Vemanti Group has announced a partnership with Finastra to build an SME-focused neobank in Southeast Asia, according to IBS Intelligence . The initiative aims to address the underserved SME finance market in Vietnam, where small businesses are often unable to access formal financial services due to collateral requirements designed for larger corporations.

Leveraging technology and innovation, Vemanti and Finastra plan to offer innovative finance solutions and improve financial inclusion in the region. Vemanti will use Finastra's next-generation core banking solution, Fusion Essence, to build new products and services for SMEs. Additionally, Vemanti has tapped Finastra's partner ecosystem to incorporate Lendscape's invoice finance and supply chain finance technology.

The partnership will enable Vemanti to offer personalised SME finance solutions that go beyond traditional commercial loans, such as small unsecured, short-term loans and invoice finance solutions. The neobank will be built on Finastra's SaaS cloud platform, allowing Vemanti to concentrate on business, customers, and product innovation while Finastra manages its technology needs. Finastra's open ecosystem approach has already brought Lendscape's technology to Vemanti, and the partnership looks forward to expanding its offerings in the future.

What do Vemanti, Finastra, and Lendscape think of the partnership? The CEO of Vemanti said that 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. According to the Managing Director of Universal Banking, APAC, Finastra, Vemanti's 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 Finastra takes care of their technology. The CEO at Lendscape said that 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 digitalisation and a better customer experience, unlocking the potential of these businesses. The partnership between Vemanti and Finastra aims to provide innovative finance solutions to the underserved SME finance market in Vietnam and increase financial inclusion in the region.

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