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Banking & Finance

GoBear partners with FE CREDIT to improve financial inclusion

Released at: 13:30, 05/03/2019

GoBear partners with FE CREDIT to improve financial inclusion

Photo: FE CREDIT

Two reboot cooperation in driving financial inclusion in Vietnam.

by Hong Nhung

VPBank’s consumer lending arm FE CREDIT recently signed a renewed partnership agreement with GoBear Vietnam, Asia’s first and only metasearch engine in insurance and banking, to drive greater financial inclusion in Vietnam.

In this partnership, GoBear Vietnam will white-label FE CREDIT’s award-winning end-to-end digital lending solution $NAP, which offers loans to consumers and real time approval within 15 minutes. “GoBear powered by FE CREDIT”, the new white-labeled mobile app, will further streamline GoBear Vietnam’s user journey and provide millions of Vietnamese people with better access to unsecured loans.

The app employs new technologies such as Facial Recognition, AI algorithms, Optical Character Recognition (OCR) and Intelligent Character Recognition (ICR), Voice Based Virtual Assistant, Speech to Text, eSignature, and more, to enable the lender to extend credit to unbanked consumers while keeping risk in check.

FE CREDIT is the largest lender in Vietnam’s consumer finance market, with almost 10 million customers. The company was recently named Asia’s Most Innovative Consumer Finance Company by Global Brands and Southeast Asia’s Best Consumer Finance Company of 2018 by Global Business Outlook.

GoBear is Asia’s first and only metasearch engine for insurance and banking products. It provides users with a comparison platform that is free, easy to use, and transparent. Since it officially went live in Vietnam in early December 2016, with eight products - comparisons of Credit Cards, Personal Loans, Travel Insurance, Fixed Deposits, Bank Accounts, Home Loans, Home Equity Loans, and Car Loans - GoBear Vietnam has reached the 10-million visitor mark on its website and become a trusted provider of search and compare services for financial products in Vietnam.

“We are delighted to be renewing this partnership with GoBear Vietnam, which started in 2017,” Mr. Kalidas Ghose, Vice Chairman and CEO of FE CREDIT, told the signing ceremony. “This partnership demonstrates FECREDIT and GoBear Vietnam’s unwavering commitment to our customers in Vietnam. As Vietnam’s economy continues to thrive, we see many opportunities to collaborate with financial technology companies to accelerate financial inclusion for the country. We are proud to play a role in Vietnam’s growth story.”

“Improving financial inclusion and serving the unbanked is very important in an emerging market like Vietnam,” said Mr. Bao Nguyen, Country Director of GoBear Vietnam. “They have limited access to mainstream financial services, which is a significant problem as it can substantially restrict the flow of capital to would-be entrepreneurs and small businesses. With the new ‘GoBear powered by FE CREDIT’ app, I believe we can help to improve financial accessibility for our users.”

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