From Kim An Group’s MoUs signing ceremony
Kim An Group, which runs a fintech platform under the same brand in Vietnam, has received an undisclosed sum in Series A investment from Patamar Capital, Viet Capital Ventures and East Ventures.
The proceeds from this round will be used to develop Kin An’s core technology, optimise its credit scoring platform and better connect customers to financial institutions in Vietnam, it said in a statement.
Kim An connects banks and financial companies in Vietnam with local micro, small and medium enterprises (MSMEs) through an online platform as well as its 80-plus branches nationwide.
Also Read: Indonesia, Singapore, Vietnam the most attractive fintech hubs in SEA: Study
According to Shuyin Tang of Patamar, there is widespread interest in providing financial services to MSMEs, the backbone of the nation’s economy. However, very few have cracked the code in terms of how to serve this segment effectively.
“Kim An is one of those rare companies that have done so,” she said. “Having invested in these types of business models for over a decade, at Patamar we have learnt that serving this segment demands a deep understanding of the behavioural patterns and needs of MSMEs and their owners, as well as outstanding operational capabilities to execute successfully day-to-day.”
As a tech-enabled service provider for Vietnamese banks and financial companies, Kim An has proven that it can deliver on both these fronts. “With the investment from this round and through leveraging technology, we believe Kim An is poised to scale rapidly to meet the tremendous demand in the market,” she added.
Additionally, Kim An Group has signed partnerships with Nam A Bank and FE Credit to expand the scope of co-operation and develop consumer loans for individual customers, household business, and micro enterprises.
Binh Duc Hanh, Chief Sale Officer of Kim An Group, said: “After nearly two years of partnership with financial institutions, more than 25,000 loans have been disbursed to customers through Kim An Group. We aim to help accelerate financial inclusion in Vietnam by being extended technological arms of credit institution to bring their best products and services to customers.”
Also Read: Big banks and fintech startups: Rivals or allies?
As per a recent study by MDI ventures, Finch Capital, and Dealroom.co, Vietnam is one of the most attractive fintech hubs in Southeast Asia.
Almost 90 per cent of Vietnamese consumers opt to pay cash on delivery for their online purchases, a much higher proportion than other regional markets. However, digital payments technology is evolving rapidly. Payments through mobile banking services surged 144 per cent per year over the past five years.
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Image Credit: Kim An Group
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