GoBear to accelerate development for digital lending and insurance

January 21, 2020 | 08:00
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Three years after officially launching in Vietnam, GoBear closes a record year of on-year revenue growth to become the leading financial supermarket in Vietnam.
closing out 2019 with record growth gobear plans to accelerate development for digital lending and insurance
GoBear Vietnam closes a record year of revenue growth to become the leading financial supermarket in Vietnam

The Singapore-based online comparison platform achieved record growth in 2019 in terms of revenue, transactions, and new users. GoBear helps users search, match and transact more than 1,800 personal finance products including Credit Cards, Personal Loans, Travel Insurance, Education Endownment Insurance, Critical Illness Insurance, Universal Life Insurance, Fixed Deposits, Bank Accounts, Home Loans, Home Equity Loans, and Car Loans.

With this record-breaking growth rate and the recent $80 million capital injection from investors, the company is planning on new strategic initiatives including digital insurance brokerage and lending.

Adrian Chng, GoBear CEO commented: “In 2020, GoBear will evolve beyond just comparison and shift our focus to fill the supply gap. As a financial supermarket, we want to ensure that our shelves are properly stocked with a broad range of products and be able to connect Vietnamese consumers to these products.”

Deep user insights enable GoBear to directly sell personalized insurance and loan products on its website by way of partnering with financial service partners or obtaining its own license, providing users with a digital end-to-end funnel.

“GoBear Vietnam’s outstanding growth exemplifies the value that we bring to our financial institution partners – innovative technologies and customized solutions, powerful user insights, cost and resource efficiency, and a proven ability to significantly increase conversion and revenue,” said Bao Nguyen, Country Director of GoBear Vietnam and Thailand.

closing out 2019 with record growth gobear plans to accelerate development for digital lending and insurance
Bao Nguyen, country director of GoBear Vietnam and Thailand

Vietnam being one of the company’s fastest growing markets, GoBear experienced strong growth in new users hitting the 10 million users mark, signing deals with Manulife, Dai-ichi, Hanwha Life, Easy Credit, Standard Chartered bank, and others.

Moving in 2020, GoBear is exploring new ways in which it enables larger financial inclusion, providing credit access to millions of unbanked customers. “GoBear has grown significantly because we provide our partners with innovative technology, and market intelligence required to compete rapidly and successfully in both local and international markets,” added Bao Nguyen. “What we see in growth for lending is paving the path to develop a more data-driven lending business in 2020.”

About GoBear

GoBear is Southeast Asia’s leading financial supermarket whose purpose is to improve your financial health. GoBear empowers consumers with the know-how, tools, and financial products to meet their needs. We believe financial health leads to secure, stable, and sustainable communities across Southeast Asia, which is why we make it our mission to improve your financial health by making financial literacy, financial inclusion, and financial security attainable for everyone.

Our financial supermarket is rapidly growing its capabilities, product offerings, and customer base. We're a fintech leader that's bringing innovative solutions to address important local market challenges. Our data and insights mean we can build better products, better assess and price risk, work with partners to improve access to financial products, and identify consumer knowledge gaps.

Having commenced in Singapore since early 2015, we’re now in 7 markets: Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. To date, we have served over 40 million users searching for more than 1,800 personal finance products.

For more information about GoBear, please visit www.gobear.com/vn

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