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Friday,  Dec 15,2017,22:56 (GMT+7)

First P2P lending platform launched

Van Ly
Wednesday,  Dec 6,2017,23:49 (GMT+7)
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First P2P lending platform launched

Van Ly

HANOI – Vay Muon Joint Stock Company, an arm of NextTech Group, on December 5 launched what is Vietnam’s first peer-to-peer (P2P) lending platform for investors.

P2P lending is a new way of debt financing, allowing people to borrow and lend money without having to go through a financial institution. Thanks to technology and big data, this P2P lending platform connects the borrower and the investor faster.

Vay Muon’s P2P lending platform enables people to easily borrow small amounts of money by using a mobile app called Vay Muon – Vay tien online.

First-time loan requests will be reviewed and disbursed within four hours and subsequent requests will be handled in just half an hour.

This P2P platform does not require mortgages and one-on-one meetings. Loan requests are sent to investors on e-wallet Vimo. Vay Muon will guarantee both principals and interest for investors.

What borrowers need to do is to download and install Vay Muon – Vay tien online on their smartphones, create an account and upload required documents. Vaymuon.vn automates the creditworthiness evaluation process by analyzing big data.

As for those wishing to become investors, they will also have to install Vay Muon – Nha dau tu, sign up and link their accounts with e-wallet Vimo.

When loan requests are approved, investors will be notified. After they decide to lend, money will be transferred from their accounts on Vimo to borrowers’ bank accounts.

When loans fall due, principals and interest will be transferred to the Vimo accounts of investors.

According to Dao Thi Trang, director of Vay Muon, cash flows between lenders and borrowers on Vaymuon.vn are regulated via an intermediate payment platform licensed by the central bank. Investors only know the names and borrowing purposes of borrowers, thus ensuring privacy for borrowers.

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