Vemanti taps Finastra to power new SME neobank in Southeast Asia
Fintech company Vemanti Group has partnered up with Finastra as it looks to build Southeast Asia’s first SME-focused neobank.
Vemanti taps Finastra to power new SME neobank
Vemanti will deploy Finastra’s core banking solution Fusion Essence to launch a full digital banking offering initially in Vietnam, in a bid to increase financial inclusion in the country’s “underserved” SME market.
Tan Tran, CEO of Vemanti, says businesses in the region “struggle to meet collateral requirements that tend to be designed for large corporations, leaving many unable to access formal financial services”.
By partnering with Finastra, Tran says the firm plans to leverage the vendor’s “broad experience” in banking and its “significant footprint” in the region.
Vemanti has also chosen Lendscape, part of Finastra’s partner ecosystem, for its invoice financing and supply chain financing technology.
Lendscape says its solution will allow Vemanti to improve its credit decisioning and processing and offer personalised SME finance beyond traditional commercial loans, such as small short-term loans and invoice finance solutions.
Founded in 2014 and based in California, USA, Vemanti aims to establish a foothold in Southeast Asia by offering financial services for the underserved. It plans to start out in Vietnam, with the goal to eventually expand across Southeast Asia and help businesses in the region “become borderless”.
