California, USA – Vemanti Group, a California-based holding company which helps develop emerging technology companies with a focus on fintech and blockchain applications, is preparing to build one of the first small-to-medium enterprise (SME) neobanking solutions in Vietnam. In a recent announcement by Vemanti, the group shared that it has signed a non-binding Letter of Intent with Vietnam Public Joint-stock Commercial Bank (PVcomBank), which signals its strategic move into the digital banking space.
The LOI is a major step forward on an integrated bilateral formal partnership for Vemanti Group and PVcomBank, which announced their first Memorandum of Understanding (MOU) to create joint financial projects in Q3 of 2021. PVcomBank is a fully licensed and regulated bank in Vietnam with comprehensive core banking products and services. Recently, the company has worked to advance its digital banking segment, offering new and easier to use banking features to its large customer base.
Vemanti said it will be utilizing 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. According to the group, the Vemanti-branded digital bank platform will allow customers to be seamlessly onboarded online, eliminating the need to visit a physical branch, while giving them access to tailored banking services and financial products embedded to their business operations.
“We’re excited to partner with the Vemanti Group as we look toward the future of banking and work to promote the development of innovative products and services,” stated Ha Viet Nguyen, deputy CEO from PVcomBank.
“By integrating our industry-leading technology with other forward-thinking organizations like Vemanti Group, we can improve financial accessibility and access with fewer roadblocks to entry than traditional banking provider,” added Nguyen.
Meanwhile, Tan Tran, CEO of Vemanti Group, commented that the partnership with PVcomBank allows the group to make major inroads into digital banking, providing underserved SMEs with more streamlined and efficient products compared to the traditional banking structure.
“We’re looking forward to collaborating with PVcomBank and working together to advance the future of banking in Vietnam and Southeast Asia,” said Tran.
Vemanti shared that it is planning to continue its financial service expansion into additional countries in Southeast Asia in the near future.