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  • MoneyTap expands to international geographies; extends credit line service to Vietnam by joining forces with FE Credit

    Published on February 24, 2021

    New Delhi: Following its success in India with more than 10 million registered customers present on the platform, MoneyTap, India’s first app-based credit line service provider, has kickstarted its global journey. After its Series B funding that comprised of Debt and Equity in Feb 2020, Vietnam is the first step in its global footprint, owing to its booming economy backed by a growing millennial population, tech-savvy citizens, and a widespread mobile network.

    MoneyTap has collaborated with FE Credit, Vietnam’s leading consumer finance company, to provide Vietnamese consumers with quick, easy, and hassle-free credit on mobile, at affordable interest rates and flexible EMIs. All one needs to do is download the MoneyTap app – available on both Android and iOS for free – and complete the digital application process through a virtual assistant (chat-bot). Once approved, customers can borrow any amount as low as ₫1Million Vietnamese Dong up to the entire approved limit multiple times and pay interest only on the amount used.

    Mr. Anuj Kacker, Co-Founder, MoneyTap, said, “After our 4x growth over the last few years and success in India, MoneyTap is proud and confident to bring the credit line app to the Vietnamese market in support of the local efforts to bring more unbanked consumers into the financial ecosystem.

    We believe that the convenience of a completely digital journey, the high limits, and the flexibility in payment options will help Vietnamese users have an additional solution to their financial needs and the accessibility of  their money available on tap. It falls in really well with our goal to make credit on mobile available to all & easy repayments a simple, seamless activity.”

    Mr. Kalidas Ghose, General Director of FE Credit says:

    It feels great that FE Credit, which is a leading consumer finance company in Vietnam, has partnered up with MoneyTap which is poised for even more growth in one of the fastest-growing Fintech countries, India.

    We positively look forward to this collaboration and hope MoneyTap Credit Line App will help us approach newer customer segments and bring our abundant capital to more Vietnamese people, helping them cover as well as improve their daily needs and lives.

    Some features that make MoneyTap stand out in the market:

    •             100% Online – From registration to approval to withdrawal and payment, all activities are completely digital and processed right through the app.

    •             Maximum Limit – 50,000,000 VND

    •             No Usage, No Interest – Interest is charged only on the amount used, not on the entire approved limit.

    •             Restoration of the limit – The limit automatically recovers in proportion to the monthly installment amount.

    •             One-time Registration, Lifetime Usage – As long as you keep fulfilling the payments, the credit line will be continuously available on the phone and can be used multiple times.

    •             Flexible Credit and Payment – Consumers can borrow a minimum of 1 million VND from the entire limit and repay it at a flexible tenure of 3-36 months via convenient payment channels throughout the country.