VietNamNet Bridge - Nam A Commercial Joint Stock Bank on February 26 signed a business cooperation agreement with eLoan, an online crowd-funding and investment marketplace, in HCM City.

eLoan owns and operates https:/eloan.vn, an online loan based crowdfunding marketplace, which provides short-term working capital needs for small and medium enterprises (SMEs) based on trade receivables by presenting their financing terms to registered investors who can then select to lend according to their financial capacity.

Under the newly-signed agreement, Nam A Bank and eLoan will jointly collaborate on both product and business developments to offer assurance and benefits to investors and borrowers.

Accordingly, investors will be able to manage their investment in a more secure and transparent manner. Borrowers will receive funding more quickly as well as a more efficient repayment process. Furthermore, eLoan will be able to utilize payment guarantee services by Nam A Bank, providing investors with financial security should a borrower fail to make payment.

Through the cooperation, Nam A Bank who has recorded impressive growth in recent years will also have the opportunity to grow their individual and business customers from leads generated by eLoan, reducing customer acquisition cost and increasing their market competitiveness.

Tom Tran, Co-Founder & CTO of eLoan, said: “Collaboration activities among banks and fintech companies, especially in the field of peer-to-peer lending and loan-based crowd-funding, have been growing globally and proving to be beneficial for all involved parties as we set out to build a more transparent and inclusive financial market. We’re extremely excited about the partnership with Nam A Bank and will continue to expand our ecosystem in and beyond Vietnam to achieve sustainable growth targets.”

Established in 2017, HCM City-based eLoan is one of the few fintech firms in Vietnam focusing purely on serving SME clients with short-term loans. Its marketplace platform is run on a proprietary AI-driven decision-making and credit-rating system. By the end of 2018, eLoan had accumulatively connected more than VND200 billion between SMEs and investors. eLoan’s strategic partners are Investree(www.investree.id),a market leading peer-to-peer SME lending platform in Indonesia with an average disbursement of $7 million per month and Vemanti Group, a technology investment company based in the U.S.

Nam A Bank started operation in October 1992 and was one of the first commercial banks to be established in Vietnam after the Banking Ordinance was issued in 1990 in the context of economic reform in the country.

At the time of establishment, Nam A Bank had only 3 branches with charter capital of VND5 billion and about 50 employees. For many years of difficulties and challenges, Nam A Bank has endlessly developed to own a network of 60 transaction offices nationwide. Moreover, current charter capital and number of employees of Nam A Bank are 600 times and 27 times higher than those in 1992, respectively. Most of Nam A Bank’s employees are young, dynamic and highly qualified that trained domestically and overseas.

Nam A Bank aims to become one of the most modern banks in Vietnam based on fast, strong, safe and effective development, as well as one of the country-leading banks to make endless contribution of socio-economic development.

 PV