Singapore FinTech Finaxar announces strategic partnership with Vietnam’s Indovina Bank
The Singapore-based FinTech has entered a partnership with both Indovina Bank (IVB) and Taiwan’s Cathay Financial Holdings, with the intent of improving financial accessibility into Vietnam for small and medium-sized businesses by providing streamlined access to working capital.
The venture is to be based on the capabilities of the firms Finaxar Credit Line (FCL), which functions to help small businesses navigate the random demand fluctuations, which require flexible access to capital to compensate.
The FCL solution offered by Finaxar will be implemented with support from IVB’s and Cathay Financial Holdings’ data analytics modelling and tools, which will allow the process of credit application to be far more streamlined, thus enhancing the SME experience for those attempting to flourish in the Vietnamese market.
Business owners will be able to access up to USD 22,000 through the service, with the FCL service charging a small ingle percentage fee upfront on the loan amount in a process which can be completed online in as little as 30 minutes, according to a report by Kr-Asia.
The endeavour is being back by Cathay Venture, the venture sub-division of Cathay Financial Holdings, which itself is a major feature of the Singaporean alternative asset funds and family office markets.
Indovina Bank, Vietnam’s first joint-venture bank, has become one of the foremost financial links to foreign companies wanting to increase their involvement in the Vietnamese space, asking as a bridge for investment into the domestic market. Cathay United Bank (CUB), a wholly owned subsidiary of Cathay Financial Holdings, is itself a major shareholder in the Vietnamese bank.