Nucleus Software, the software product company that provides lending and transaction banking products to global financial leaders, announced that FinnOne Neo will power the consumer finance business of Tien Phong Commercial Joint Stock Bank (TPBank), one of the leading banks in Vietnam. TPFico will offer instant digital loans anytime, anywhere, powered by the advanced digital lending platform FinnOne Neo.
A study by Bain & Company, Google and Temasek Holdings Pte, entitled “Fulfilling Its Promise: The Future of South East Asia’s Digital Financial Services” predicted revenue from digital financial services to reach $38 billion across Southeast Asia by 2025, with lending comprising half of that total. In Vietnam, digital payments gross transaction value will grow by 10 percent–13 percent CAGR until 2025 and the total amount of digital loans is expected to grow by more than 50 percent CAGR to 2025.
TPBank aims to provide cutting edge digital solutions in consumer financing via TPFico. TPBank selected FinnOne Neo from Nucleus Software to cater to the customer demands for minimal branch visits, easier self-service and simpler digital access.
Dinh Van Chien, Deputy CEO cum Head of Retail Banking Division, TPBank, said, “Financial Institutions are looking at advanced digital technologies to cater to the fast evolving needs and behavioural traits of the younger generation. FinnOne Neo solution enabled us to launch TPFico and grow our consumer finance business."
Brajesh Khandelwal, VP and Global Head FinnOne Neo Business, Nucleus Software, said, “We are confident that FinnOne Neo will provide TP Finance with the required impetus for growth and profitability. ”