Vietnam’s Masan Group’s Sherpa will invest US$105 million in Trusting Social, a Singaporean FinTech firm.
Vietnamese consumer conglomerate Masan Group Corporation‘s subsidiary The Sherpa Company is set to invest up to US$105 million to acquire a 25% stake in Trust IQ, the Singaporean tech firm which owns credit scoring platform Trusting Social.
Masan is targeting the accelerated application of its artificial intelligence (AI) in retail and consumption through this deal, with both companies working together to build a credit access platform for consumers based on loyalty programmes, instead of the traditional proof of income. This new AI-powered platform will offer personalised retail and consumer financial products for 27 million families in Vietnam, combining Masan’s vision with Trusting Social’s ability to democratise financial services.
This recent investment follows a US$65 million investment, also from Sherpa, closing Trusting Social’s Series C funding round in April 2022.
“I am proud that a Vietnamese team has created an innovative credit scoring Artificial Intelligence (“AI”) and Machine Learning (“ML”) 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,” previously shared Trusting Social’s Founder and CEO, Nguyen Nguyen, PhD.
Masan’s other goals include fostering a consumer, retail, and technology ecosystem that will “capture 80% of Vietnamese consumers’ wallets by 2025.”
Trusting Social drives financial inclusion by providing credit insights for over a billion consumers to over 170 financial institutions across Vietnam, Indonesia, India, and the Philippines, reinventing co-lending into a profitable, “win-win” model.
Masan Group Corporation’s mission is to provide better products and services to Vietnam, so that consumers can pay less for their daily essentials through technological innovation and focused partnerships.
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