The new neobank, dubbed Vemanti, will initially focus on Vietnam, and use Finastra’s core banking solution, Fusion Essence, for new products and services that enhance financial inclusion in the underserved SME finance market
US-based financial technology company Vemanti Group has selected global financial software provider Finastra International to build a new neobank for SMEs in Southeast Asia.
With an initial focus on Vietnam, Vemanti will use Finastra’s core banking solution, Fusion Essence, for new products and services aimed at underserved SMEs.
The company will also leverage Lendscape’s invoice finance and supply chain finance technology.
Lendscape is a part of Finastra’s partner ecosystem, engaged in designing, developing, and delivering secured lending technology to more than 50 markets.
Lendscape CEO Kevin Day said: “We are excited to participate in this opportunity to support Vemanti in its efforts to bring finance to SMEs in Vietnam.
“SMEs are the lifeblood of all economies and offering providers in the region access to our specialist invoice and supply chain finance solutions will enable Vemanti to support digitalisation and a better customer experience, unlocking the potential of these businesses.”
Finastra’s Fusion Essence platform will support Vemanti’s business and technology team to build and expand product offerings, to help launch a fully digital bank at scale.
Lendscape’s solution will use embedded advanced analytics and technology to improve credit decisions and processing.
It will help Vemanti offer personalised SME finance that goes beyond traditional commercial loans, such as small unsecured, short-term loans and invoice finance solutions.
Vemanti CEO Tan Tran said: “Finastra’s open ecosystem approach has already brought Lendscape’s leading technology to us and we look forward to expanding our offerings quickly with Finastra’s partnership.”
Finastra APAC universal banking managing director John Guest said: “Vemanti’s bold strategy aims to solve a clear market need and will connect the best of Vietnam to the world.
“Choosing a SaaS cloud platform from Finastra means Vemanti can concentrate on its business, customers and product innovation, whilst we take care of their technology.
“We are also pleased to have this opportunity to demonstrate with Lendscape the enhanced value that technology partnerships can offer the global financial services sector.”