Nucleus Software, the leading software product company that provides lending and transaction banking products to global financial leaders, announced that FinnOne Neo will power the consumer finance business of Tien Phong Commercial Joint Stock Bank(TPBank), one of the leading banks in Vietnam. TPFico will offer instant digital loans anytime, anywhere, powered by the advanced digital lending platform FinnOne Neo.
A study by Bain & Company, Google and Temasek Holdings Pte, entitled “Fulfilling Its Promise: The Future of South East Asia’s Digital Financial Services” predicted revenue from digital financial services to reach $38 billion across Southeast Asia by 2025, with lending comprising half of that total. In Vietnam, digital payments gross transaction value will grow by 10%–13% CAGR until 2025 and the total amount of digital loans is expected to grow by more than 50% CAGR to 2025.
Mr. Dinh Van Chien, Deputy CEO cum Head of Retail Banking Division, TPBank, said, “Financial Institutions are looking at advanced digital technologies to cater to the fast evolving needs and behavioural traits of the younger generation. We aim to provide real-time, transparent and convenient financing to our customers and to support this aim, we chose FinnOne Neo from Nucleus Software. The solution enabled us to launch TPFico and grow our consumer finance business. We are committed to be the best in digital experience in Vietnam and we believe that a strong technology backbone is the key to achieve that”.
Mr. Brajesh Khandelwal, VP and Global Head FinnOne Neo Business, Nucleus Software, said, “We are delighted to help TP Finance as it advances on its journey to deliver industry best digital experience to its consumer finance customers. We are confident that FinnOne Neo will provide TP Finance with the required impetus for growth and profitability. We have been supporting 40 leading financial services companies across South East Asia over the past decade. The financial services industry in Vietnam is moving ahead rapidly on the path of digital transformation and we are proud to be a part of this journey”.