After acquiring Techcom Finance in last March and receiving the operation license from the State Bank of Vietnam in September, Lotte Finance Company Limited (Lotte Finance) has been preparing, from products to its organisational structure, IT system, standard operation procedures, to launch its services on December 18, 2018.
|Lotte Finance has been officially launched in Vietnam |
Accordingly, Lotte Finance will first launch loan products, with a credit card to be released in the first half of 2019. The company is planning to make unsecured loans into one of the two main businesses lines in Vietnam.
Lotte Finance will target customers with a monthly income upwards from VND3 million ($130) by offering unique experiences and convenience through highly-customised products that suit the majority of Vietnamese people, including low-income groups.
The bank offers loans of up to VND100 million ($4,350) with a term of up to five years. The company's interest rate is also expected to be lower than the market average. At first, Lotte Finance will offer loan services at two pilot locations, Hanoi and Ho Chi Minh City, before expanding to other regions. Interested customers can find out more about Lotte Finance through its official website www.lottefinance.vn or contact its hotline at 19006866.
A representative from Lotte Finance said, “Our parent company, Lotte Card, has accumulated a lot of experience in the consumer finance industry. Lotte Card was the first company introducing the palm vein authentication payment solution for the credit card industry in Korea. We are going to take advantage of the state-of-the-art technology of our parent company to develop financial products which are suitable for Vietnam as well as offer our customers unique experiences. Putting customers at the centre of our business, we will thrive to become a reliable partner who helps improving our customers quality of life.”
The company backed by Lotte Group – a world-leading multinational group – intends to develop into a multifunctional finance company based on advanced technology and substantial experience in consumer loan inherited from its parent company Lotte Card, as well as leveraging current technology such as fintech and Big Data. Consumers, including low-income groups, will, therefore, be experiencing stable and high-quality financial services from loan application to loan liquidation at Lotte Finance.
It is expected that from now to the first half of 2019, Lotte Finance will promote different forms of consumer loans such as durable loans and credit cards in various provinces and cities nationwide. With the huge potential of consumer finance in Vietnam, Lotte Finance will enhance credit access for the Vietnamese people, as well as contribute to the development of the local consumer finance market.