A new fintech product from Fintech Farm that came to the Vietnamese market has Ukrainian roots
Fintech Farm has launched another neobanking solution in Vietnam. Image: pixabay
Monobank co-founder Dmytro Dubilet and the Fintech Farm startup launched a 100% digital bank – Liobank – in Vietnam.
The team utilized the expertise and tools received during the creation of the Azerbaijani Leobank in developing the concept for the new online bank. The application is powered by the infrastructure of Orient Commercial Joint Stock Bank, which is one of the largest banks in the country.
In 2021, Dmytro Dubilet partnered with Privat24 developer, Middleware founder and CEO Oleksandr Vityaz and Mykola Bezkrovny, a former director at KPMG UK, to create Fintech Farm — a platform for launching neobanks.
Their first product – Azerbaijani Leobank – quickly became one of the most popular banks in the country. In April 2022, less than a year after its launch, Leobank announced the onboarding of the first 300,000 customers in Azerbaijan where the total population is about 10 million people. The first 100,000 cards were issued within three months of existence.
Another product from Fintech Farm is the neobank Fibo developed to boost the financial inclusion for customers in Nigeria. Unlike most developed countries, the West African nation lacks an advanced credit bureau system to track people’s credit histories and has a dire need for simple and secure credit solutions. Therefore, Fibo aims to fill the gap with credit cards able to provide cheaper and more accessible loans.
We have previously reported that 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.
