Masan deal with Trusting Social to accelerate fintech solutions and consumer-tech vision
HCM CITY Masan Group Corporation has announced the closing of its US$65 million investment for 25 per cent of Trusting Social Company JSC, the Vietnam subsidiary of Singapore’s Trust IQ Pte. Ltd.
The partnership will accelerate its off-to-online vision to provide retail and consumer AI and fintech solutions to power its consumer-tech ecosystem.
Trusting Social delivers artificial intelligence and machine learning-led products to leading banks and finance companies, enabling them to provide consumption financing products to under-served consumers at scale.
Through its partnership with Masan, Trusting Social aims to leverage its AI and ML platform to personalise offerings from essential and financial to discretionary needs for Masan’s consumers.
Since establishing The Crownx in December 2019, Masan has been adding pieces to its ‘Point of Life’ puzzle by expanding its portfolio of products and services to address consumers’ diversifying unmet needs and piloting its mini-mall concept for greater convenience and accessibility.
The partnership with Trusting Social further expands Masan’s consumer capabilities with AI and ML consumer solutions to accelerate Masan’s O2 transformation to meet consumer’s need for personalisation, convenience and accessibility.
Le says: “Walmart has invested heavily to develop an AI and ML platform and has leveraged it to become the leading offline and online daily, consumer life platform.
“The Trusting Social partnership provides Masan a similar cutting edge AI and ML platform tailored for 100 million Vietnamese consumers. Our job together now is to develop it from a pure credit scoring use case to a holistic consumer engine.”
In the short term this partnership will drive cost efficiencies and business value across Masan’s core business activities including retail store selection, demand and supply planning, product assortment, commercial sales and marketing and product development.
In the long term, an AI and ML platform will enable Masan to deliver financial solutions to unbanked consumers, a personalised loyalty offering and convenient access to goods via off and online grocery and smart supply chains.
Trusting Social’s founder and CEO Huỳnh Ngọc Tuyên says: “I am proud that a Vietnamese platform has been able to create a credit scoring AI and ML platform that financial institutions across Asia are utilising to serve their consumers better.“the partnership with Masan is exciting as we broaden our platform from credit access to a total consumer life solution. We believe Masan and Trusting Social have the same belief that Việt Nam can create a transformation and disruption on par with global peers.”