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FE Xcelerate: The Greatest FinTech Opportunity in Vietnam

Vietnam is ranked second in Southeast Asia in terms of the development rate of the startup ecosystem, according to Ernst & Young’s latest market research. According to a survey on Financial Sector Technology by Vietnam National University, Ho Chi Minh City (VNUHCM-IBT), more than 154 companies operate in the FinTech field in Vietnam, and 70% of them have raised funds from investors from developed countries such as USA, UK, France, and Japan. They have raised a record total of $117 million in 2018, which happens to be the highest amount of investment in Vietnamese startups so far.

Vietnam provides the necessary infrastructure for FinTech services, even in remote areas, because it has one of the highest smartphone penetration rates in Southeast Asia. With the majority of the population being young (between 18 to 35), and its significant exposure to the outside world, the foundation for the growth of the local FinTech industry is strong.

Seizing the opportunity, FE CREDIT has partnered with MEDICI, a multinational company that acts as a bridge between startups and investors, to launch an Enterprise Acceleration Program called ‘FE Xcelerate.’ With this accelerator program, FE CREDIT aims to support and mentor both domestic and foreign FinTech startups and provide them the opportunity to co-create business solutions that can be scaled into commercial products.

On October 22, 2019, FE CREDIT launched the application process of the inaugural edition of FE Xcelerate. During the launch event, Mr. Basker Rangachari, Chief Marketing Officer – FE CREDIT, talked about FE CREDIT’s vision for FE Xcelerate: “Our mission is to provide the best platform for startups and to assist them with extensive guidance on moving from concept-to-product-to-market. With this, they can have enough resources to develop their technologies and turn them into viable commercial solutions for the financial sector in the most comprehensive way. Startups will also have an opportunity to quickly expand their business by offering their solutions to FE CREDIT's large and diverse customer base. We would be delighted to have all the FinTech startups in Vietnam to participate in the program. They should not miss this unique opportunity to become an integral partner in this accelerator program. Via this program, they can have the opportunity to work with FE CREDIT's experienced leaders and expert teams, and develop innovative technological products with our guidance and support.”

Structure of the Program

FE Xcelerate is structured as a global accelerator with a robust curriculum and mentorship support to help participants at every step of the program. The accelerator has been set up with the vision of becoming a thriving partner ecosystem for startups. Through this accelerator program, FE CREDIT is looking for the best technological and digital startups to build collaboration paths together and rewarding the best ideas that can be realized in solutions. 

The FE CREDIT Program Management team, along with the MEDICI innovation team, worked with all the BUs and internal technology teams to identify their most pressing pain points in order to develop a baseline view of which FinTech spaces would be best able to work with each BU and arrive at mutually beneficial solutions.

The idea was to provide a platform for the incoming cohort to integrate their ‘tech’ and solve ‘fin’ problems holistically. With this platform, startups stand a chance to scale their business by increasing their speed to market by offering their solutions to FE CREDIT’s large and diverse customer pool. 

The startups will work closely with FE CREDIT’s business and technology leadership teams, as well as their partners and collaboratively ideate & address several identified problem areas and innovation opportunities across different BUs.

With its Xcelerate program run in partnership with MEDICI, FE CREDIT is looking to identify startups with products and solutions that will address the following:

  1. Customer contact & leads management for digital engagement
  2. Omnichannel digital customer service
  3. Hyper-personalized communication strategy with segmented, personalized & contextual marketing
  4. Integrated data management and analytics platform to achieve a 360-degree customer view
  5. Alternative credit score
  6. Corporate employee engagement
  7. Enhancing sales and distribution productivity
  8. Bridging mobile app to other industry ecosystems

For a detailed understanding of the problem statements, please click here.

After a detailed brainstorming session with all the business leaders at FE CREDIT to identify key focus areas and opportunity areas for innovation, MEDICI will be running the applications for a period of 35 days starting October 21, 2019. The applications under FE Xcelerate will be evaluated by an Evaluation Committee consisting of both FE CREDIT and MEDICI executives and industry experts. 

The top 20–25 shortlisted startups will be invited for a ‘pitch’ where they will get a chance to showcase their product in front of a panel of judges in the second week of December. 

Startups shortlisted on pitch day will get the opportunity to closely work with FE CREDIT for a duration of 12 weeks as a part of their accelerator program. This 12-week program will comprise of both on-site interactions and off-site collaboration, whereby startups can choose to work from their base locations, with a focus on co-creating a market-ready product.

Requirements for Participation

Early-stage or mature startups with disruptive solutions to a predefined need can apply for this program.

  • Early-stage or mature startup with an MVP addressing one of the defined problem statements below.
  • The startups have been “operational” for at least one year.
  • Startups headquartered in Vietnam or anywhere in the world.

Timelines

The application process will commence on October 21, 2019, and the final deadline to apply for the program will be November 27, 2019.

How Will It Benefit the Startups?

  • Get a chance to co-create a viable, practical solution and partner with the largest consumer finance company in Vietnam, which has a market share of more than 50%.
  • Get a unique opportunity to engage with FE CREDIT and access the largest consumer base in Vietnam.
  • Opportunity to scale up their venture supported by FE CREDIT’s infrastructure. 
  • Take advantage of continued engagement with industry experts and global investors, via one-on-one interactions for the entire duration of the accelerator program.

Startups can apply for FE Xcelerate until November 27, 2019, 11:59 PM (Vietnam time). Registrations after the stipulated time will not be permitted. For updates and more information, follow FE Xcelerate.

Contact Kumar Abhishek, Innovations Manager & Research Advisor, MEDICI, at kumar@gomedici.com for any questions about FE Xcelerate.

About FE CREDIT:

Pioneering in the consumer finance sector, FE CREDIT has established a solid foundation to become a leader in the consumer finance market. FE CREDIT is currently offering personal loan services with products such as cash loans, motorbike loans, household electronic appliances loans, and credit cards. Up to date, FE CREDIT has served more than 10 million customers and cooperated with more than 9,000 partners at over 13,000 nationwide sales points. 

FE CREDIT has also been awarded with prestigious domestic and international awards such as ‘Best Consumer Finance Company Vietnam 2019’ & ‘Best Consumer Finance Company for Customer Experience Asia 2019’ awarded by the Global Banking & Finance Review, ‘CEO Of The Year’ & ‘Best Customer Experience Management of The Year’ granted by Asia-Pacific Customer Service Consortium, ‘Top 10 Asia’s Most Trusted Brands’ at the Asia International Economic Forum 2019, and ‘Asia's Most Innovative Consumer Finance Brand 2018’ by the Global Brands Magazine.

About MEDICI:

MEDICI is the world’s leading FinTech research and innovation platform. As a premier destination for FinTech insights, MEDICI has over 13,000 FinTechs on the platform, which enables FinTechs to scale and create global economic impact. By partnering with banks, various technology companies, and FIs globally, MEDICI is committed to supporting the complex financial services ecosystem and enabling stakeholders to benefit from the industry’s accelerated growth and global impact.

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