Fintech company bullish in PH market
VIETNAM-BASED fintech (financial technology) platform MFast is poised for expansion into the Philippines, aiming to empower Filipinos in accessing financial products and pursuing lucrative careers as sales agents.
“We are thrilled to bring MFast to the Philippines, a land known not just for its vibrant culture but for the resilience and enterprise of its people. From our humble beginnings in Binh Phuoc, we’ve always believed in the power of financial tools to transform lives,” said Phan Thanh Long, MFast co-founder and chief executive officer, in a statement.
“Launching MFast here is not just about expanding our reach— it’s about planting seeds of opportunity and watching them grow into possibilities far beyond what we ever imagined. We see this as a new chapter for our business and every Filipino joining us on this journey towards financial empowerment and independence,” he added
MFast is a tech-enabled agent banking network that aims to democratize financial access to the underserved population in Vietnam and emerging Southeast Asia. Launched in 2017 by twin brothers Thanh Vinh Phan and Thanh Long Phan, MFast is driven by a mission to address the financial challenges prevalent in underserved communities.
Currently, operating in Vietnam’s 63 provinces, MFast is currently backed by prominent investors, including Wavemaker Partners, Krungsri Finnovate, Headline Asia, Ascend Vietnam Ventures, Jafco Asia and Do Ventures, among others.
Lucrative career
MFast business model is built on the Learn-Practice-Earn framework, enabling individuals from diverse backgrounds to become all-in-one agents. These agents provide services in finance, banking and insurance, promoting financial education as well as opening opportunities in communities.
Under the guidance of Carolyn Rose Lao, a veteran in financial services, the company is set to provide unlimited earning potential, flexible working conditions and dynamic training opportunities here in the Philippines.
According to the company, agents on the MFast platform in Vietnam can earn more than 100 million VND monthly (around P225,000), ten times the average salary in the country.
“The prospects for MFast in the Philippines are significant. It promises not only to deliver accessible financial products but also to offer a sustainable and lucrative career pathway for many individuals. By employing advanced technology like artificial intelligence fraud detection, MFast maintains high integrity and trust within its network—which is essential for fostering a robust financial ecosystem,” the firm said.
MFast entry into the Philippines came timely as the country intends to accelerate its financial inclusion program.
Financial inclusion
According to the 2021 Financial Inclusion Survey of the Bangko Sentral ng Pilipinas, the number of unbanked Filipino adults dropped to 34.3 million (44 percent of the total adult population) in 2021 from 51.2 million in 2019, or a reduction of 16.9 million.
Farmers or workers in the agriculture sector had the highest financial exclusion level in 2021 at 73 percent. Other segments with high percentage of unbanked adults were workers for private households (48 percent) and self-employed individuals (45 percent).
Non-working adults (i.e., housewives, students, retirees /pensioners, sick/disabled) without an account stood at 52 percent, equivalent to 15.6 million adults.
Lack of enough money and lack of documentary requirements were the topmost reasons for not having an account.