Business
Vemanti Group Announces Investment In eLoan, JSC
Vemanti Group Announces Investment In eLoan, JSC.
About this update from Vemanti Group Inc.
[{"type":"text","content":"\nNEWPORT BEACH, Calif., July 17, 2018 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (OTC PINK:VMNT), a technology-driven holding company, today announced that it has entered into a definitive agreement to take 20% equity interest in eLoan, JSC (“eLoan”), a Fintech company based in Vietnam whose focus is to build a decentralized ecosystem of financial services starting with its business-centric online Peer-to-Peer (P2P) lending marketplace.\n Based in Ho Chi Minh City, Vietnam, eLoan (http://eloan.vn) is a P2P lending marketplace that match investors with borrowers, allowing anyone to lend money directly to small and medium-sized enterprises (SMEs). Established in December 2017, the company is operational and post-revenue. eLoan is the brainchild of CEO Trung Vo, a respected C-level banking veteran, and CTO Tom Tran, a seasoned Internet commerce executive and serial entrepreneur. eLoan is the first P2P lending company in Vietnam focusing purely on serving SME clients with short-term loans. Businesses can borrow up to $250K for up to 6 months. The company determines the loan rate based on risk category and loan term. Unlike traditional banks, the approval process is much quicker with decision made in as little as 24 hours. Whole or fractional loans are participated by individual and institutional investors. Investors make money from the interest charged on participated loans which currently stands at 12%-20% annually while eLoan earns revenues by charging borrowers an origination fee on each funded loan. There is no fee charged to the investors.  “We believe the immediate future of the Internet is a decentralized economy model followed by the implementation of blockchain technology. We like companies that are already earning revenues and working to create new revenue streams. Basically, revenue first and then blockchain second instead of the other way around. This validates their business model as everything comes down to execution and operational efficiency. eLoan certainly fits our investment strategy. On a larger scale, we see this as a strategic investment with metrics beyond numbers. We are very excited,” stated Tan Tran, CEO of Vemanti Group. The Asian Development Bank forecast Vietnam’s economic growth at 7.1% in 2018 and 6.8% in 2019. With nearly 700,000 registered entities and ...