following the boss but following the older brother, not working with partners but shaking hands with like-minded people. This explains why more than 50% of employees stay with MFast for 3 years or more,” Mr. Vinh said.