Aventus Group company Senmo in Vietnam started its operations in the summer of 2019 but has already occupied a stable position in the market and managed to become popular among local clients.
Currently, Senmo loan portfolio is 387 911 Eur. Cumulative issued loans – 460 000 Eur. At Senmo currently, work 35 employees.
Maxim Zubkov, Aventus Group Country Manager for Vietnam, shares his insights about the company and business-specific in Vietnam also about the current situation in the market.
What are the specifics of the Vietnamese market and the lending business in Vietnam?
Vietnam, with its 97 million inhabitants, 69% of which are unbanked, has a high demand for banking and financial services. Over 90% of financial transactions inside the country are still conducted in cash, hence the demand for other types of banking products is set to grow. About 60% of the population is under the age of 35, which means that the working-age population will continue to expand over the next twenty years and bring higher demand for convenient, consistent, and accessible financial services products. The country’s mobile internet subscriptions are also expected to expand further to the level of 55 million by 2023, thereby presenting a unique opportunity in the FinTech space and enormous market potential for the businesses in the financial industry.
What makes your service attractive to your customers?
We are passionate about a mixture of finance and technologies, service quality, and client experience. With that mindset, we started our brand and launched our services in Vietnam, which rapidly gained its popularity. We continue to deliver and share innovations with the society, our valuable customers, by being a trustworthy financial service provider that helps them to make their daily life easier.
What makes Vietnamese clients special? For what purposes do they most often take a loan?
The family of our clients is constantly growing as well as their need for our services. Our 1st loan was issued within 17 minutes since application from the client located in Yen Bai province of Vietnam, in 1759 kilometers from Ho Chi Minh city. Within the same hour, the client was able to use the received amount for personal needs. Since then loan purposes of our clients were expanding, however mainly we continue to support their needs for groceries, home supplies, gifts, buying devices.
We provide loans up to 400 EUR with an optimal tenor for our clients. We are pleased and proud that we were able to bring the culture of service quality and financial technologies to Vietnam, which significantly helps our clients to take care of their families.
How did the Covid-19 crisis affect the Vietnamese market?
After the announcement of quarantine in Vietnam, we have reconsidered and applied necessary changes to our risk scorings, as well as conducted some limitations of our advertising activities. These actions had been performed instantly and due to such an early response to the potential crisis, we were able to continue providing our services to our clients without delay and any significant difference.
Furthermore, it would be wrong to not mention that unlike other countries Vietnam was much more stable during the COVID-19 due to proper pandemic prevention actions from the government.
How do you forecast your company will develop this year?
Despite the worldwide struggle with the COVID-19 pandemic, we plan to increase the company’s profitability in 2020.
At the end of May 2020, Senmo started to list a part of its loans on PeerBerry alternative investment platform. Aventus Group is the main business partner of PeerBerry. The biggest part of loans on PeerBerry is listed by Aventus Group companies.
About the company
Senmo has used Aventus Group’s knowledge, experience, and FinTech solutions to successfully launch its operations in Vietnam, in August of 2019. Senmo offers the provision of access services to short-term loans up to 10 000 000 VND (400 Eur) to Vietnamese citizens. The company’s mission is to be locally known as fast, and easy to use, transparent, and reliable personal loan service provider. Senmo partly is owned by another lender – Gofingo Group.
Company website https://senmo.vn/.