FE Credit awarded Best Personal Loan Product and Best Financial Inclusion Project at The International Excellence in Retail Financial Services Awards 2020
- FE Credit’s “Innovative Surrogate Personal Loan” propelled financial inclusion of the unbanked segment of customers in Vietnam
- Technology helped boost its underwriting process and mitigate credit risks
- FE Credit, together with VPBank, provided support in fighting the COVID-19 pandemic
Singapore, 5 June 2020 — FE Credit received Best Personal Loan Product and Best Financial Inclusion Project at The Asian Banker International Excellence in Retail Financial Awards 2020.
FE Credit’s “Innovative Surrogate Personal Loan” propelled financial inclusion of the unbanked segment of customers in Vietnam
FE Credit penetrated the unbanked population in Vietnam through its “Innovative Surrogate Personal Loan,” which offers accessible and fast financing through its alternative credit scoring assessment. It converts data from motorbike registration certificates, billing statements, insurance policies and purchase receipts into a credit score using its own advanced analytics model. This proposition provides customers an opportunity to apply for a loan using their daily life footprints. To date, the consumer finance company has already disbursed over two million loans using surrogate.
Technology helped boost its underwriting process and mitigate credit risks
FE Credit is the first Vietnam-based consumer finance market to deploy a robo lending mobile app, which eased the application procedure for 10 million customers. This eliminated manual intervention at all stages, minimising the risk of poor decision making and bringing down turnaround time to mere minutes. By implementing facial recognition technology and machine learning, FE Credit simplified the underwriting process.
FE Credit, together with VPBank, provided support in fighting the COVID-19 pandemic
FE Credit and VPBank donated a total of $647,000 (VND 15 billion) to the Vietnam Fatherland Front’s central committee, the Ministry of Health and other relevant agencies to help increase preventive measures to fight the COVID-19 crisis.
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. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information on the collaterals for winning banks, please contact:
Mr. Mobasher Zein Kazmi