Vemanti partners with Finastra to build first SME-focused neobank in Southeast Asia
Vemanti Group, Inc. (OTCQB: VMNT) has announced a partnership with Finastra International Ltd. to create Southeast Asia's first SME-focused neobank, beginning in Vietnam. Utilizing Finastra's core banking solution, Fusion Essence, Vemanti aims to enhance financial inclusion for SMEs by offering innovative finance products. Traditional finance often fails to meet SME needs, leaving many unable to access necessary funds. The partnership also incorporates Lendscape's technology for invoice and supply chain finance, facilitating small loans and improving credit decision-making. This strategy seeks to position Vemanti as a key player in the region’s emerging financial services sector.
- Partnership with Finastra enables the development of the first SME-focused neobank in Southeast Asia, enhancing financial inclusion for SMEs.
- Utilization of advanced technologies like Fusion Essence and Lendscape enhances product offerings and customer experience.
- Focussing on underserved SMEs positions Vemanti strategically in a growing market, increasing potential customer base.
- None.
IRVINE, Calif., March 23, 2023 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (“Vemanti” “Vemanti Group” or the “Company”) (OTCQB: VMNT) today announced that it has chosen Finastra International Ltd. (“Finastra”) to help build Southeast Asia’s first SME-focused neobank. Initially focusing on Vietnam, Vemanti will use Finastra’s next-generation core banking solution, Fusion Essence, as the platform for new products and services aimed at increasing financial inclusion in the underserved SME finance market. Vemanti has also tapped Finastra’s partner ecosystem to select Lendscape’s market-leading invoice finance and supply chain finance technology.
“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.”
Finastra’s next-generation core banking solution, Fusion Essence, will provide the technology platform for Vemanti's business and technology team to build and expand on product offerings, as well as the advanced capability for Vemanti to launch a full digital bank at scale.
“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.”
Using embedded advanced analytics and technology to improve credit decisioning and processing, Lendscape’s solution will enable Vemanti to offer personalized SME finance that goes beyond traditional commercial loans, such as small unsecured, short-term loans and invoice finance solutions.
“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.”
About Vemanti
Vemanti Group, Inc. (OTCQB: VMNT) is a financial technology (fintech) company that seeks to establish a strong foothold in the emerging and high-growth markets of Southeast Asia through impact-driven financial services targeting the underserved. With Vietnam as the focal starting point, its goal is to be a valuable financial partner for the SMEs throughout Southeast Asia, helping their business become borderless and together shaping the region into a global economic powerhouse of growing supply chains and manufacturing. To learn more about Vemanti, visit vemanti.com.
About Finastra
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks. For more information, visit finastra.com.
About Lendscape
Lendscape is the world's leading technology provider for all forms of secured finance. With over 45 years of experience and in-depth industry understanding, our dynamic team has designed, developed and delivered secured lending technology to over 50 markets and some of the worlds' most prestigious banking and financial services providers. Lendscape supports a range of working capital and asset finance solutions such as factoring, invoice discounting, supply chain finance, asset-based lending as well as asset finance and many other forms of specialist finance. For more information, please visit lendscape.com.
Legal Disclaimer
This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filing with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s filings with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact Information
Vemanti Group, Inc.
Investor Relations
+1.949.559.7200
ir@vemanti.com
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