Business
Vemanti Group Closes Deal with PVcomBank to Launch First SME-Focused Digital Banking Platform in Vietnam
Vemanti Group Closes Deal with PVcomBank to Launch First SME-Focused Digital Banking Platform in Vietnam.
About this update from Vemanti Group Inc.
[{"type":"text","content":"\n IRVINE, Calif., March 21, 2022 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (“Vemanti” “Vemanti Group” or the “Company”) (OTCQB: VMNT) today announced it has entered into an official 10-year agreement with Vietnam Public Joint-stock Commercial Bank (“PVcomBank” or the “Bank”) to launch one of the first Small-to-Medium Enterprise (SME) digital banking (aka neobanking) solutions in Vietnam. This agreement signals a major collaborative step forward for the two parties, which signed a Letter of Intent (LOI) earlier this year. Leveraging PVcomBank’s dominant incumbent position, Vemanti plans to utilize cloud computing, API, automated KYC/AML, Artificial Intelligence, Machine Learning, and blockchain technologies to power its new digital-first platform. PVcomBank, fully licensed and regulated by the State Bank of Vietnam, is a state-owned bank with comprehensive core banking products and services. The Bank is focused on spearheading digital banking services and will now jointly share this pursuit with Vemanti Group, which will help power a unique hybrid neobanking model. This unique omnichannel banking approach will allow customers to utilize a full range of digital services at their convenience powered by the Vemanti platform, while also having the ability to take advantage of PVcomBank’s physical branch locations for in-person support if needed. “We’re excited to take this next step with Vemanti Group as we now look to actively build our joint platform and begin onboarding customers in the near future,” stated Ha Viet Nguyen, Deputy CEO from PVcomBank. “Our physical banking presence in Vietnam combined with Vemanti’s forward-thinking platform will give businesses a tech-forward, adaptable solution to their banking needs.” Vemanti will utilize PVcomBank’s industry-leading banking expertise to provide SMEs in Vietnam with an innovative digital-only financial solution via PVcomBank’s existing core banking system. As part of this new digital-first model, the Vemanti-branded banking platform will allow customers to sign up for accounts and get access to services entirely online, while still having the option of visiting a convenient branch location if needed. All customers will have access to tailored banking service...