"The program's objective is to explore new solutions for FE Credit, thereby offering fintech professionals the opportunity to demonstrate their solutions for the commercial market and scale up their business," says Mr. Xi Giang - Head of Innovation Department of FE Credit.
HO CHI MINH CITY, Vietnam, May 12, 2021 /PRNewswire/ -- FE Credit - in partnership with Expara - officially announces the launching of FE XCELERATE 2021.
Mr. Xi Giang commented - "Prior to 2017, FE Credit focused on growing its physical network. Today, the company is well travelling on its path to digitization. Digital transformation is a field where success is defined by innovation and thinking big. I firmly believe that the company's throughout innovative spirit is the key ingredient to pioneer solutions that will power our future. Carrying forward the spirit and success of FE XCELERATE 2019, we're proud to launch FE XCELERATE 2021 - the topline fintech accelerator program series of the region."
With the partnership of Expara – the Singapore-based early-stage venture capital firm, the 2021 edition will continue to offer fintech companies the opportunity to amplify their growth with the network and industry expertise of FE Credit and Expara.
The program opens for application from May 12, 2021 to June 12, 2021. Fintech professionals are welcomed to participate in the 2021 cohort at the official channel - HERE
FE XCELERATE 2021 calls for fintech companies of all stages and sizes with a minimum viable product or a ready-to-use solution with such disruptive technologies as AI, big data, etc. The solutions are recommended to focus on Risk and Collection management, Payment, Digital engagement, Data security and governance, Insurtech.
Participants can also win the chance of signing contracts up to millions of US dollars with FE Credit.
Fintech situation in Vietnam
Amongst ASEAN countries, Vietnamese financial institutions experienced the highest growth in user engagement with their apps in 2020 (at 73%) and a robust in cashless payment (E-Conomy SEA 2020 Report by Google, Temasek and Bain & Co, and Vietnam Fintech report 2020).
Fintech in Vietnam has significantly increased over the past few years. Along with the remarkable growth, challenges remain in bringing financial services to a larger population. The situation poises tremendous opportunities for fintech companies - coupled with a supportive government and a rapidly digitized economy.
FE XCELERATE 2019
FE XCELERATE first kicked off in 2019 where FE Credit unveiled problem statements and areas of opportunities for invited global fintech competitors to explore innovative solutions. 172 participated startups (more than 70% from Asia-Pacific region) were shortlisted to 24 startups to join the pitching round.
About FE Credit
Founded as a consumer finance division of Vietnam Prosperity Joint-Stock Commercial Bank (VPBank), FE Credit has become the market leader in the consumer finance industry in Vietnam. The company is a workplace of choice for over 12,400 employees and runs a diversified network of over 19,000 points of sales nationwide, operated in reliable collaboration with more than 10,500 partners. FE Credit proudly delivers a range of multi-accessible, flexible and effective financial solutions to more than 11 million of Vietnamese through consumer lending products and services.