FE CREDIT is among groups in Vietnam embracing digitalisation while keeping consumers safe at the same time The message was delivered at VIR’s fourth seminar on consumer finance in Hanoi last week on the country’s grand economic reopening, as well as challenges and opportunities for firms jumping onto the bandwagon. Currently, Vietnam is home to 150 fintech firms which act as the lifeblood of the burgeoning financial technology sector. There are approximately 40 peer-to-peer (P2P) lending companies, including a number of so-called loan sharks with abnormally high lending rates, mostly from China. For example, one payday loan shark ran three companies (Vinfin, Beta, and Dai Phat) which provided cash loans via smartphone apps Vaytocdo, Moreloan, and VD Online. These subprime lenders offer loans to individuals who do not qualify by traditional lenders. “It is not a well-regulated area, thus Vietnamese authorities should be understandably concerned about potential for fraud and abuse. This P2P lending sector is in urgent need for a well-tailored legal system,” said Nguyen Tu Anh, general director of the Department of General Economics under the Party Central Committee’s Economic Commission. Market watchdogs also cautioned that dealing with late-paying customers might be a bitter pill to swallow for… Read full this story
- Customer experience is the new frontier for consumer finance
- Consumer finance market to reach VND1 quadrillion by 2019
- The 4 Horsemen of Recovery: Investor, Lender, Consumer and Multiplier
- How Do Climbing Helmets Protect Your Head?
- Korean investors join efforts to develop RoK-VN ties: Finance Minister
- Adieu: Trade jitters drive investors out of foreign stocks
- Conservation concerns as yet another resort pushed to take over beaches in Vietnam
- Pisano's perspective: MPAA CEO talks attendance, content protection and technology
- British consumer keeps UK plc afloat as key sectors start to sink
- How to protect your identity with a free lifetime credit freeze on your file at the major credit bureaus
Protecting investors at head of consumer finance concern have 306 words, post on www.vir.com.vn at May 27, 2020. This is cached page on VietMaz. If you want remove this page, please contact us.