Vemanti Group, Inc. announced it has entered into an official 10-year agreement with Vietnam Public Joint-stock Commercial Bank to launch one of the first Small-to-Medium Enterprise (SME) digital banking (aka neobanking) solutions in Vietnam. This agreement signals a major collaborative step forward for the two parties, which signed a Letter of Intent (LOI) earlier this year. Leveraging PVcomBank’s dominant incumbent position, Vemanti plans to utilize cloud computing, API, automated KYC/AML, Artificial Intelligence, Machine Learning, and blockchain technologies to power its new digital-first platform.
PVcomBank, fully licensed and regulated by the State Bank of Vietnam, is a state-owned bank with comprehensive core banking products and services. The Bank is focused on spearheading digital banking services and will now jointly share this pursuit with Vemanti Group, which will help power a unique hybrid neobanking model. This unique omnichannel banking approach will allow customers to utilize a full range of digital services at their convenience powered by the Vemanti platform, while also having the ability to take advantage of PVcomBank’s physical branch locations for in-person support if needed.
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“We’re excited to take this next step with Vemanti Group as we now look to actively build our joint platform and begin onboarding customers in the near future,” stated Ha Viet Nguyen, Deputy CEO from PVcomBank. “Our physical banking presence in Vietnam combined with Vemanti’s forward-thinking platform will give businesses a tech-forward, adaptable solution to their banking needs.”
Vemanti will utilize PVcomBank’s industry-leading banking expertise to provide SMEs in Vietnam with an innovative digital-only financial solution via PVcomBank’s existing core banking system. As part of this new digital-first model, the Vemanti-branded banking platform will allow customers to sign up for accounts and get access to services entirely online, while still having the option of visiting a convenient branch location if needed. All customers will have access to tailored banking services and financial products able to be seamlessly integrated into their business operations.
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“This agreement signals the next phase of growth for Vemanti Group,” said Tan Tran, CEO of Vemanti Group. “Vietnam remains one of the fastest growing world economies with a well-educated workforce and mostly young population of nearly 100M people. Today, SMEs account for more than 41% of its GDP which is projected to trend around 310B USD in 2022 and 340B USD in 2023. By leveraging our core competencies in this space, we’re able to create an entirely new banking experience for the underserved entrepreneurs and business owners. We believe our tech-driven but human-led formula is the right approach to accelerate digital transformation initiatives and to seamlessly drive customer engagement. We are looking forward to working with PVcomBank and combining our unique expertise to better address the banking needs of customers in Vietnam and beyond.”
PVcomBank has a network of 108 transaction offices in major provinces in Vietnam, and provides a wide range of products and services, that fully meet the demands of personal and corporate customers. The company is focused on bringing the best financial services and products while continually increasing value for its shareholders. In 2021, PVcomBank was ranked “The Best Digital Bank in Vietnam” and also one of the “Top 100 Strongest Brands in Vietnam”. Both Vemanti and PVcomBank look forward to contributing to the global movement of digital transformation in banking.
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