Vemanti Group has selected Finastra to help create Southeast Asia’s first neobank focused on serving small and medium-sized enterprises (SMEs). Initially concentrating on Vietnam, Vemanti will use Finastra’s cutting-edge core banking technology, Fusion Essence, as a platform to develop new products and services aimed at boosting financial inclusion in the underserved SME finance market. Vemanti has also partnered with Lendscape, a leading provider of invoice finance and supply chain finance technology, through Finastra’s partner ecosystem.
Tan Tran, CEO of Vemanti, stated that SMEs in the area are being underserved by traditional finance, which often lacks the ability or willingness to accurately evaluate the creditworthiness of SMEs. These companies, unable to satisfy collateral requirements intended for large corporations, struggle to access formal financial services. Vemanti, utilizing creativity and technology, aims to address these issues by offering innovative financial solutions. The firm has selected Finastra not just as a technology supplier, but also because of its deep and extensive experience in banking, as well as its significant presence in the region. Finastra’s open ecosystem approach has already brought Lendscape’s technology to Vemanti, and the company anticipates expanding its offerings quickly with Finastra’s support.
Fusion Essence, Finastra’s next-generation core banking technology, will provide the platform for Vemanti’s business and technology team to create and enhance product offerings, as well as the advanced capability for Vemanti to launch a full digital bank at scale.
John Guest, Managing Director, Universal Banking, APAC, Finastra, stated that Vemanti’s ambitious strategy aims to address a clear market need and will connect the best of Vietnam to the rest of the world. By selecting a SaaS cloud platform from Finastra, Vemanti can focus on its business, customers, and product innovation, while Finastra manages its technology. Guest also expressed pleasure at the opportunity to show the enhanced value that technology partnerships can provide to the global financial services sector through Lendscape.
Lendscape’s solution, employing embedded advanced analytics and technology to improve credit decisioning and processing, will allow Vemanti to offer personalized SME finance that goes beyond traditional commercial loans, including small unsecured, short-term loans and invoice finance solutions.
Kevin Day, CEO of Lendscape, expressed excitement in participating in this opportunity to assist Vemanti in its efforts to offer finance to SMEs in Vietnam. Day emphasized that SMEs are the lifeblood of all economies, and providing providers in the region with access to their specialist invoice and supply chain finance solutions will allow Vemanti to support digitalization and improve the customer experience, unlocking the potential of these businesses.
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