This new capital will be used to develop technology and data analysis systems that can generate consumer credit ratings, expand MFast's agent network, and experiment with new business models. This new technology will increase automation when evaluating, appraising, and approving financial products for consumers. MFast also plans to expand to other Southeast Asian countries.
“To achieve our growth objectives, we are actively hiring across technology, sales & marketing, and human resources”, said Phan Thanh Vinh, MFast's co-founder and chief technology officer.
MFast was born after its founders, Phan Thanh Long and Phan Thanh Vinh, observed a huge problem in Vietnam’s rural areas. Nearly 70 per cent of the Vietnamese population in rural areas have limited access to banking, insurance, and credit-related services. Due to the lack of financial literacy and credit history, this population faces numerous challenges accessing financial services and is often the victim of predatory services from the gray and black markets.
In September 2020, MFast was launched to tackle this pain point by connecting reputable financial and insurance institutions to its nationwide agent network. MFast’s agents introduce, educate, and distribute financial products to the end customers in rural areas. Anybody is eligible to become an MFast agent. Based on their ability, they can participate in one or several sales stages, such as customer acquisition; financial product consultation; customer onboarding support; or post-sales services.
“With a nationwide agent network, MFast reaches underserved populations, helping them overcome challenges in accessing financial services and breaking down prejudice towards insurance - a crucial aspect of a developed society. At the same time, we create benefits for our agents and partners. MFast provides agents opportunities to earn extra income while helping partners expand the insurance and financial services in the peripheral and rural areas,” said Phan Thanh Long, CEO and Co-Founder of MFast.
By using the MFast app, agents are equipped with all the necessary knowledge and tools to do their jobs. MFast also digitizes the entire working process, replacing cumbersome paperwork and procedures associated with banking. As a result, MFast shortens the approval and disbursement window, bringing the best experience to its end customers and agents.
The startup has partnered with several reputable financial institutions including FE Credit, Home Credit, Mirae Asset, SHB Finance, CIMB, MCredit, EasyCredit, PTF, and VIB. As for the insurance category, MFast established partnerships with BSH, VNI, PTI, PVI, Opes, and VASS.
After just two years, MFast has helped nearly 600,000 people (nearly 80 per cent of whom are living in rural areas) access financial and insurance services. MFast has also increased the income for more than 92,000 agents across 63 provinces in Vietnam.