Gabriel Budi Sutrisno · · 1 min readVietnam’s Masan Group to invest $105m in SG fintech firm
Photo credit: Masan Group
Masan Group, a Vietnamese consumer conglomerate, will invest up to US$105 million for a 25% stake in Trust IQ, the Singapore-based tech firm that owns credit scoring platform Trusting Social.
The investment would be carried out via The Sherpa Company, a subsidiary of Masan.
With this deal, Masan aims to accelerate its application of AI in retail and consumption, the company said in a statement. Both sides will work on building a credit access platform for consumers based on loyalty programs without requiring proof of income, among other projects.
Masan aims to create a consumer, retail, and technology ecosystem that can capture 80% of Vietnamese consumers’ wallets by 2025. It owns WinCommerce, which operates local supermarket chain WinMart.
See also: Why Vietnam is buying into BNPL now, not later
Founded by Nguyen Nguyen in 2013, Trusting Social aims to provide credit scoring and improve access to financial services for consumers in emerging Asian markets. The company has raised US$109 million since its inception, according to Crunchbase.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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