Funding Societies partners VPBank to facilitate SME financing access in Vietnam
[SINGAPORE] Digital finance platform Funding Societies on Friday (Jun 20) entered a commercial agreement of an undisclosed value with Vietnam Prosperity Joint Stock Commercial Bank (VPBank) to help small and medium-sized enterprises (SMEs) access financing from the lender.
The partnership aims to address financial gaps for SMEs in Vietnam, which were estimated to stand at US$24 billion or around 2.11 times the current lending level for such businesses as at August 2024, financial data provider FiinGroup indicated.
Kelvin Teo, co-founder and group chief executive of Funding Societies, said: 'We bridge the SME financing gap by reaching, assessing and channeling viable SME borrowers with one of Vietnam's most trusted banks.'
Through a loan channeling arrangement, Funding Societies will connect potential borrowers to VPBank via its newly launched financing application, SmartSME, to facilitate the process of obtaining financing.
The fintech startup will draw on its expertise from prior ventures in countries across South-east Asia – including Singapore, Malaysia and Indonesia – to identify eligible SMEs that are seeking financing and to bring them onboard the SmartSME platform, which was launched on Tuesday.
It will screen potential borrowers for eligibility by using its proprietary artificial intelligence-driven credit technology to assess SMEs' loan repayment abilities to mitigate risks, as the SmartSME platform offers unsecured loans.
Funding Societies said the collaboration is expected to enhance opportunities for the private sector to access capital resources. This is in line with the Vietnam government's newly issued directive, Resolution 68, that outlines the role of the private sector as a key driver of growth for the nation.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
20 minutes ago
- Business Times
Apple executives have held internal talks about buying AI startup Perplexity
[SAN FRANCISCO] Apple executives have held internal discussions about potentially bidding for artificial intelligence (AI) startup Perplexity AI, seeking to address the need for more AI talent and technology. Adrian Perica, the company's head of mergers and acquisitions, has weighed the idea with services chief Eddy Cue and top AI decision-makers, according to people with knowledge of the matter. The discussions are at an early stage and may not lead to an offer, said the sources, who asked not to be identified because the matter is private. Such a deal would help Apple develop an AI-based search engine, part of efforts to cope with the potential loss of a longstanding arrangement with Google. That partnership, which involves making Google the default browser on devices, generates roughly US$20 billion a year for Apple, and is now under threat from US antitrust enforcers. To date, Apple executives have not discussed a bid with Perplexity management. Bloomberg News reported earlier Friday that Meta Platforms tried to buy Perplexity earlier this year. 'We have no knowledge of any current or future M&A discussions involving Perplexity,' the AI startup said. Apple declined to comment. The Perplexity service provides real-time answers to questions using the latest information from the web. If Apple were to engage in talks to buy the startup, such a move likely would not happen until a decision is made in the Google antitrust trial. That's when Apple would know whether its lucrative Google agreement may have to be unwound. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Google shares reversed gains and fell nearly 1 per cent in late trading after Bloomberg reported on Apple's Perplexity discussions. Perplexity recently completed an investment round that valued it at US$14 billion. A deal anywhere near that level would be the largest acquisition in Apple's history. The company's biggest transaction until now remains the US$3 billion takeover of Beats in 2014 – though Apple made more recent billion US dollar deals for Intel Corp.'s modem unit and a stake in Chinese ride-sharing company DiDi. After Meta failed to reach an agreement with Perplexity, it bought a 49 per cent slice of Scale AI for US$14.3 billion. That deal is part of Meta's attempts to create a so-called superintelligence AI team, which will now include Scale co-founder Alexandr Wang. Perica and Cue, who both report to Apple chief executive officer Tim Cook, are leading the AI acquisition and recruiting efforts. The hunt for talent is part of a bid to catch up in generative AI. The company was slow to deliver its Apple Intelligence platform and still lags rivals in key features. A revamped Siri was delayed indefinitely this year, with the company now aiming to have it ready by next spring. Apple unveiled a relatively meagre slate of new AI enhancements at its Worldwide Developers Conference earlier this month. The latest features include live translation capabilities and a deeper partnership with OpenAI on ChatGPT-based image generation. Buying Perplexity would give Apple an infusion of AI talent, a known brand in the AI space and a consumer product. A deal could also potentially assist with future recruiting efforts. Apple has also discussed an alternative plan: teaming up with Perplexity instead of buying it. A partnership would involve adding Perplexity as an AI search engine option in Apple's Safari web browser and integrating it into Siri. Apple has met multiple times in recent months with Perplexity, and its AI team has been actively evaluating the technology – a sign that it's at least considering a close relationship with the company. One major snag in the process could be an in-the-works deal between Perplexity and Samsung Electronics, which plans to announce a deep partnership with the startup. Samsung is Apple's biggest competitor in smartphones, and AI features have become a critical new arena for the two rivals. In its statement, Perplexity said it should not be surprising that top manufacturers want to offer the 'best search and more accurate AI for their users.' 'That's Perplexity,' the startup said. Cue, whose department includes Apple's streaming services and iCloud, previously expressed an interest in Perplexity. While testifying at the Google antitrust trial in May, he told jurors that the industry is shifting away from standard Internet searches to AI tools. He outlined a scenario in which AI search engines could quickly supersede Google's current offering. 'We have been pretty impressed with what Perplexity has done, so we have started some discussions with them about what they are doing,' he said. BLOOMBERG
Business Times
an hour ago
- Business Times
Walmart to pay US$10 million to settle US FTC lawsuit over money transfer fraud
[NEW YORK] Walmart has agreed to pay US$10 million to settle a US Federal Trade Commission (FTC) civil lawsuit accusing the world's largest retailer of ignoring warning signs that fraudsters used its money transfer services to fleece consumers out of hundreds of millions of US dollars. The settlement was filed on Friday (Jun 20) in Chicago federal court, and requires approval by US District judge Manish Shah. Walmart also agreed not to process money transfers it suspects are fraudulent, or help sellers and telemarketers it believes are using its services to commit fraud. 'Electronic money transfers are one of the most common ways that scammers tell consumers to send them money, because once it's sent, it's gone for good,' said Christopher Mufarrige, director of the FTC's consumer protection bureau. 'Companies that provide these services must train their employees to comply with the law and work to protect consumers.' The Bentonville, Arkansas-based retailer did not admit or deny wrongdoing in agreeing to settle. Walmart said that it was pleased to settle and shared the FTC's goal of protecting consumers from fraudsters, including from fraud-induced money transfers. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In its June 2022 complaint, the FTC accused Walmart of turning a blind eye to fraudsters who used its money transfer services to cash out at its stores. Walmart acts as an agent for money transfers by companies such as MoneyGram, Ria and Western Union. Money can be hard to trace once delivered. The FTC said fraudsters used many schemes that included impersonating Internal Revenue Service agents, impersonating family members who needed money from grandparents to avoid jail, and telling victims they won lotteries or sweepstakes but owed fees to collect their winnings. Shah dismissed part of the FTC case last July but let the regulator pursue the remainder. Walmart appealed from that decision. Friday's settlement would end the appeal. REUTERS
Business Times
2 hours ago
- Business Times
Japan scraps US meeting after Washington demands more defence spending: report
[WASHINGTON] Japan has cancelled a regular high-level meeting with its key ally, the United States, after the Trump administration demanded it spend more on defence, the Financial Times (FT) reported on Friday (Jun 20). US Secretary of State Marco Rubio and Defence Secretary Pete Hegseth had been expected to meet their Japanese counterparts in Washington on Jul 1 for annual 2+2 security talks. But Tokyo scrapped the meeting after the US side asked Japan to boost defence spending to 3.5 per cent of GDP, higher than an earlier request of 3 per cent, the paper cited unnamed sources familiar with the matter, including two officials in Tokyo, as saying. A US official who did not want to be identified confirmed Japan had 'postponed' the talks but said the decision was made several weeks ago. The source did not cite a reason. A non-government source familiar with the issue said he had also heard Japan had pulled out of the meeting, but not the reason for it doing so. US State Department spokesperson Tammy Bruce said she had no comment on the FT report when asked about it at the regular briefing, and the Pentagon also had no immediate comment. Japan's embassy in Washington did not respond to a request for comment. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The Financial Times said the new higher spending demand was made in recent weeks by Elbridge Colby, the third-most senior Pentagon official, who has also recently upset another key US ally in the Indo-Pacific by launching a review of a project to provide Australia with nuclear-powered submarines. In March, Japanese Prime Minister Shigeru Ishiba said that other nations do not decide Japan's defence budget after Colby called in his nomination hearing to be under secretary of defence for policy, for Tokyo to spend more to counter China. Japan and other US allies have been engaged in difficult trade talks with the United States over US President Donald Trump's worldwide tariff offensive. The FT said the decision to cancel the Jul 1 meeting was also related to Japan's Jul 20 Upper House elections, at which the ruling Liberal Democratic Party is expected to suffer a loss of seats. It comes ahead of a meeting of the US-led Nato alliance in Europe next week, at which Trump is expected to press his demand that European allies boost their defence spending to 5 per cent of GDP. REUTERS
