Credit and risk information solutions provider Credit Bureau Asia (CBA) has signed a memorandum of understanding (MOU) with FiinGroup JSC on Aug 2.

As part of this, the companies will form a joint venture in Vietnam to provide analytics and data solutions to financial institutions, credit granting agencies, payment services agencies and other data companies.

They will explore opportunities to establish a private credit bureau that supports credit granting to financial and non-financial institutions by end December.

One such goal is to create a full service private credit bureau to have better reach to the 38% of Vietnam’s population who are underbanked or unbanked.

Having monitored the Vietnamese economy for a while, Kevin Koo says that this is an opportune time to enter the “exciting market”.

“There is definite synergy in us establishing a joint venture [with FiinGroup JSC] 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,” adds CBA's founder and executive chairman.

Licensed by Vietnam’s finance ministry, FinnGroup JSC has been operating as a credit rating agency since Mar 20 2020.

It has strategic capital and alliances with the Tokyo-exchange listed Nikkei Inc and QUICK Corp which collectively have a 35.1% stake in the group.

“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,” says FiinGroup JSC’s chairman and CEO Nquyen Quang Thuan.

Credit Bureau Asia to provide analytics and data solutions services in Vietnam with FiinGroup

Japan Foods reports higher revenue but lower net profit for FY2022

US Stocks will bottom cnce Fed signals shift

Jefferies keeps City Developments at "buy" following 1QFY2022 update

Nearly three-quarters of Singapore workers feel prepared to adapt to change 

Adtech's growing importance in Southeast Asia's business ecosystem

NTU and CSA launch a one-stop facility for cybersecurity evaluation and certification 

ESR-LOGOS REIT to Divest 3 Sanitarium Drive in Australia

Credit Bureau Asia to provide analytics and data solutions services in Vietnam with FiinGroup

Related Stories

Highlights

US Stocks will bottom cnce Fed signals shift

Related Stories

Credit Bureau Asia sees 25.5% growth in 2HFY2021 earnings to $3.9 mil

CGS-CIMB lowers TP on Credit Bureau Asia to $1.43 on lower growth assumptions post-1H21 results

Credit Bureau Asia sees 5.5% rise in 1H2021 earnings; declares maiden dividend of 1.7 cents