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S.Korean venture fund invests in Vietnam
By Le Hoang
Friday,  Sep 11, 2020,14:06 (GMT+7)

S.Korean venture fund invests in Vietnam

By Le Hoang

FacePay, a service people can use to make payments by scanning their faces, was developed by Wee Digital - PHOTO: WEE DIGITAL

HCMC - InterVest Co., Ltd., a venture capital firm from South Korea, has entered the Vietnamese market through an injection of capital into Wee Digital, which specializes in the fintech sector.

The investment amount was not disclosed but Wee Digital revealed that it was some millions of U.S. dollars.

Wee Digital started working with InterVest in April. They have the same vision over the potential of the Vietnamese market and InterVest is confident in Wee Digital’s technology, so the agreement was concluded quickly, said Christian Nguyen, founder and CEO of Wee Digital.

Wee Digital is confident that its technology can help users make payments safely without cash, credit cards and mobile phones within just five seconds.

InterVest, established in 1999, one of the top 10 venture capital companies in South Korea, has entered other Southeast Asian countries such as Thailand, Singapore, Malaysia and Indonesia before penetrating Vietnam.

InterVest director Junseok Kang said the company has always been interested in the Vietnamese market. Wee Digital has proved its ability to launch creative products and services. InterVest believed that Wee Digital could make a breakthrough in the market and was happy to be a part of the journey, Kang added.

Besides InterVest, Wee Digital has received another investment from VinaCapital Ventures. However, that investment amount was also not disclosed either.

According to Wee Digital, it has achieved enormous growth, even during the Covid-19 pandemic. At present, it is one of the few startups in Southeast Asia that has successfully mobilized capital during this tough time.

The two new investments will help it expand its market and further develop breakthrough products and services in the finance sector in Vietnam.

In the coming months, the company will focus on cooperating with banks.

Don Lam, co-founder and CEO of VinaCapital, said the Vietnamese startup market has attracted an increasing number of venture funds from the Asia-Pacific region.

VinaCapital expressed happiness over InterVest being keen on Wee Digital, one of the most potential startups in the fintech sector in Vietnam. It has an ambitious and experienced founder, a great performance, breakthrough products and a large market, which are attractive to investors, Lam added.

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