Home Credit Vietnam and Standard Chartered Vietnam launch entrustment lending programme

November 22, 2021 | 09:35
Home Credit and Standard Chartered Bank today entered into a partnership agreement to launch an entrustment lending programme in Vietnam, a ground-breaking initiative that promises to enhance affordable access to finance for millions of Vietnamese consumers, driving greater financial inclusion in the country.

This is a landmark cooperation between two leading international financial groups which have a longstanding presence in Vietnam. Under the entrustment lending partnership, Home Credit Vietnam and Standard Chartered Bank Vietnam will offer accessible and affordable consumer lending products at scale to individual Vietnamese. The partnership will harness international best practices with deep local market knowledge to offer innovative products, improving access to finance for Vietnamese customers – particularly those that may currently be under-served by traditional financial services. The new relationship also reinforces both parties’ longstanding commitment to sustainable development, digitalisation, and customer-centric financial products that meet the real needs of consumers.

Home Credit Vietnam and Standard Chartered Vietnam launch entrustment lending programme
Leaders of Home Credit Viet Nam and Standard Chartered Bank Vietnam (left to right): Mr Pham Ngoc Khang, Chief Finance Officer, Home Credit Viet Nam, Ms Annica Witschard, Chief Executive Officer, Home Credit Viet Nam, Ms Michele Wee, Chief Executive Officer, Standard Chartered Bank Vietnam, Mr Harmander Mahal, Head of Consumer, Private and Business Banking for Vietnam and Asia Cluster Markets, Standard Chartered Bank

“Home Credit Vietnam and Standard Chartered have a shared vision to provide accessible and affordable financial solutions to under-served communities. This new relationship represents an exciting opportunity for us to continue our financial inclusion work to higher levels. The partnership also supports our mission to empower people to live the life they want, now. In addition, this partnership shows our continued commitment to driving innovation that is designed to help a wider range of consumers to achieve their dreams and live a better life,” said Annica Witschard, CEO of Home Credit Vietnam.

"We believe in the power of finance in catalysing greater social and economic inclusion, especially in emerging economies like Vietnam. A key pillar in Standard Chartered’s Sustainability agenda is Lifting Participation. We have been making continuous efforts to enable access to trusted, affordable sources of finance for more people so that they can unleash their full potential and improve their lives and their communities. We are very pleased to join hands with Home Credit Vietnam in this exciting partnership and look forward to making an impact in Vietnam," said Michele Wee, CEO of Standard Chartered Bank Vietnam.

“Leveraging our excellent business capabilities and unrivalled knowledge of the market, we are committed to facilitating great financial access to help Vietnamese grow their wealth and prosperity. Through this innovative partnership, we hope to provide meaningful financial support to more Vietnamese, especially in the context of a post-COVID-19 recovery, while at the same time unlocking more opportunities that the market offers and contribute to Vietnam’s sustainable economic recovery and growth,” said Harmander Mahal, head of Consumer, Private and Business Banking for Vietnam and Asia Cluster Markets at Standard Chartered Bank.

Standard Chartered is a leading international bank in Vietnam, having been present in the country for 117 years. The bank has recently been named the Best Foreign Bank in Vietnam 2021 by Global Business Review and the Best Foreign Retail Bank in Vietnam 2021 by International Finance. The bank is currently taking the stand, which is the next step in its transformation and sustainable development resolving around Accelerating Zero, Lifting Participation and Resetting. As part of Lifting Participation, the bank will build partnerships to expand the reach and scale of financial services.

For further information about Standard Chartered, please assess the website: www.sc.com

Home Credit Vietnam Finance Co., Ltd. has been operating in Vietnam since 2008, providing leading consumer financial products in Vietnam with outstanding advantages: fast, simple, and friendly. Home Credit currently has a head office in Ho Chi Minh City, a branch in Hanoi, eight representative offices and more than 9,000 service points in 63 provinces and cities nationwide.

Home Credit is now one of the leading companies in the consumer finance industry in Vietnam. Nearly 6,000 Home Credit employees serve more than 12 million customers with three main products: POS loans (motorbike, home appliances, electronics), cash loans, and revolving loans (credit cards). In addition, to meet consumer expectations, Home Credit continually delivers products, such as a new service that allows customers to pay for education, medical, and credit card expenditures.

For further information about Home Credit, please assess the website: www.homecredit.vn

By Mai Dang

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