Trusting Social announces a strategic partnership with the Masan Group and the initial close of its Series C round
Posted byTrusting SocialinHot Newsat4/28/2022
Trusting Social announced today an investment of USD 65 million in the Trusting
Social Group from The Sherpa Company Limited ("Sherpa"), a subsidiary of Masan
Group Corporation (HOSE: MSN, "Masan"), for the initial close of its Series C round.
The strategic collaboration between Trusting Social and Masan intends to develop
an AI-powered consumer tech platform that will offer customized retail and
consumer financial products to serve 27 million families in Vietnam. It will provide
convenient access to personalized fintech solutions for Masan's consumers by
combining Masan's offline-to-online vision with Trusting Social's ability to
democratize financial services. In addition, the partnership will enable Masan to
drive efficiencies in its core business by leveraging Trusting Social's AI capabilities
in areas as diverse as retail store selection, demand & supply planning, and product
assortment & development.
Trusting Social's Founder and CEO, Nguyen Nguyen, PhD. said, "I am proud that a
Vietnamese team has created an innovative credit scoring Artificial Intelligence
("AI") and Machine Learning ("ML") platform that financial institutions across Asia
are utilizing to serve their consumers better. Our partnership with Masan is exciting
since we broaden our platform from credit access to a total consumer life solution.
Masan and Trusting Social have the same belief that Vietnam can create
transformation and disruption on par with global peers."
Masan Group CEO, Danny Le said, "Walmart has invested heavily to develop an AI
and ML platform and has leveraged it to become the leading offline and online daily,
consumer life platform. The Trusting Social partnership provides Masan a similar
cutting edge AI and ML platform but tailored for 100 million Vietnamese consumers.
Our job together now is to develop it from a pure credit scoring use case to a
holistic Consumer engine."
"We remain committed to our mission of enabling underserved consumers access
world-class financial services. This partnership will significantly accelerate our
journey.", added co-founder and Chief Data Scientist Tuyen Huynh.
With this strategic collaboration with Masan, Trusting Social is a big step closer to
achieving its goal of stamping one hundred million lines of credit to underserved
borrowers in its high-growth markets across Asia.
Trusting Social's advisors are BDA Partners, Rajah & Tann, Allens and LMP Lawyers.
Trusting Social is an AI TechFin company aspiring to democratize financial services
through AI-based consumer insights and embedded finance. Trusting Social drives
financial inclusion by providing credit insights covering over a billion consumers to
over 170 financial institutions across Vietnam, Indonesia, India, and the Philippines.
Trusting Social has reinvented co-lending into a profitable, win-win model,
partnering with pioneering banks and consumer brands to deliver disruptive
financial products to underserved consumers wherever they shop. Trusting Social is
backed by Sequoia Capital, BEENEXT, Tanglin Ventures, 500 Startups, Kima
Ventures and Genesis Alternative Ventures, amongst others.
MASAN GROUP CORPORATION
Masan Group Corporation ("Masan") believes in doing well by doing good. Masan's
mission is to provide better products and services to the 100 million people of
Vietnam, so that they can pay less for their daily essentials. Masan aims to achieve
this by driving productivity with technological innovations, trusted brands, and
focusing on fewer but bigger opportunities that impact the most lives.
Masan Group's member companies and associates are industry leaders in branded
fast-moving consumer goods, branded meat, modern retail, F&B retail, financial
services, telecommunications, and value-add chemical processing, altogether
representing segments of Vietnam's economy that are experiencing the most
Contact for Investors / Analysts:
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