Ho Chi Minh, Vietnam – AI-powered fintech Trusting Social has raised US$65m funding from The Sherpa Company, a subsidiary of Masan Group Corporation, to offer customised retail and consumer financial products to serve 27 million families in Vietnam.
In addition, the strategic collaboration between the two entities will provide access to personalised fintech solutions for Masan’s consumers by combining Masan’s offline-to-online vision with Trusting Social’s ability to democratise financial services.
It will also enable Masan to drive efficiencies in its core business by leveraging Trusting Social’s AI capabilities in areas as diverse as retail store selection, demand and supply planning, as well as product assortment and development.
Nguyen Nguyen, founder and CEO at Trusting Social, said, “I am proud that a Vietnamese team has created an innovative credit scoring artificial intelligence and machine learning platform that financial institutions across Asia are utilising to serve their consumers better. Our partnership with Masan is exciting since we broaden our platform from credit access to a total consumer life solution. Masan and Trusting Social have the same belief that Vietnam can create transformation and disruption on par with global peers.”
Meanwhile, Danny Le, CEO at Masan Group, commented, “Walmart has invested heavily to develop an AI and ML platform and has leveraged it to become the leading offline and online daily, consumer life platform. The Trusting Social partnership provides Masan a similar cutting edge AI and ML platform but tailored for 100 million Vietnamese consumers. Our job together now is to develop it from a pure credit scoring use case to a holistic consumer engine.”
