Credit Bureau Asia has signed a memorandum of understanding with Vietnamese financial data provider FiinGroup JSC to form a joint venture in Vietnam to provide analytics and data services to financial institutions, credit granting agencies, payment servicers and other data companies, the Singapore-listed company said in a filing to SGX Monday.
The joint venture will also explore establishing a private credit bureau supporting both financial and non-financial credit-providing institutions by year-end, the filing said, adding potential clients include payment services providers, “Buy Now, Pay Later” players and mass-market service providers, such as telcos.
The private credit bureau will use both traditional and alternative data points to expand its reach, particularly targeting the estimated 38 percent of the population which is underbanked and unbanked, the filing said.
Kevin Koo, founder and executive chairman of CBA, said the company had been monitoring the Vietnam market for a while.
“Now is an opportune time to enter this exciting market with our strong local partner FiinGroup JSC. There is definite synergy in us establishing a joint venture together 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,” Koo said in the statement.
FiinGroup, which is licensed by Vietnam’s Ministry of Finance to operate as a credit rating agency, has strategic capital and a business alliance with Nikkei Inc. and Quick Corp. (Japan), which together hold 35.1 percent of the company.
Nguyen Quang Thuan, chairman and CEO of FiinGroup, added: “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.”
FiinGroup was previously called StoxPlus.
Singapore-listed Credit Bureau Asia provides credit and risk information services in Southeast Asia to banks, financial institutions, multinational corporations, telecommunications companies, government bodies and public agencies and others across Singapore, Malaysia, Cambodia and Myanmar.