HANOI, Vietnam, Dec. 12, 2017 /PRNewswire/ -- The VAY MUON Joint Stock Company (JSC) launched a trial run of VayMuon.vn, the first online Peer-to-Peer lending platform in Vietnam.
Individuals seeking short-term, small loans can register online via their mobile phone.
Ms. Dao Thi Trang, General Director of VAY MUON, said that applications are reviewed and disbursed within four working hours for the first loan, if approved, and 30 minutes for subsequent loans, with no collateral or papers required.
The loans are then introduced to investors with idle capital on VIMO.vn e-wallet, and are disbursed and secured by VayMuon.vn.
Borrowers need to install the "VayMuon" app on their phone, register, and upload a photo of certain ID papers.
VayMuon.vn automates the process of evaluating customer credit by collecting and analyzing big data based on artificial intelligence (AI). It allows faster decisions on approval and disbursement than traditional forms of consumer credit.
Anyone with idle capital, meanwhile, can download the "VayMuon - Nhadautu" app, sign up for an account, and then link it to VIMO e-wallet to become an investor.
When a loan application is submitted, the investor receives a notice on their phone to open the app and approve the loan.
Upon maturity, 100 per cent of the principal and interest will be automatically returned to the VIMO e-wallet of the investor, ensuring there is no risk to investors.
Ms.Trang also emphasized that the security factor was the highest priority in the process of building VayMuon.vn. "Cash is transferred directly between the investor and the borrower via a third-party payment platform licensed by the State Bank of Vietnam, which helps ensure transparency and objectivity," she said. "Investors only know the name of the borrower and the purpose of the loan, to ensure the privacy of the borrower."
VayMuon.vn has inherited more than 20 ecosystem services for e-commerce, electronic payments, and logistics from the NextTech Group, providing it with a large data set and powerful algorithms to validate borrowers in real time.
With 15 years of experience in operating NextTech's intermediate trading platforms, VayMuon only connects borrowers with investors that have idle capital, not banks or financial institutions.
VayMuon.vn will become popular due to its simple procedures, confidential information, and, especially, lower interest rates compared to other forms of lending.
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