Credit and risk information solutions provider Credit Bureau Asia (CBA) has signed a memorandum of understanding (MOU) with FiinGroup JSC on Aug 2.
As part of this, the companies will form a joint venture in Vietnam to provide analytics and data solutions to financial institutions, credit granting agencies, payment services agencies and other data companies.
They will explore opportunities to establish a private credit bureau that supports credit granting to financial and non-financial institutions by end December.
One such goal is to create a full service private credit bureau to have better reach to the 38% of Vietnam’s population who are underbanked or unbanked.
Having monitored the Vietnamese economy for a while, Kevin Koo says that this is an opportune time to enter the “exciting market”.
“There is definite synergy in us establishing a joint venture [with FiinGroup JSC] where CBA will take a substantial shareholding, and where we can leverage on each other’s capabilities to create a strong and significant presence in Vietnam,” adds CBA's founder and executive chairman.
Licensed by Vietnam’s finance ministry, FinnGroup JSC has been operating as a credit rating agency since Mar 20 2020.
It has strategic capital and alliances with the Tokyo-exchange listed Nikkei Inc and QUICK Corp which collectively have a 35.1% stake in the group.
“We see potential opportunities for growth in the analytics and data solutions space and a partnership approach with an experienced industry player with track record and know-how is a good way forward to capture significant market share quickly,” says FiinGroup JSC’s chairman and CEO Nquyen Quang Thuan.
Cover photo: Credit Bureau Asia
