Vemanti Group, Inc. announced today that it has signed a Fintech and Banking-as-a-Service (“BaaS”) business cooperation Memorandum of Understanding (“MOU”) with Vietnam Public Joint Stock Commercial Bank (“PVcomBank”) to jointly develop financial products and banking solutions for the underserved consumers and small businesses in Vietnam.

PVcomBank is a fully licensed and regulated bank in Vietnam with comprehensive core banking products and services. It has a network of 109 transaction offices in major provinces and cities in Vietnam that provide a wide range of products services for its individual and corporate clients. In recent years, it has made significant progress in the digital banking segment, bringing superior financial products and services to customers while also enhancing their experience. PVcomBank has received numerous awards from prestigious international financial institutions, including "Most Innovative Digital Bank - Vietnam, 2020", "Best Bank for Customer Services in Vietnam for 2021".

According to the signed MOU outlining the partnership, Vemanti will gain access to the technical know-hows and banking expertise of PVcomBank via the latter’s bank license, core banking services, and an existing technology platform purpose-built for API-based integration. The partnership’s mission is to develop, demonstrate, and provide innovative, tech-driven, embedded financial and banking services to customers without requiring them to go into a physical branch to become registered bank customers. A market study to assess the business opportunity and commercial feasibility of the planned services will be jointly carried out by both parties. Once launched, the on-demand commercially-ready banking services from PVcomBank will be accessible via Application Programming Interfaces (APIs) and offered as Vemanti-branded products in its ecosystem. It is aimed to be a cost-effective and efficient approach to bring banking services to the underserved consumers and small businesses compared to traditional banking products that are either under-penetrated or under-marketed.

The MOU is only the beginning. Both parties plan on establishing deeper collaboration down the line to further tackle existing and incoming challenges by leveraging technology to increase efficiency, especially in cross-border transactions.