Trusting Social, a credit scoring company headquartered in Singapore, has received US$65 million as part of its Series C round of financing from The Sherpa Company, a subsidiary of Vietnam-based Masan Group.
The strategic collaboration intends to develop an AI-powered consumer tech platform. It aims to provide customised retail and consumer financial products to serve 27 million families in Vietnam, as per a press statement.
In addition, the partnership will enable Masan to drive efficiencies in its core business by leveraging Trusting Social’s AI capabilities in areas such as retail store selection, demand & supply planning, and product assortment & development.
With this collaboration, Trusting Social said it is a step closer to providing one hundred million lines of credit to underserved borrowers across Asia. “Our partnership with Masan is exciting since we broaden our platform from credit access to a total consumer life solution. Masan and Trusting Social believe that Vietnam can create transformation and disruption on par with global peers,” said Trusting Social’s Founder and CEO Nguyen Nguyen.
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Masan Group CEO Danny Le said, “Walmart has invested heavily to develop an AI and ML platform and has leveraged it to become the leading offline and online daily, consumer life platform. The Trusting Social partnership provides Masan with a similar cutting-edge AI and ML platform but tailored for 100 million Vietnamese consumers. Our job together now is to develop it from a pure credit scoring use case to a holistic Consumer engine.”
Trusting Social is an AI techfin company aspiring to democratise financial services through AI-based consumer insights and embedded finance. It drives financial inclusion by providing credit insights covering over a billion consumers to over 170 financial institutions across Vietnam, Indonesia, India, and the Philippines.
The AI company’s other backers are Sequoia Capital, Beenext, Tanglin Ventures, 500 Global, Kima Ventures and Genesis Alternative Ventures.
Masan Group is a leader in fast-moving consumer goods, branded meat, modern retail, F&B retail, financial services, telecommunications, and value-add chemical processing.
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