A unique opportunity for Fintech Startups to collaborate with leading experts in consumer finance

On October 22, FE CREDIT cooperated with multinational company MEDICI to launch FE XCELERATE program to seek technological solutions from Fintech startups in Vietnam and around the world. We had the opportunity to talk with the leader of the organizer – Mr. Basker Rangachari – Director of Marketing (CMO) at FE CREDIT to learn more about this program.

Mr. Basker Rangachari – Marketing Director (CMO) at FE CREDIT

Reporter: Can you share more about the meaning of this FE XCELERATE program and what message would you like to send to Fintech startups in Vietnam?

Mr. Basker: Today up to 80% of startups in Vietnam cannot survive more than 2 years, even though their products and services are extremely potential. Meanwhile, in Vietnam, conditions for developing financial technology are highly appreciated. The younger generation of technology savvy citizens are very interested in the financial field.

So FE XCELERATE was born with the desire to provide startups with the best platform and support, helping them develop comprehensively from concept to product launch and experience a training program. methodically with a global scale and the opportunity to become a strategic partner with FE CREDIT – the leader in the field of consumer finance in Vietnam.

Secondly, we also have a large network of foreign investors interested in FE CREDIT, so assuming startups have a “miraculous” solution with potential for replication, we can help. They connect with these investors.

FE XCELERATE Program: https://innovation.gomedici.com/fe-xcelerate/vietnam/

Reporter: What does FE CREDIT expect from startups?

Mr. Basker: Firstly, startups need to study 8 issues that FE CREDIT is looking for solutions on the program’s registration page to know what direction they need to give.

Second, these companies need to make sure they have at least one viable product in the market because we are not only looking for ideas, but what we are looking for is companies that have the right products, helping address the areas we really care about.

Thirdly, the youth are more ambitious and confident to attend the program. Sometimes, you may not have fully absorbed 8 topics to give the optimal solution, but we still evaluate the profile comprehensively to see the potential from the technology that you currently own. From there we can provide expert advice for you to further refine these technologies.

In general, many startups have technology but don’t know what to use while long-term companies have problems but have not found a solution. So the FE XCELERATE program will help bridge that gap.

Mr. Basker shared with the Press about FE XCELERATE

To help startups clearly visualize the criteria of the projects participating in the competition, here are 8 issues that we are looking for solutions:

1. Digitize Management System information & potential customers

FE CREDIT is collecting customer data through various channels. Combining all this information from multiple sources to connect with customers is a problem we are looking for a solution.

1. Multichannel Customer Service Digitization

Today, to convince customers to decide to buy is a process that requires businesses to meet specific requirements in each period. FE CREDIT looks forward to working with startups to find solutions that will help our customer service across all existing channels.

1. Super Personal Communication Strategy

Customers are increasingly expecting personalized service and will always choose a service provider who can be a companion to understand them. That is how FE CREDIT is heading.

1. Overview of Data Analysis and Management Platform

In the context of Data is the current strength, how to effectively manage and use this resource is a difficult problem for all organizations and industries.

1. Innovating credit scoring method

Alternate credit scoring data is a solution that helps these customers gain access to products in a logical and responsible manner, thereby strengthening their credit score.

1. Enhancing personnel interaction

Employees are the most valuable asset of the business. Therefore, understanding the capacity and satisfaction level of employees is the essential information of an organization.

1. Improving Sales and Distribution Performance

Technology-driven sales solutions with advanced features that help better employee management are also what FE CREDIT is looking for.

1. Connecting Mobile Applications with Industry Ecosystems

FE CREDIT has always wanted to create a technology ecosystem and provide multidisciplinary services with streamlined and optimized processes.

Reporter: How do you comment on Fintech Startup in Vietnam? Does the company plan to invest money in startups?

Mr. Basker: I think the Fintech ecosystem in Vietnam is having amazing changes. Fintech startups in Vietnam were able to solicit initial investment from other countries. Therefore, in the next 5-6 years there will be many foreign investors such as Softbank, Sequoia … will come to Vietnam. I am very optimistic because the capacity of Vietnamese startups is so amazing that many people in the world still haven’t realized.

As a pioneer such as FE CREDIT, we are excited to join this flow to create a Fintech ecosystem together. Strategic cooperation with technology partners will help FE CREDIT support more consumers to access credit solutions more quickly and appropriately. We will consider the investment budget based on the quality and effectiveness of the solutions that startups send.

Source : Techtalk