Meed announced today the launch of its innovative mobile banking program together with Maritime Commercial Joint Stock Bank (Maritime Bank) of Vietnam. With its new platform now live, Meed is able to offer its target segment of underserved but digitally savvy individuals access to banking and payment services through a subscription model that is consistent with how they consume other digital services today.
“Financial health plays a critical part in ensuring one’s physical, mental and social wellbeing. At Meed our goal is to help our subscribers achieve a higher state of financial wellbeing through a suite of services with our member banks and corporate partners,” said Sunil Sachdev, Meed’s CEO and Chief Business Development Officer. “I am delighted that Maritime Bank will be our first partner to go live in this extraordinary venture, and I look forward to us together bringing affordable banking and payment services to those who really need it.”
Mr. Huynh Buu Quang, CEO of Maritime Bank shared, “The partnership with Meed to launch this smart financial application will provide Maritime Bank’s customers with the opportunity to experience the most user-friendly and convenient banking services. This is not only a breakthrough in technology but also a meaningful and practical application that helps everybody, especially young people, to easily access basic banking services, earn, save and gain financial mobility.”
The Meed Package
Created to give individuals of all countries and economic status equal access to innovative banking tools, Meed allows them to take more control of their financial futures. The new and innovative banking program includes a demand deposit account, a security savings account, a secured line of credit, P2P 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 plan, another $1 is returned by Maritime Bank 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 prior to this launch in Vietnam, where only 52% of urban adults are banked1. With rising smartphone penetration, Vietnam appears primed to adopt Meed’s compelling, technology-based financial services solution.
Meed has ambitious roll-out plans immediately following this Vietnam launch, expecting to launch 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 2021.