Vietnamese financial tech starts biz in Philippines

VIETNAMESE financial technology startup Digital Payment Solutions Joint Stock Co. (doing business as Mfast) has officially launched its operations in the Philippines, less than a year after it raised $6 million to fund its expansion in the region.

Mfast is an agent banking aggregator platform that allows users in underserved communities to access financial services. These agents provide crucial services in finance, banking, and insurance.

“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,” Mfast Co-founder and CEO Phan Thanh Long said.

In Vietnam, Mfast claims to be the largest sales agent network for financial services, leveraging the learn-practiceearn framework for its agents. The platform spans all 63 provinces, employing a vast network of agents who bridge the gaps in traditional field sales models.

Phan said agents in Vietnam earn as much as 100 million Vietnamese Dong or about P225,000 per month, which is 10 times more than the average salary in Vietnam.

“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 said.

Mfast Philippines will be led by seasoned banker Carolyn Rose G. Lao.

The platform leverages new technologies such as Artificial Intelligence to maintain high integrity and trust within its network.

Phan noted that with techbased agent banking, Mfast could drive financial literacy and inclusion in remote areas, which are normally excluded from participating in the financial systems due to their locations.

In August 2023, Mfast raised $6 million from a Series A funding round led by Wavemaker Partners LLC, a Southeast Asian venture capital firm led by Filipinos Paul Santos and Eric Manlunas.