Fundiin Partners with Vietnam National Credit Information Center (CIC)

HO CHI MINH CITY, Vietnam, June 11, 2024 /PRNewswire/ -- Fundiin proudly announces the official signing of a strategic partnership with the Vietnam National Credit Information Center (CIC). This milestone marks a significant advancement in the Buy Now Pay Later (BNPL) and fintech sectors in Vietnam, as Fundiin becomes the first BNPL provider in the past five years to establish a partnership with CIC after successfully passing CIC's rigorous assessments and evaluations.

According to the cooperation agreement, CIC will provide Fundiin with credit information services, including credit scores for individual borrowers. With reliable data from CIC combined with the existing technology platform for eKYC and credit scoring algorithms, Fundiin can quickly and accurately assess customer creditworthiness, thereby making effective credit approval decisions. Additionally, Fundiin will periodically provide CIC with credit information and the repayment data of Fundiin users, contributing to CIC's efforts to update and strengthen the national credit data system.

This strategic collaboration is part of Fundiin's long-term vision for consumer credit development in Vietnam: convenience, transparency, safety, and innovation, delivering exceptional benefits to both consumers and society. By partnering with CIC, Fundiin will assist consumers in gradually building their credit scores, enhancing their access to quality financial services, and promoting effective personal financial management. Currently, only 4% of Vietnam's population holds credit cards. Fundiin aims to expand the number of consumers with credit histories in Vietnam, contributing to the Government's national financial inclusion strategy.

Founded in 2019, Fundiin is the first company to offer free BNPL solution and still the most popular BNPL solution to users in Vietnam through a network of partnerships with leading retailers and brands. After just over 5 years of operation, Fundiin has established new standards in the consumer finance market in Vietnam. Specifically, Fundiin is the first and only company in the consumer finance market in Vietnam that does not have a debt collection department. Instead, Fundiin focuses on investing in technology solutions and data science as fundamental factors for risk control. This pioneering operational model maximizes the convenient, transparent, and safe experience for Fundiin's users.

In December 2023, Fundiin became an official member of the Vietnam Fintech Club (VietFintech) under the Vietnam Banks Association (VNBA). Currently, Fundiin has partnered with over 600 retailers and major brands such as Lotte Cinema, Pharmacity, Guardian, Paula's Choice, providing BNPL features to users in 63 provinces nationwide.

SOURCE Fundiin