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Banking & Finance

MoMo & Home Credit partner in consumer finance

Released at: 15:49, 23/08/2018

MoMo & Home Credit partner in consumer finance

Photo: Khanh Chi (VET)

Two announce strategic partnership in digital transformation in consumer finance services.

by Hong Nhung

Vietnamese fintech MoMo Wallet and consumer finance company Home Credit Vietnam signed a strategic partnership agreement on August 22 that marks a milestone in their bilateral cooperation. The first two features are payments via MoMo, which help customers of both partners enjoy a seamless, fast, convenient and time-saving service, and the ability to have Home Credit cash loans disbursed directly to MoMo Wallet.

The partnership first started in 2015, only one year after MoMo was launched on iOS and Android. Since then, Home Credit Vietnam’s customers have been able to repay their loans via the MoMo app or at MoMo’s 5,000 POS (points-of-sale) around the country. Furthermore, the partnership aims to provide customers with the greatest convenience, promote financial inclusion in Vietnam, and boost cooperation between finance companies and fintech partners.

Entering the era of global digitalization and based on a business motto of customer-centricity, Home Credit and MoMo have established a strategic partnership over the last three years that uses the advantages held by both sides to enhance the customer experience in mobile payments and consumer finance. Digital transformation in consumer finance will change offline procedures to the online platform for time-saving and safety. In addition, after installing the MoMo Wallet app, Home Credit customers have the opportunity to access and enjoy a number of MoMo promotions.

From September, customers who register for cash loans at Home Credit’s POS can receive the disbursed funds via MoMo, in addition to traditional channels such as bank accounts and the postal service. Customers will have more options to conveniently access cash loans and MoMo’s promotions and services by their registered phone number. In addition, more than 500 diversified services currently available on MoMo enable customers to experience consumer finance immediately.

In the future, Home Credit will upgrade the service to allow customers to register for cash loans on the Home Credit app and receive disbursement via MoMo Wallet, fully transforming to an online platform in the digital era.

The strategic partnership between Home Credit Vietnam and MoMo will boost the development of a technology ecosystem in the consumer finance sector, as customers can easily access financial products and services via the mobile platform, shortening processing time and offering more convenient financial transactions. It will also encourage customers to experience online platforms instead of traditional transaction methods.

“We have decided to cooperate with more technology companies to create an integrated ecosystem that delivers instant benefits to customers, providing convenience when accessing Home Credit’s services,” said Mr. Branislav Vargic, COO of Home Credit Vietnam. “This is a new chapter in our partnership to enhance the customer experience, and a milestone in the accession to Industry 4.0.”

“The technology platform and the dynamics of millions of existing MoMo users will provide a promising customer approach to Home Credit and consumer finance,” said Mr. Nguyen Ba Diep, Vice President of MoMo Wallet. “We believe that technology is indispensable in the development of the consumer finance market and will change the face of the financial sector in Vietnam in the future.”

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