Cathay United Bank chooses iKredit360 to transform its lending business in Vietnam

By Leandra Monteiro

Intellect Global Consumer Banking (iGCB), ranked #1 in the world for Retail Banking by IBS Intelligence, announced that Cathay United Bank, one of the leading banks in Vietnam, has chosen to implement iGCB’s acclaimed digital credit platform – iKredit 360 to power the next growth stage of their lending business.

Commenting on the partnership, Marcus Yao, Senior EVP, Digital, Data & Technology of Cathay Financial Holdings said, “Vietnam is a key strategic market for Cathay Financial Holdings and we aim to deliver innovative financial solutions to our Vietnamese customers. We selected Intellect primarily due to their experience of enabling digital-native products and delivering user-friendly solutions for leading banks in Vietnam and across the globe. We are looking forward to this new partnership.”

One of the largest financial groups in Taiwan, Cathay Financial Holdings has been in Vietnam for over 20 years now. Over the years, the institution has expanded their presence here to include joint venture bank, foreign bank branch, life insurance subsidiary and property and casualty insurance subsidiary. The bank is now planning to launch their retail lending business in Vietnam and looking for a digital lending platform that could enable them to offer both commoditised and specialised credit products such as BNPL (Buy Now Pay Latter) to their customers.

The bank chose iGCB’s credit platform iKredit360 to meet the ever-changing needs of credit seekers. An end-to-end loan lifecycle management system comprising Loan Servicing, Collateral & Limits Management and Partner Management, iKredit will empower Cathay United Bank to become the lender of choice in Vietnam by:

• Offering curated credit products across all business segments including Retail and SME.
• Enhancing customer experience with an end-to-end digitization of the lending process.
• Increasing customer lifetime value and mitigate risks with a real-time 360 degree customer view.
• Protecting and maximizing revenues with customer-centric strategies and streamlined collection processes.

Commenting about the deal win, Rajesh Saxena, Chief Executive Officer, Intellect Global Consumer Banking said “The BNPL industry has become one of the fastest-growing sectors in the Southeast Asia region and BNPL payments in Vietnam alone are expected to reach US$ 1,123.9 million in 2022. With iKredit360, Cathay United Bank will be able to offer a comprehensive Buy Now Pay Later (BNPL) proposition to their customers which will also enable the bank to increase their addressable market. We are truly excited about this partnership and look forward to Cathay leveraging iKredit360 to become the lender of choice in Vietnam.”