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Tima the only startup in Top 10 at Sao Khue Awards 2018

Released at: 17:54, 23/04/2018

Tima the only startup in Top 10 at Sao Khue Awards 2018

Photo: Tima

Fintech startup links borrowers and lenders online.

by My Van

Tima, a technology solution directly connecting borrowers and lenders online, was the only fintech startup in the Top 10 at the Sao Khue Awards 2018 held on April 21 by the Vietnam Software and Information Technology Services Association (VINASA). It joined familiar faces Viettel, FPT, and BIDV, among others.

Sao Khue Awards 2018 went to 53 software products and 21 IT services. 

The Top 10 was reviewed based on market size, technology, superiority, socialization, applicability, and whether it is a pioneer in Industry 4.0.

“Tima resolves the problem of the majority of Vietnamese people facing difficulties accessing banking services and traditional finance,” said Nguyen Van Thuc, Chairman and CTO of Tima. “Developing a wide range of products and expanding our customer base, partnerships, and business scale around the country in the time to come will contribute to the development of comprehensive government-led finance.”

Tima uses high-tech platforms such as Big Data and Machine Learning to evaluate and analyze borrowers, thereby offering risk warnings and shortening the loan processing time to just minutes. The whole process of lending through Tima is digitized, thus saving time and money for both borrowers and lenders.

Its software has the ability to sync data on all devices such as computers, tablets, laptops, and smartphones. It is currently at the forefront of P2P Lending (people-to-people lending, the most successful field in the world of fintech) in terms of scale and technology. Some 1.6 million customers have successfully applied for loans totaling more than VND24 trillion ($1 billion) through the Tima exchange.

Speaking at the awards ceremony, Mr. Truong Gia Binh, President of VINASA, said that enterprises in the sector should continue to focus on digital conversion strategies and product development. High-quality services should follow new technology trends such as AI, Robotics, Big Data, Automation, 3D printing, VR, and AR.

“This not only meet needs in Vietnam but also promotes development,” he told the ceremony. “Key international markets are Japan, North America, and Europe.”

Software saw revenue of $62 million in 2003 and the industry employed 5,000 people. Software and services revenue now stands at $8.8 billion with over 200,000 employees, up 40 times.

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