Intellect Global Consumer Banking (iGCB) recently announced that Cathay United Bank has chosen to implement iGCB’s acclaimed digital credit platform iKredit 360 to power the next growth stage of its lending business.

The bank chose iGCB’s iKredit360 to meet the ever-changing needs of credit seekers. As an end-to-end loan lifecycle management system comprised of loan servicing, collateral and limits and partner management, iKredit will empower Cathay United Bank to offer curated credit products across all business segments including retail and SMEs.

In addition, it will enhance customer experience with end-to-end digitisation of the lending process and increase customer lifetime value and mitigate risks with a real-time 360 degree customer view. Furthermore, the platform will protect and maximise revenues with customer-centric strategies and streamlined collection processes.

Marcus Yao, senior EVP, Digital, Data and Technology of Cathay Financial Holdings said, “Viet Nam is a key strategic market for Cathay Financial Holdings and we aim to deliver innovative financial solutions to our Vietnamese customers. We selected intellect primarily due to their experience of enabling digital-native products and delivering user-friendly solutions for leading banks in Viet Nam and across the globe. We are looking forward to this new partnership.”

One of the largest and most prestigious financial groups in Taiwan, Cathay Financial Holdings has been in Viet Nam for over 20 years.

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 Viet Nam and is looking for a digital lending platform that could enable them to offer both commoditised and specialised credit products such as BNPL (Buy Now Pay Latter) to their customers.

“The BNPL industry has become one of the fastest-growing sectors in the Southeast Asia region and BNPL payments in Vietnam alone are expected to reach US$1.1 billion in 2022. With iKredit360, Cathay United Bank will be able to offer a comprehensive Buy Now Pay Later (BNPL) proposition to its customers which will also enable the bank to increase its addressable market. We are truly excited about this partnership and look forward to Cathay leveraging iKredit360 to become the lender of choice in Vietnam,” said Rajesh Saxena, Chief Executive Officer, Intellect Global Consumer Banking. — VNS