Vemanti teams up with Finastra to build first SME-focused neobank in Southeast Asia
Finastra International Ltd. ("Finastra") has been selected by Vemanti Group, Inc. to assist in creating Southeast Asia's first neobank with a SME focus. Vemanti will leverage Finastra's Fusion Essence next-generation core banking solution as the foundation for new products and services aimed at boosting financial inclusion in the underserved SME finance sector, with an initial focus on Vietnam. In order to choose Lendscape's industry-leading invoice financing and supply chain finance solutions, Vemanti additionally leveraged the Finastra partner ecosystem.
“SMEs across the region are being underserved by traditional finance, which generally lacks the ability or desire to accurately assess the creditworthiness of SMEs. These businesses struggle to meet collateral requirements that tend to be designed for large corporations, leaving many unable to access formal financial services,” said Tan Tran, CEO, Vemanti. “Leveraging technology and creativity, we aim to solve these problems by offering innovative finance solutions. We have chosen to work with Finastra not just as a technology vendor, but to leverage their deep, broad experience in banking, as well as their significant footprint in the region. Finastra’s open ecosystem approach has already brought Lendscape’s leading technology to us and we look forward to expanding our offerings quickly with Finastra’s partnership.”
Fusion Essence, a next-generation core banking solution from Finastra, will give Vemanti's business and technology teams the technological foundation they need to create and expand their product offerings. It will also give them the cutting-edge capability they need to scale the introduction of a full digital bank.
“Vemanti’s bold strategy aims to solve a clear market need and will connect the best of Vietnam to the world. Choosing a SaaS cloud platform from Finastra means Vemanti can concentrate on its business, customers and product innovation, whilst we take care of their technology,” said John Guest, Managing Director, Universal Banking, APAC, Finastra. “We are also pleased to have this opportunity to demonstrate with Lendscape the enhanced value that technology partnerships can offer the global financial services sector.”
Lendscape's solution will allow Vemanti to provide personalised SME finance that goes beyond conventional commercial loans, such as small unsecured, short-term loans and invoice finance solutions. Lendscape's solution uses embedded advanced analytics and technology to improve credit decisioning and processing.
“We are excited to participate in this opportunity to support Vemanti in its efforts to bring finance to SMEs in Vietnam,” said Kevin Day, CEO at Lendscape. “SMEs are the lifeblood of all economies and offering providers in the region access to our specialist invoice and supply chain finance solutions will enable Vemanti to support digitalization and a better customer experience, unlocking the potential of these businesses.”