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BUSINESS SPOTLIGHT

Sunshine Group joins fintech race with "all-in-one" super app

Released at: 09:16, 27/12/2019

Sunshine Group joins fintech race with "all-in-one" super app

Photos: Sunshine Group

Local real estate enterprise introduces super app that takes care of everything involving real estate.

by Thanh Thanh

Vietnam’s real estate market is actively involved in the world’s fintech (financial technology) trend. This was partly proven recently with one local real estate enterprise, the Sunshine Group, being honored for “Best Innovation and Technology Southeast Asia”.

Fintech changes real estate’s appearance

Industry 4.0, with the great progress made in technology on the basis of the Internet of Things (IoT), artificial intelligence (AI), and big data, has impacted strongly on almost all sectors and careers around the world.

Considered the leading wave in Industry 4.0, fintech presents people with a host of utilities through comprehensive technological development and has created major changes in global financial markets over recent times.

In the US, the volume of online loans taken out with the help of fintech will reach $120 billion by the end of this century is this correct?, after standing at $20 billion in 2015. In Europe, banks such as Barclays, Credit Suisse, Deutsche Bank, and Standard Chartered Bank have posted $420 billion in lost market value due to the rise of fintech. Eight of the top banks have let some 100,000 employees go since 2016.

Besides financial markets, we have also witnessed fintech’s firm penetration into real estate. Fintech companies promise to help buying and selling housing much more efficient than traditional methods. Indeed, the rise of fintech compared to webpages and real estate apps that supply transparent information on projects is helpful in cutting down intermediaries in many transactions and partly contributes to making buying and selling easier, quicker, and much cheaper.

There are a number of fintech startups around the world contributing to change in the real estate market, such as Zillow, Fiserv, SS&C Technologies, and FICO. Zillow is the most famous - an experienced fintech in real estate providing services that synthesize the demand of both buyers and seller, comparing transaction information and value before contacting brokers. The average service fee is only 6 per cent compared to traditional methods in the US. Though Zillow helps customers save substantial time and costs, it cannot completely replace intermediaries, but makes their work easier.

Fiserv, different from Zillow, uses technology to lend, manage risks, and initiate loans. Banks are gradually using Fiserv to deal with transactions related to real estate. It breaks the traditional lending process, which can take a lot of time to carry out.

Vietnam’s real estate market joins fintech with “all-in-one” super apps

Vietnam has joined the global development treadmill by actively applying technology, especially fintech, in real estate. Investors can connect with and integrate e-wallets into their management apps in order to improve service and the user experience. While small enterprises cooperate with e-wallet providers to facilitate fee collections, major enterprises create their own fintech apps. Vingroup, with the VinID app, and real estate exchanges such as Danh Khoi and Cengroup are part of this race.

The Sunshine Group is the most remarkable enterprise in applying fintech into real estate in Vietnam’s north. On December 12, it was honored to be awarded “Best Innovation and Technology Southeast Asia 2019” at the Dot Property Southeast Asia Awards 2019 held at the Park Hyatt Hotel in Bangkok.

Being a real estate tech corporation, it doesn’t merely build smart apartments or “smart mini cities” with automated apps to serve all demands of residents, from parking, laundry, electricity and water to dining, travelling, shopping, and entertainment. In the time to come, the group will also deploy a fintech super app that integrates a range of features synchronously on modern tech platforms.

While users may need various apps with real estate-related features, such as Zillow and Fiserv, customers need use only one app to experience all features, from seeking an apartment, taking out a home loan, making repayments, and even investing in any project of the Sunshine Group directly. Buying and selling housing will be as easy as buying a book on Tiki or any items on Shopee, with all agreements conducted online and contracts automatically accomplished.

With this “super app”, the group is ambitious to level up Vietnam’s real estate in the world market. To accomplish its ambitions, the group has created a strategic partnership in signing with Samsung Vina, a major tech enterprise in Vietnam. This is considered an important move and a strategic part of the Sunshine Group’s development path in the global fintech race.

With plenty of technology and breakthroughs in management, operations, and buying and selling real estate, the Sunshine Group, winner of “Best Innovation and Technology Southeast Asia”, has asserted its position on the local and international maps. In particular, the Sunshine Super App expresses the devotion and high position of the Sunshine Group - a successful startup in fintech creating a breakthrough in Vietnam’s real estate market.

By launching the Sunshine Super App with “all-in-one” features, the Sunshine Group opens up a new playground in Vietnam compared to other countries, with fintech being a general trend around the world.

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