March 26, 2020
FE CREDIT conducted the Demo Day of its inaugural cohort FE Xcelerate on March 26, 2020, to present 10 startups that have graduated the accelerator program. FE Xceleratewas launched in October 2019, in partnership with MEDICI. Like all the global events, this program was also upended by the current threat of COVID-19, as a result of which the stakeholders decided to conduct a virtual event for the startup pitches.
The demo day was held after three months of an intensive accelerator program, which encompassed a total of 14 proof-of-concept engagements between 10 startups and various business units. These startups facilitated innovative use cases and product demonstrations by these startups, thereby providing a platform for these global players to actualize their aspiration for penetrating the Vietnam market. The finalists presented a working demo of their solutions to a panel that consisted of over 24 judges, including FE CREDIT, MEDICI Senior Management, and industry experts.
FE CREDIT, Vietnam’s largest consumer finance player with a customer base of over 10 million, has been a pioneer of several key technology innovations since its inception in 2015. It continues to be at the forefront of technology innovation and endeavors to continue its focus on delivering world-class services to its retail clients through best-in-class technology and collaborative support from various parts of the FinTech ecosystem. On October 24, 2019, FE CREDIT launched FE Xcelerate – a 12-week program run in close collaboration with MEDICI as the Strategic Partner. With this launch, FE CREDIT rolled out the various problem statements and areas of opportunities that it was keen to explore via this program and invited the global FinTech community to develop new ideas and technology solutions to any of these problems. The problem statements covered the following topics:
FE Xcelerate received over 170 submissions globally, with more than 70% of them coming from the Asia-Pacific region. A total of 23 finalists were shortlisted based on the relevance of their solutions to the problem statements, business potential, innovation, and ability to execute the solutions for the pitch day. Of these 21 startups, the above 10 startups were selected for a 12-week POC program that concluded with a demo day on March 26, 2020.
The 10 startups that presented in the demo day are as follows (in no order of merit):
In conclusion, it was an insightful and enriching experience for the MEDICI Team to work with FE CREDIT’s entire ecosystem. We are honored to have played a part in what we think is now the new precedent for how bank/FI-run accelerators should be designed and implemented. We fundamentally believe FinTechs can help drive and sustain meaningful value with such partnerships. And the FE Xcelerate story is just beginning!
Being a pioneer 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 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.
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.