A pioneering partnership in Vietnam’s consumer finance market
Home Credit and Standard Chartered Bank today entered into a partnership agreement to launch an entrustment lending program in Vietnam, a ground-breaking initiative that promises to enhance affordable access to finance for millions of Vietnamese consumers, driving greater financial inclusion in the country.
This is a landmark cooperation between two leading international financial groups who have a longstanding presence in Vietnam. Under the entrustment lending partnership, Home Credit Vietnam and Standard Chartered Bank Vietnam will offer accessible and affordable consumer lending products at scale to individual Vietnamese. The partnership will harness international best practices with deep local market knowledge to offer innovative products, improving access to finance for Vietnamese customers – particularly those that may currently be under-served by traditional financial services. The new relationship also reinforces both parties’ longstanding commitment to sustainable development, digitalization, and customer-centric financial products that meet the real needs of consumers.
“Home Credit Vietnam and Standard Chartered have a shared vision to provide accessible and affordable financial solutions to under-served communities. This new relationship represents an exciting opportunity for us to continue our financial inclusion work to higher levels. The partnership also supports our mission to empower people to live the life they want, now. In addition, this partnership shows our continued commitment to driving innovation that is designed to help a wider range of consumers to achieve their dreams and live a better life,” said Annica Witschard, Chief Executive Officer of Home Credit Vietnam.
“We believe in the power of finance in catalyzing greater social and economic inclusion, especially in emerging economies like Vietnam. A key pillar in Standard Chartered’s Sustainability agenda is Lifting Participation. We have been taking continuous efforts to enable access to trusted, affordable sources of finance for more people so that they can unleash their full potential and improve their life and their communities. We are very pleased to join hands with Home Credit Vietnam in this exciting partnership and look forward to making an impact in Vietnam,” said Michele Wee, Chief Executive Officer of Standard Chartered Bank Vietnam.
“Leveraging our excellent business capabilities and unrivalled knowledge of the market, we are committed to facilitating great financial access to help Vietnamese grow their wealth and prosperity. Through this innovative partnership, we hope to provide meaningful financial support to more Vietnamese, especially in the context of a post-covid recovery, at the same time, unlock more opportunities that the market offers and contribute to Vietnam’s sustainable economic recovery and growth,” said Harmander Mahal, Head of Consumer, Private and Business Banking for Vietnam and Asia Cluster Markets at Standard Chartered Bank.