- April 06, 2020
- 250 Views
UOB (Vietnam) was awarded Best Financial Inclusion Project at The Asian Banker Vietnam Awards 2020
- UOB (Vietnam) support financial inclusion through simplifying credit application requirements
- The bank provides simplification and creation of seamless online banking requests for businesses
- The bank embraced digital innovation by introducing a digital underwriting engine
Hanoi, 9 April 2020 – UOB (Vietnam) received Best Financial Inclusion Project at The Asian Banker Vietnam Awards 2020.
UOB (Vietnam) support financial inclusion through simplifying credit application requirements
The bank reviews the credit potential of small business without requiring traditional financial documentation. Thus, business owners are no longer required to provide collaterals and submit complicated business plans for loan applications. The bank assessed customers’ businesses through online performance, as well as provided unsecured working capital financing facility to enable business product and its growth. In 2019, the move gathered more than 3,000 positive responses on interest of unsecured loans, benefited over 300 businesses.
The bank provides simplification and creation of seamless online banking requests for businesses
The bank overcame physical barriers, enabling loan request application and submission online without the customers having to be physically present at branches. This increased the credit review efficiency as UOBV obtained the performance data of customers (with consent) for the analysis of business performance, assisted by a digital engine to derive credit scoring. The bank also improved its productivity as loan approval-in-principle is provided within 24 hours.
The bank embraced digital innovation by introducing a digital underwriting engine
The bank developed a credit underwriting model — that best fit each e-commerce partner’s set of data — and adapted models to accommodate changes in a partner’s data. It also enhanced the offering to accommodate data from other partners, which gives additional advantage to businesses by providing access to an ecosystem of solutions where customers can enjoy exclusive benefits from partners who serve the e-commerce community.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. Its business revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
Visit The Asian Banker Vietnam Awards 2020 official page at Finance Vietnam 2020
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research