Vietnam Prosperity Joint Stock Commercial Bank (VPBank) today announced the completion of the sale of 49% stake in VPBank Finance Company Limited (FE Credit) to SMBC Consumer Finance Co., Ltd (SMBCCF), a wholly-owned subsidiary of Japan’s Sumitomo Mitsui Financial Group, Inc. (SMBC Group). As such, six months since VPBank and SMBCCF signed the capital transfer […]
FE CREDIT PARTNERS WITH VNPOST TO IMPROVE FINANCIAL INCLUSION IN VIETNAM
FE CREDIT officially extended its distribution network in rural areas by cooperating with Vietnam Post Office to launch its new sales channel through post office branches nationwide, giving unbanked people the opportunity to access to financial services.
VNPost implements financial services from FE CREDIT to people in remote areas
With a desire to bring legal credit to more people in rural and suburban areas, while raising awareness and knowledge of people on consumer finance, FE CREDIT has expanded its cooperation with Vietnam Post Corporation (VNPost) – a network of nearly 10,000 post offices nationwide, to implement many comprehensive and flexible consumer lending packages.
FE CREDIT had cooperated with VNPost through two main services: loan disbursement and loan repayment. From January 2019, VNPost has cooperated with FECREDIT to provide new service of loan application. Customers who are in need, nowcan come to their nearest post office to apply for a loan or look for any financial solution with full assistance from VNPost staff. The easy procedure only requires simple documents such as national ID, Driving License, utility/phone/internet bills with faster processing time. The loan amount can be up to 70 million VND, therefore customers can easily get money for their own business or other needs.
According to Mr. Tran Chi Trung – Head of Postal Financial Services Department of VNPost: “Most people in rural areas have low access to mass media and are more likely to be attracted to black credit. It is always difficult to pay back the loan because of the high interest rate and the method of debt collection often threatens the safety of their life. Through this cooperation between FE CREDIT and VNPost, people can now go to their nearest post office to apply for a loan or look for any suitable financial solution with simple procedures, fast processing time, which also contribute to gradually push back black credit, especially in rural areas where most people have below average income and can’t even access basic financial services without income proofs or collateral.
Ms. Nguyen Trong Phu – Affluent Partnership Center Director of FE CREDIT said: “Although our distribution network has been expanding, we feel that we still have a long way to go to meet the demands of large number of people in remote areas. Therefore, expanding the network in rural areas is inevitable and is also the reason FE CREDIT strengthened its cooperation with VNPOST to bring effective, safe and convenient financial solutions to more Vietnamese population.
FE CREDIT is constantly expanding distribution network to bring effective and transparent financial solutions to all people
This cooperation not only increases the coverage of FE CREDIT’s distribution network nationwide but also enhances the convenience in providing financial services for customers. The company focuses on modern technologies in its operating system and deploys digital lending platforms to help shorten the entire loan process. It takes only 15 minutes from registration to loan approval and loan is disbursed within 24 hours. This is also one of the efforts of FE CREDIT to push away black credit which currently causes distress in the society.
FE CREDIT will continue its partnership with VNPost and bring out more promotions to get customers closer to consumer finance to improve their life quality.
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