Masan pumps $105 million into tech software group

February 13, 2023 | 09:32
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The Sherpa Co., Ltd., a subsidiary of Masan Group, has received an offshore registration certificate to carry out investment activities in Singapore.
Masan pumps $105 million into tech software group
Deals were granted to Vietnamese and Singaporean groups last week

The certification ceremony was part of the business forum within the framework of Vietnamese Prime Minister Pham Minh Chinh’s official three-day visit to Singapore, starting February 8.

At the ceremony, Masan signed an MoU with Trust IQ Pte. Ltd., a Singapore-based tech company, to invest up to $105 million for 25 per cent share ownership in Trust IQ.

The project is part of Masan’s strategic goal by 2025 to create a consumer-retail-technology ecosystem capable of capturing 80 per cent of Vietnamese consumer spending.

The company has been gradually optimising the ecosystem by integrating strategic aspects such as financial services, banking, insurance, healthcare, entertainment, and more, into a wide network of points of sale, digital technology, and AI platforms.

Trust IQ operates primarily in software development, technology, and applications on a global scale, including the development of comprehensive, accurate credit risk assessment methods based on AI and computer science.

The investment in Trust IQ is expected to accelerate Masan’s application of AI in retail.

To build a loyalty programme, the two partners will be applying and developing AI and machine learning technologies in the consumer sector, and integrating offline to online, contributing to an optimal experience and minimising costs for Vietnamese consumers.

Masan and Trust IQ will also gear their efforts towards building a credit access platform for consumers based on a loyalty programme, issuing credit cards for consumers without requiring proof of income.

Masan’s WinCommerce, with a high-tech platform from Trust IQ, will cooperate with domestic financial partners to drive new credit card usage, moving towards universalisation of credit access for the Vietnamese people.

With the integration of technology from Trust IQ into its consumer retail platform, Masan Group aims to become the leading enterprise meeting the consumer needs of nearly 100 million Vietnamese consumers, both offline and online.

Masan’s member companies and associates are industry leaders in branded fast-moving consumer goods, modern retail, food and beverages, financial services, telecommunications, and chemical processing.

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On October 12, Masan Group was recognised as one of the Top 10 Vietnamese Strong Brands by the Vietnamese Excellent Brand Awards 2022 – launched by the Vietnam Economic Times.

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By Thuy Dinh

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