Completed the purchase of 25% of the shares of Trusting Social Company for $65 million.
The cooperation agreement with Trusting Social contributes to accelerating Masan’s transformation into a consumer ecosystem – integrated technology from offline to online (“O2”). Thereby providing AI and fintech application solutions in retail and consumption, delivering superior customer experience.
Dr. Nguyen Dang Quang – Chairman of the Board of Directors of Masan Group and Dr. Nguyen An Nguyen – Founder and General Director of Trusting Social spoke and shared at the announcement of Masan’s investment agreement in Trusting Social Company
Currently, the demand for financial services has not been adequately met for the majority of ordinary consumers. Trusting Social brings Artificial Intelligence (“AI”) and Machine Learning (“ML”) application solutions that help banks and financial institutions deliver financial products to consumers at scale.
Backed by leading startup investment funds such as Sequoia Capital, Beenext, Tanglin Ventures, 500 Startups and Genesis Alternative Ventures, Trusting Social is able to score more than 1 billion people, affiliated with more than 170 financial institutions throughout Vietnam, Indonesia, India and the Philippines.
Through cooperation with Masan, Trusting Social aims to apply AI and ML to provide personalized products and services, serving a variety of needs from necessities, finance to other interests of customers. consumers.
Dr. Nguyen An Nguyen- Founder and General Director of Trusting Social shared about the foundation of this company.
Since the establishment of The CrownX in December 2019, Masan has been expanding its product and service portfolio, completing the pieces of the “Point of Life” ecosystem to satisfy diverse needs that have not yet been discovered. meet the needs of consumers properly.
Accordingly, the Group has launched a retail model of “mini mall” that integrates multiple utilities at a single destination to increase accessibility and bring convenience to customers.
The partnership agreement with Trusting Social will help Masan deliver Artificial Intelligence and Machine Learning solutions to consumers to accelerate the transition to the O2 model. Thereby, providing personalized products and services, increasing convenience and helping to reach customers more effectively.
Danny Le – General Director of Masan Group said: “Walmart, the largest retail group in the US, has invested heavily in the development of Artificial Intelligence and Machine Learning platforms to become a leading enterprise in the industry. The partnership agreement with Trusting Social will also help Masan develop a similar disruptive technology platform to serve 100 million Vietnamese consumers. . Together, we will make Trusting Social’s credit rating service a complete consumer solution.”
In the short term, the partnership will optimize costs and improve the efficiency of Masan’s core business activities, including retail store location selection, supply and demand planning, optimization portfolio, sales, marketing and product development.
In the long term, the retail platform using AI and ML will help Masan provide financial solutions to the vast majority of ordinary consumers who currently do not have a bank account.
Simultaneously, the Group will launch a loyalty program that can be customized according to the needs of each user and create favorable conditions for consumers to easily purchase goods and necessities through Online shopping channel and smart supply chain.
Dr. Nguyen An Nguyen, Founder and General Director of Trusting Social said: “I am extremely proud that for the first time a Vietnamese business has successfully built an AI and ML platform used by institutions major financial institutions across Asia to serve consumers more efficiently.The partnership agreement with Masan will enable us to expand from a pure credit access platform to a comprehensive consumer solution Masan and Trusting Social have the same belief that Vietnam will make great leaps to be on par with international friends.”
This is the latest M&A deal that Masan has done with a value of about VND 1,500 billion.
As an AI-integrated Fintech enterprise, Trusting Social aspires to popularize financial services by integrating AI into consumer and financial market insights analysis. By providing in-depth credit data of over 1 billion users to more than 170 financial institutions across Vietnam, Indonesia, India and the Philippines, TS is participating in promoting Financial Inclusion .
The company has also transformed co-lending into a profitable model, partnering with pioneering banks and leading consumer goods brands to deliver innovative financial products to consumers. users are not being served properly. Trusting Social has the financial backing of many investment funds such as Sequoia Capital, BEENEXT, Tanglin Ventures, 500 Startups, Kima Ventures and Genesis Alternative Ventures.
at Blogtuan.info – Source: danviet.vn – Read the original article here
