Vietnamese Fintech Trusting Social Bags US$ 65 Million Investment From Masan Group
by Fintech News Vietnam April 29, 2022Trusting Social, a Vietnam-based AI-powered credit scoring platform, announced that it has secured US$ 65 million for the initial close of its Series C funding round from The Sherpa Company, a subsidiary of Masan Group.
According to DealStreetAsia, Masan now holds a 25% stake in Trusting Social with this investment.
Both entities said in a statement that they intend to develop an AI-powered consumer tech platform that will offer customised retail and consumer financial products to serve 27 million families in Vietnam with this strategic collaboration.
It will provide convenient 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.
In addition, the partnership will 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.
Trusting Social aims to facilitate one hundred million lines of credit to underserved borrowers in its high-growth markets across Asia.
Nguyen Nguyen
Nguyen Nguyen, Trusting Social’s Founder and CEO said,
“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.”
Danny Le
Danny Le, Masan Group’s CEO said,
“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.”
