Mcredit affirms reputation as effective consumer finance brand

Hoang Minh Tuan, CEO of Mcredit, receiving the Golden Dragon Award 2018

The market share of consumer finance companies is still very modest. How do you think this situation should be improved?

In order to meet the demand for consumer loans in a healthy and legal manner, it is necessary to develop a system of non-bank credit institutions. This would include credit institutions established under the provisions of law, granted a clear establishment and operation license, and operating under the management and supervision of the State Bank of Vietnam (SBV).

With the SBV’s recent regulations, many difficulties in accessing consumer loans from consumer finance companies have been removed. It is important that the society have sufficient information about consumer credit activities, and when people are in need of loans, they can easily access such services and be provided with products and services in a transparent and secure way, ensuring full benefits.

What business perspectives does Mcredit see in this potential, yet highly contested market?

As a member of Military Commercial Joint Stock Bank - a prestigious financial group in the market for the past 25 years – Mcredit is supported by a network of service points, partnerships, and an extensive customer network.

In addition, with more than 60 years of experience in risk management and the construction of modern operating procedures from Shinsei Bank (Japan), Mcredit inherits an advanced service model aimed at ensuring convenient and fast products and services for customers. In particular, the experienced business management teams from MB and Shinsei and leading experts in the financial sector have also contributed to the identity of Mcredit.

For our focus on sustainable development and ensuring maximum customer benefits, Mcredit's consumer lending products are being increasingly accepted and trusted by customers. By the end of 2018, the company's charter capital reached VND800 billion ($34.78 million), credit growth was 254 per cent, while the number of customer loan applications reached 743,000.

Our business network has expanded to 53 provinces with 870 service points nationwide. The cash payment method is implemented at nearly 35,000 collection points at MB branches and transaction offices, the Vietnam Post system, Viettel stores, and the payment points of Payoo and MOMO.

Technology is becoming a key to business development. In what digital technologies did Mcredit invest and what is the highest goal of the company in 2019?

Mcredit always strives to promote the application of digital technology not only in its operations but also in marketing, by approaching customers via different channels and launching and piloting new products. Advanced technology applications will help Mcredit optimise costs, shorten information processing time, and prevent fraud, all the while improving employee productivity and service quality.

In early March, Mcredit officially launched the second phase of the “Contact Center" project. With the application of the world's leading multi-channel system, Mcredit expects to bring customers a comprehensive service experience, increasing customer interaction and improving the quality of customer service.

Mcredit aims to maintain growth in both size and profit in 2019, and make it into the top 3 consumer finance companies for the most effective and safest operation in the near future. In addition to business development, we always keep a close eye on the human factor and strive to build a team of qualified and unified employees who share the development goals of the company.