Vemanti Group has partnered with Finastra to build an SME-focused neobank in Southeast Asia
Vemanti and Finastra partnered to provide an SME-focused neo-banking solution for the underserved financial market in Vietnam and other countries of Southeast Asia.
Tapping into Finastra’s SaaS cloud platform, Fusion Essence, Vemanti will build new products and services for local SMEs. Those will include personalised SME finance solutions that go beyond traditional commercial loans, such as small unsecured, short-term loans and invoice finance solutions. Vemanti can easily focus on business operations and customer service, as Finastra will take care of the neobank’s tech stack.
The partnership would also bring enhanced value besides the technological aspects, as Vemanti uses Finastra’s partner ecosystem to incorporate Lendscape’s invoice finance and supply chain finance technology. Using embedded advanced analytics and other Lendscape technology to improve credit decisions, Vemanti will be able to customize SME finance offers.
Both partners are eager to help SMEs across the region that are significantly underserved by traditional finance. These small businesses struggle to meet collateral requirements that are most often designed to fit the needs of large corporations.
Therefore, Vemanti’s new product will help small and medium-sized enterprise owners to expand their businesses and become more integrated with the global economy, leveraging banking solutions built around their actual operational and strategic needs.
The partners look forward to expanding their offerings in the future with both new features and more Southeast Asian markets.
Earlier this month, UK-based fintech myPOS launched the next generation of myPOS Go devices that allows even micro SMEs to take their business to a new level.