Intellect Design to help transform Cathay United Bank’s lending business in Vietnam

Intellect Design Arena said Cathay United Bank has chosen to implement Intellect Global Consumer Banking’s (iGCB) “iKredit 360” digital credit platform to propel the next stage of growth in its lending business.

One of Taiwan’s largest and most prestigious financial groups, Cathay Financial Holdings has been present in Vietnam for over 20 years now. Over the years, the institution has expanded its presence here to include a joint venture bank, a foreign bank branch, a life insurance subsidiary, and a property and casualty insurance subsidiary.

The bank is now planning to launch its retail lending business in Vietnam and is looking for a digital lending platform that could allow it to offer its customers standardized and specialized credit products such as BNPL (buy now pay later).

The bank chose the iGCB iKredit360 credit platform to meet the ever-changing needs of credit seekers.

An end-to-end loan lifecycle management system including loan servicing, collateral and limit management, and partner management, iKredit will enable Cathay United Bank to become the lender of choice in Vietnam by offering selected credit products across all business segments, including retail and SME. , improving customer experience with end-to-end digitization of the lending process, increasing customer lifetime value and mitigating risk with a real-time 360-degree customer view, and protecting and maximizing revenue with customer-centric strategies. the customer and streamlined collection processes.

Rajesh Saxena, Managing Director of Intellect Global Consumer Banking, said the BNPL industry has become one of the fastest growing sectors in the Southeast Asian region and BNPL payments in Vietnam alone are expected to reach US$1,123.9 million in 2022.

With iKredit360, Cathay United Bank will be able to offer a comprehensive Buy It Now, Pay Later (BNPL) proposition to its customers, which will also allow the bank to increase its addressable market.

We are really excited about this partnership and look forward to Cathay leveraging iKredit360 to become the lender of choice in Vietnam. »

Intellect Design Arena is the world’s leading fintech company that covers all banking and insurance needs with its wide range of products.

The company’s consolidated net profit decreased by 6.73% to Rs 68.77 crore despite a 32.56% increase in sales to Rs 541.30 crore in Q1 FY23 compared to Q1 FY22.

The certificate rose by 0.59% to currently trade at Rs 561.85 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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