Meed, the Santa Monica-based company committed to bringing socially-conscious innovation to the financial sector, today held a signing ceremony at which HDBank (Ho Chi Minh Development Commercial Joint Stock Bank) and Meed both signed a Definitive Agreement to launch a new suite of mobile banking products into the Vietnamese marketplace in November 2016.

Meed was established with a vision to create financial health at a worldwide level, with a particular focus upon the Millennial generation, many of whom find themselves outside of formal finance, whether by choice or by circumstance. Around the world, 3.5 billion underbanked people struggle to save formally, build credit, make payments, purchase insurance and build better lives.1 Meed is building a worldwide network of Member Banks, and this agreement with HDBank will see them set out together to redress the current imbalance where those with the least often pay the most for financial services.

“The long-term consequences for someone who finds themselves outside of formal finance can be both financially and emotionally costly,” said Meed Chairman Jerry Ross after the signing. “This partnership with HDBank means that together, we can offer accessible and affordable banking solutions to those who previously may have felt formal banking was not a viable option for them.”

Meed’s innovative mobile app enables HDBank to provide people with affordable banking services on platforms from desktop to mobile. This new suite of products includes a demand deposit account, a security savings account, a secured line of credit, domestic and international transfers between Meed users, as well as access to the unique income-building SocialBoost™rewards program, which gives users the opportunity to earn a new income stream in return for growing the Meed community. For every $1 earned by Meed users through SocialBoost’s personal community concept, another $1 is returned by HDBank and other Member Banks to the worldwide Meed community, helping those who need it the most.

Meed has spent the past 2 years building up its worldwide infrastructure of Member Banks and Corporate Members, and Vietnam is going to be an important market as it starts to establish a global presence. Its demographic is decidedly youthful, with over half of its population below 30 years of age – representing approximately 47 million people2. Only 52% of urban adults are banked3, yet smartphone adoption is rising dramatically (+57% YoY to 20144) and penetration is already over a third of the entire population5, making this market primed to adopt a compelling, technology-based financial services solution such as Meed.

After its Vietnam launch, Meed is expected to roll-out into Canada, Mexico and the U.S. before the end of Q1 2017. Its goal is to establish a global network of Member Banks in 30 countries by 2020.