FE Credit card has now launched a FASTER, EASIER and SECURE way to pay for all your daily shopping in your neighbourhood stores. The SmartPay QR payment from FE Credit revolutionises the way you pay today. So, be it paying for your grocery purchases or paying at the Banh Mi store in your neighbourhood, all […]
FE CREDIT announces investment opportunities to Fintech Startups in Vietnam and Global market
Robust growth of Fintech ecosystem in Vietnam
Vietnam ranked 2nd in Southeast Asia in terms of the development rate of the startup ecosystem according to Ernst & Young’s latest market research. According to a survey on Financial Sector Technology by Vietnam National University, Ho Chi Minh (VNUHCM-IBT), more than 154 companies are operating in the fintech field in Vietnam and 70% of them have raised funds from investors in developed countries such as USA, UK, France and Japan. They raised a record of US$117 million in 2018, the highest level of investment in Vietnamese startups so far.
Vietnam provides the necessary infrastructure for fintech services, even in remote areas, due to one of the highest smartphone penetration rates in Southeast Asia. With majority of the population being young (between 18 to 35), and its significant exposure to the outside world, the foundation for the growth of the local fintech industry is strong.
Seizing the opportunity, FE CREDIT has cooperated with MEDICI, a multinational company that acts as a bridge between start-ups and investors, to launch an Enterprise Acceleration Program, named FE XCELERATE. With this accelerator program, FE CREDIT aims to support and mentor both domestic and foreign Fintech startups, and provide them the opportunity to co-create business solutions which can be scaled into commercial products.
Mr. Basker Rangachari – Chief Marketing Officer, FE CREDIT shared “Our mission is to provide the best platform for start-ups and to assist them with extensive guidance on moving from concept-to-product-to-market. With this, they can have enough resources to develop their technologies and turn them into viable commercial solutions for the financial sector in the most comprehensive way. Startups will also have an opportunity to quickly expand their business by offering their solutions to FE CREDIT’s large and diverse customer base. We would be delighted to have all fintech start-ups in Vietnam to participate in the program. They should not miss this unique opportunity to become an integral partner in this accelerator program. Via this program, they can have the opportunity to work with FE CREDIT’s experienced leaders and expert teams, and develop innovative technological products with our guidance and support.
FE XCELERATE – Who is eligible?
Early-stage or mature startups with disruptive solution to a pre-defined need can apply for this program.
- Early-stage or mature startup with a Minimum Value Proposition (MVP) addressing one of the defined problem statements below.
- The startups have been “operational” for at least one year.
- Startups headquartered in Vietnam or anywhere in the world.
Apply to this program at:
The application process will commence on October 21, 2019 and the final deadline to apply for the program will be November 27, 2019.
The applications under FE XCELERATE will be evaluated by an Evaluation Committee consisting of both FE CREDIT and MEDICI executives and industry experts.
The Top 20-25 shortlisted startups will be invited for a ‘Pitch’ where they will get a chance to showcase their product in front of a panel of judges in the second week of December.
Startups shortlisted on pitch day will get the opportunity to work closely with FE CREDIT for a duration of 12 weeks as a part of their accelerator program. This 12-week program will comprise of both on-site interactions and off-site collaboration, whereby startups can choose to work from their base locations, with a focus on co-creating a market-ready product.
How will it benefit the start-ups?
- They get a chance to co-create a viable practical solution and partner with the largest consumer finance company in Vietnam, with a market share of more than 50%.
- They get a unique opportunity to engage with FE CREDIT and access the largest consumer base in Vietnam.
- There is an opportunity to scale up their venture, supported by FE CREDIT’s infrastructure.
- They can take advantage of continued engagement with industry experts and global investors, via one-on-one interactions for the entire duration of the accelerator program.
SPEAKER’S PROFILE @FE XCELERATE PRESS
- Basker Rangachari
Chief Marketing Officer (CMO) @FE CREDIT
Basker Rangachari is the Chief Marketing Officer (CMO) of FE CREDIT. In this role, he is responsible for all aspects of Marketing, PR, Investor Relations, Analytics, Digital Onboarding, Customer Acquisition, Engagement and Experience. Acting as a key member of the senior-level Board of Management at FE CREDIT, he plays a vital role as the prime evangelist to making FE CREDIT a strong customer-centric company.
Prior to joining FE CREDIT, Basker has gained over 30 years of work experience across multiple functions including Finance, Consulting, Business Management, Strategic Alliances, Marketing, Analytics, Digital Banking, Digital Transformation and Customer Experience. He has vast experience in B2B and B2C global corporations, including Standard Chartered Bank, MasterCard Worldwide, Mashreq Bank, Damac Group, Schlumberger and Ernst & Young. He has lived and worked across Singapore, Australia, Thailand, Hong Kong, North Asia, Dubai and now Vietnam.
2. Mr. Vaclav Lukasek Unit Head of IT Project Management @FE CREDIT
With 15 year-experience working in Financial Institution, Mr. Vaclav has deep knowledge of business and IT side of payment cards (both issuing and acquiring) and strong know how of loans and project management and people’s development.
Joined FE CREDIT since Sep 2015, Mr. Vaclav has contributed his value to project, transformation and architecture department and now with his leading, the project team to continuously deliver multiple projects with supreme solution for FE CREDIT operations and innovation.
3.Mr. Kumar Abhishek
Manager – Innovations Advisory and Research @MEDICI
Kumar Abhishek is working as an Innovations Manager and Research Advisor with MEDICI. In his role, he has managed several leading innovation/accelerator program for financial institutions and insurance companies. Prior to FE Credit, he has assisted incumbents like BBVA, BNP Paribas, HSBC, Generali, Apollo Munich Health Insurance, Yes Bank, Monetary Authority of Singapore, Invest HK in their digital transformation and fintech journey.
Kumar also works closely with founders and co-founder of startups and as an advisor, assists them with tech or business model validation. He has also worked extensively with several investors to learn which verticals can bring the next set of innovators.
Kumar has also been writing about the global Fintech landscape since 2017. He has published more than 20 research reports and article with a global as well as regional view of market landscape, global trends and data-driven predictions. Some of his most recent works are the India FinTech Report, which was launched by the Indian Government, and the report on Neobanks that has created quite a few waves in the digital banking fraternity.
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