Vemanti Group Signs LOI with PVcomBank to Become First SME-Focused Neobank in Vietnam
Vemanti Group, Inc. (OTCQB: VMNT) announced a non-binding Letter of Intent with Vietnam Public Joint-stock Commercial Bank (PVcomBank) to establish a neobanking solution for SMEs in Vietnam. This aligns with Vemanti's expansion into the digital banking sector. The agreement aims for a definitive contract by March 31, 2022, enabling the launch of a Vemanti-branded digital bank platform leveraging PVcomBank's banking expertise. The neobanking industry is projected to reach USD 722.60 billion by 2028, expected to grow at a CAGR of 47.7% from 2021 to 2028.
- Strategic partnership with PVcomBank enhances Vemanti's capabilities in digital banking.
- Opportunity to serve underserved SMEs in Vietnam with innovative banking solutions.
- Projected growth of the neobanking market supports potential revenue increase.
- None.
IRVINE, Calif., Jan. 18, 2022 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (“Vemanti” “Vemanti Group” or the “Company”) (OTCQB: VMNT) today announced that it has signed a non-binding Letter of Intent (the “LOI”) with Vietnam Public Joint-stock Commercial Bank (“PVcomBank”) to become one of the first Small-to-Medium Enterprise (SME) neobanking solutions in Vietnam. This signals a strategic move into the digital banking space for the Company, who will also look to continue its financial service expansion into additional countries in SE Asia in the near future.
The LOI is a major step forward on an integrated bilateral formal partnership for Vemanti Group and PVcomBank, which announced their first Memorandum of Understanding (MOU) to create joint financial projects in Q3 2021. PVcomBank is a fully licensed and regulated bank in Vietnam with comprehensive core banking products and services. Recently, the company has worked to advance its digital banking segment, offering new, easier to use banking features to its large customer base.
Pursuant to the terms of the LOI, it is the intention of the parties to sign a definitive agreement within 90 days of signing of the LOI and by March 31, 2022. Vemanti will utilize PVcomBank’s industry-leading banking expertise to provide SMEs in Vietnam with an innovative digital-only financial solution via PVcomBank’s existing core banking system. The Vemanti-branded digital bank platform will allow customers to be seamlessly onboarded online, eliminating the need to visit a physical branch, while giving them access to tailored banking services and financial products embedded to their business operations.
Neobanks, also known as digital or challenger banks, are a growing sector in the fintech space, representing a large portion of the investor funding over the last 24 months. According to a recent report from Grandview Research, the neobanking industry is expected to reach USD 722.60 billion by 2028. It is anticipated to register a CAGR of
“We’re excited to partner with the Vemanti Group as we look toward the future of banking and work to promote the development of innovative products and services,” stated Ha Viet Nguyen, Deputy CEO from PVcomBank. “By integrating our industry-leading technology with other forward-thinking organizations like Vemanti Group, we can improve financial accessibility and access with fewer roadblocks to entry than traditional banking providers.”
PVcomBank has a network of 109 transaction offices in major provinces in Vietnam, and provides a wide range of products and services, fully meet the demands of personal and corporate customers. The company is focused on bringing the best financial services and products while continually increasing value for their shareholders. In 2021, PVcomBank was ranked “The Best Digital Bank in Vietnam” and also one of the “Top 100 Strongest Brands in Vietnam”.
“The partnership with PVcomBank allows Vemanti Group to make major inroads into digital banking, providing underserved SMEs with more streamlined and efficient products compared to the traditional banking structure,” said Tan Tran, CEO of Vemanti Group. “We’re looking forward to collaborating with PVcomBank and working together to advance the future of banking in Vietnam and Southeast Asia.”
For more news and updates, shareholders and prospective investors are encouraged to follow @Vemanti on Twitter (https://twitter.com/Vemanti).
About Vemanti Group, Inc.
Vemanti Group, Inc. (OTCQB: VMNT) is a technology-driven company that seeks to become active in high-growth and emerging markets. The Company’s mission is to advance financial inclusion for the unbanked, underbanked consumers and businesses of the world. It is focused on building a financial ecosystem based on innovative fintech and blockchain applications. To learn more about VMNT, visit https://www.vemanti.com/
About PVcomBank
Vietnam Public Joint Stock Commercial Bank (PVcomBank) was founded on September 16, 2013, as a corporate amalgamation between PetroVietnam Finance Joint Stock Corporation (PVFC) and Western Joint Stock Commercial Bank (WesternBank). On October 1, 2013, PVcomBank officially operated with a charter capital of 9,000 billion VND and total assets of more than 100,000 billion VND, equivalent to 390M USD & 4.4B USD. Up to now, PVcomBank has developed a strong network of 109 transaction points with more than 4,400 employees. With the mission "Bank Without Distance", PVcomBank always aims at building an image of a friendly, dedicated bank, working for the success of customers. We are committed to becoming the best bank in providing services following social standards. With a professional working environment, taking customers' and partners' benefits as the main target, at the same time, implementing corporate social responsibility, PVcomBank hopes to bring benefits to employees, community, and value-added to shareholders. We were named as one of the Top 500 Fastest Growing Enterprises in Vietnam (FAST500) by the Vietnam Report JSC and the VietNamNet e-newspaper on March 10, 2021. To learn more about PVcomBank, visit https://www.pvcombank.com.vn/
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Contact Information
Vemanti Group, Inc.
Investor Relations
(800) 768-1288
ir@vemanti.com
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