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Fingo providing range of financial products

Released at: 06:24, 26/08/2017

Fingo providing range of financial products

Photo: Fingo.vn

Mr Jozef Michalovcik, CEO of Fingo Vietnam, tells VET's Hai Van about the FinTech's plans in Vietnam.

by Hai Van

Why has Fingo decided now is the time to invest in Vietnam? What are your thoughts on Vietnam’s banking and finance sector in recent times?

Vietnam has a population of 90 million, who are mostly young. Nearly half have access to the internet, and up to 70 per cent of these use smartphones. We believe the country has great potential for Fingo. Our leadership have also built a broad network with foreign and domestic banks and financial partners. This is our strength in providing various financial products to customers.

What are the outstanding features of Fingo’s products compared to bank products? What products are now on offer?

We came to Vietnam with a mission to connect banks and financial companies, to provide suitable choices to customers. We are not a competitor of banks; we act as their partner. Based on technological advantages, Fingo supports banks and financial companies in increasing their sales volume by aiming at correct segments of customers with the most suitable products.

While Grab and Uber are platforms to connect passengers and drivers, Fingo, which is a platform from Finnology in Europe, a financial technology corporation in FinTech, connects people who would like to use financial services or secure credit cards from banks and providers. Fingo stands out from the competition thanks to it’s A-Z full package services. We not only supply and consult on loan packages and suitable credit cards but also support customers with document preparation and credit card registration.

Fingo is quite new in Vietnam. What do you do to approach customers in the country? What are the main segments for Fingo?

In Vietnam, Fingo may be a fresh startup but in the financial brokerage market it has many years of experience. Established by Finnology, Fingo Vietnam is becoming a pioneer in selling financial products using the FinTech platform. The platform is developed by Finnology, which owns the fastest growing financial brokerage website in the Czech Republic, where it has thrived for over seven years.

As a member of the Rockaway Capital Investment Corporation, we strive to provide the best services to partners and offer efficient marketing channels to approach customers via offline and online channels.

Fingo’s target segment is the 25-45 age group who need personal loans, house or car loans, insurance, or credit cards. This group is very familiar with using hi-tech devices and access the internet regularly. These channels will be effective in accessing target customers.

What do you think about the competition for Fingo in Vietnam?

In Vietnam, FinTech is still a new concept, but the market is growing dramatically. While its related ecosystems are still limited, with about 30 companies, FinTech is still one of the hottest trends for Vietnamese startups. It is expected that many local startups as well as foreign-funded companies will join in this exciting, competitive market. It is both a real challenge and an opportunity for Fingo to thrive in the market.

What are the challenges and opportunities for Fingo in Vietnam?

Vietnamese customers have become dissatisfied with traditional marketing channels, so financial companies are trying other methods to access potential customers. Nonetheless, customers are still concerned and they are hesitant about trying new financial products. The difficult task is earning their trust and encouraging the practice of using online financial services.

The rapid growth of Fingo in its first year, with more than 1,500 sales agents and around 100 employees, posed challenges in maintaining effective management while ensuring the company’s development and focus. Challenges always go hand-in-hand with opportunities. Facing difficulties in market and company expansion, Fingo is still fully confident about future development, thanks to our excellent and experienced financial market staff.

Can you tell us about Fingo’s business results in Vietnam?  

Fingo has more than 350,000 customer views and directly approaches customers every month. Successful deals total nearly 14,000. Fingo has spread out to four major cities - Ho Chi Minh City, Hanoi, Da Nang, and Can Tho - as well as provinces in the Mekong Delta, Hai Phong city, and Dong Nai, Binh Duong, and Quang Ninh provinces.

What are Fingo’s targets in Vietnam for this year? What will it do to achieve these targets?

  • Set up processes with partnerships / relationships with banks;
  • Bring more products to customer;
  • B2B

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