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Masan Group buys 25% of Trusting Social’s shares

The strategic partnership between Masan Group and Trusting Social

Trusting Social Joint Stock Company announced the completion of its first Series C funding round from The Sherpa Company Limited, a subsidiary of Masan Group. Sherpa invested $65 million in exchange for 25% stake in Trusting Social. This information was shared by Nguyen Dang Quang, Chairman of the Board of Directors of Masan at the annual meeting on the morning of April 28, 2022. Two subsidiaries Masan MEATLife and Masan Consumer also participated in this meeting. Trusting Social also appeared on the first quarter financial report of 2022.

 

Trusting Social Masan

Nguyen An Nguyen, General Director of Trusting Social Company shakes hands with Chairman of Masan Group, Nguyen Dang Quang.

 

This partnership strategy aims to develop an AI-based consumer technology platform that provides customised retail and financial products, serving 27 million Vietnamese families. Masan will accelerate the efficient transition from retail to a consumer ecosystem with integrated technology from offline to online with the capabilities and experience of Trusting Social, giving Masan consumers the opportunity to access easy personalised fintech solutions.

 

About Trusting Social

Trusting Social is a subsidiary in Vietnam of Trust IQ Pte. Ltd. based in Singapore. This is a fintech business that aspires to popularise AI-based financial services through consumer insights. This company is backed by many startup investment funds. Trusting Social is best known for its credit scoring tool and assesses the financial strength of more than a billion borrowers. Founder & CEO of Trusting Social, Nguyen An Nguyen, said that the first result of this cooperation was the issuance of a credit card similar to a bank card.

 

Founder & CEO Trusting Social

Dr. Nguyen An Nguyen, Founder & CEO of Trusting Social

 

Nguyen is confident that this year they will issue a million cards. After more than a year of working with more than 170 financial institutions in Asia, he found that 80% of customers are paying in cash and there are huge unmet needs. These credits help consumers regulate spending and increase purchasing power, especially for those who live in rural areas and whose income depends on seasonal factors. In addition, credit cards are also a new payment channel and can integrate a loyalty program.

 

On the side of Masan

In the short term, Quang hopes that Trusting Social’s AI and machine learning applications would help Masan optimise costs and improve the efficiency of some core business activities such as selecting retail store locations, building demand and supply for business plans, product development portfolio, sales, marketing, etc. This long-term technology-enabled retail platform provides financial solutions to unbanked consumers.

 

Billionaire Dr. Nguyen Dang Quang, Chairman of the Board of Directors of Masan Group

 

The Masan leader also assessed that the goal of issuing a million cards for ordinary consumers such as small traders and farmers was feasible. The majority of ordinary consumers do not have a bank account or a fixed income to get credit from a bank. Therefore, they can only satisfy their financial needs from their own pocket. “We work together to try to change, so that consumers have the opportunity to access goods and services with the lowest credit costs,” Quang said.

Sources of information include DealstreetAsia and e27.