More than $500 million in loans have been successfully agreed upon via the Tima Financial floor, its official launch in Hanoi on December 20 heard.

Tima is a financial technology (fintech) startup that quickly and conveniently links those seeking loans with lenders. It has been testing operations since 2015 and has received millions of US dollars from Singaporean investment funds.

Every day it handles more than 1,000 new loans on a nationwide scale and is improving capacity to be able to handle 10,000 applications a day. Nearly 5,000 units nationwide are involved in lending via Tima Financial, with more than 800,000 customers. Successful transactions stand at more than VND15 trillion ($700 million).

Tima uses automated credit scoring technology based on a learning and data model that enables lenders to quickly approve loans and manage risk. All Tima loans are now conducted online. Its goal is to become the largest peer-to-peer (P2P) lending platform in Vietnam and be similar to popular models in the US, Europe, China, and South Korea.

With initial investment capital of VND150 billion ($6.6 million), Tima joined the fintech market in 2015 as the first provider of P2P technology in Vietnam. It began to offer financial consultancy and connection services in June 2016, providing simple, fast, and reliable financial advice to customers nationwide.