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 WINS CONSUMER FINANCE PRODUCT OF THE YEAR AWARD AT THE ASIAN BANKER VIETNAM COUNTRY AWARDS 2019
Hanoi January 10th 2019 – FE CREDIT was awarded “Consumer Finance Product of the Year” in Vietnam at The Asian Banker Vietnam Country Awards. The award ceremony was held in conjunction with The Future of Finance, Vietnam, an annual gathering for senior decision makers in the financial services industry in Vietnam, at the Melia Hotel, Hanoi, on January 10th 2019.
Mr. Dmitry Sapronov, on behalf of FE CREDIT, received The Asian Banker Award for the Consumer Finance Product of the Year
FE CREDIT recognized for its innovative Consumer Durables Loan (CDL) product
FE CREDIT was established in 2010 as the former consumer finance division of Vietnam Prosperity Commercial Bank (VP Bank). Today, it has served over 10 million customers in the country. In 2013, FE CREDIT launched the innovative Consumer Durables Loan (CDL), an unsecured loan offered to customers for the purchase of digital devices and household appliances like mobile phone, laptop, washing machines, refrigerators, air conditioner, television, microwaves, etc, partnership popular brands such as Samsung and Oppo.
First in the market to launch a 100% digital lending process to ensure a fast and easy application process
“FE CREDIT is the first finance company in the market to launch a 100% digital lending process to ensure a fast and easy application process. It enabled customers to apply for the loan and purchase the desired digital devices or household appliances online, without the need to go to a physical outlet or point of sale (POS) to submit the required documents. It allows customers to have the option to shop and get instant loan approval and have the goods to be delivered to their door by the next days”, said Foo Boon Ping, Managing Editor of The Asian Banker.
Leverages technology to offer consumers a frictionless experience.
FE CREDIT leverages Optical Character Recognition (OCR) and Intelligent Character Recognition (ICR) technology in the process to offer the customers a frictionless experience. OCR is used during the application for two purposes. The system uses OCR to read customer information (from documents such as National ID or driving license) and fill in the corresponding fields in the loan application, eliminating the need for customers to fill in the information. This helps shorten the duration of the application by up to 70%, from 10 minutes to only three minutes.
The Asian Banker Vietnam Country Awards Programme refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Vietnam. Recipients of these awards are honored in a gala event that recognizes their efforts in bringing superior products and services to their customers. Astringent and comprehensive evaluation process determines the awardees.
“FE CREDIT has employed new technologies requiring no human intervention, end-to-end completely digital, to help us deliver a superior experience to our customers. Receiving this award reinforces our continued commitment towards helping millions of Vietnamese people to improve their living and lifestyle through our fast and easy credit”, said Kalidas Ghose, CEO and Vice Chairman of FE CREDIT.
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