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Enterprises

Competitive edge from a trusted brand

Released at: 08:11, 19/08/2018 Vietnam golden dragon awards & Vietnam Excellent Brand Awards

Competitive edge from a trusted brand

Photo: Mcredit

After just over a year in the industry, the MB Shinsei Finance Limited Liability Company (Mcredit) secured a place in the Top 10 most-favored employers in the finance, banking, and insurance sector and was in the Top 100 “Favorite Jobs 2017” and named an “Employer of Choice 2017” in a CareerBuilder survey.

Having launched in mid-December 2016, Mcredit had its first full year in business with fruitful results in 2017. By the end of the first quarter of 2018, it had expanded its service network to 626 service points, covering 42 cities and provinces.

Mcredit has also developed collection and payment networks by partnering with MB/Viettel, VN Post, and Payoo, with more than 13,000 points, bringing more convenience to customers.
It is true that for any newcomer, the first three years are the hardest because of limited resources, capital and facilities. Mcredit, however, was profitable in its first year of operations, inheriting both Vietnamese and Japanese spirit from hard-hearted MB soldiers as well as hard-working Shinsei fellows. This is believed to be a good start for Mcredit in achieving its targets and is a driving force for it to confidently compete and grow in the financial market.

Vietnam’s consumer lending market has seen rapid growth in recent years. Consumer credit increase 65 per cent in 2017 compared to the previous year, accounting for 18 per cent of total loans in the economy. Consumer loans are diverse, with most being for purchases, house repairs, home equipment, and motor vehicles, targeting customers earning a monthly income of less than VND10 million ($440) with loans of less than VND100 million ($4,400).

“Figures show that the consumer credit market share within the finance sector is less than 8 per cent, which is quite small compared to market potential and the needs of the segment,” said Mr. Hoang Minh Tuan, CEO of Mcredit. “Average growth in consumer credit is 29-30 per cent per annum and will continue to increase sharply this year. The company has set a strategic goal of becoming a Top 5 consumer finance company, focusing on improving its existing products and will launch new products and services. Mcredit also plans to expand its network to 752 service locations in 50 cities and provinces around Vietnam, bringing greater convenience to customers.”

In addition to continuing to improve the quality of its existing products, in 2018 Mcredit will execute a product development strategy tailored to the low-income segment, offering more high-tech content products and selling via multi channels with the goal of providing customers with convenient services at competitive costs.

With advantages from the military customers of the Military Commercial Bank (MB) and a profound understanding of this customer segment, Mcredit has designed a package of installment loans for the purchase of motorbikes and electronic products to serve military staff such as army officers and defense workers. The product is being piloted at some of Mcredit service points in Hanoi, Hue, Ho Chi Minh City, Dong Nai, and Dong Thap. With a design suitable with the needs and incomes of military personnel and many preferential policies on interest rates and associated documentation, the package of military loans will certainly be a distinct strength when officially deployed on a large scale.

Starting as a sole owner of the Financial One Member Limited Liability Company Military Commercial Joint Stock Bank, in November 2016 MB transferred 49 per cent to MB Shinsei and changed its legal name to the MB Shinsei Finance Limited Liability Company. MB has always looked for strategic partners with the same investment perspective towards sustainable value. Rapid growth, however, must ensure sustainable development and strict risk management, which is Mcredit’s top priority. This is in line with MB’s business philosophy as well as Shinsei Bank’s, a prestigious financial group with more than 50 years of experience in consumer lending in Japan.

The Japanese business culture focuses on prestige, discipline and commitment to customers, which is consistent with the core values of MB and Mcredit. These distinctive qualities have been conveyed clearly in Mcredit’s operations, expressed through professional advisors who always provide clear information to clients. In Japan, Shinsei Bank owns Shinsei Finance, a consumer finance company, which ranks third in the market for consumer cash loans. With experience in risk management, mobilized funds and technology platforms that meet the specific needs of financial loans, a vision in consumer finance, the development perspective of Shinsei Finance, Mcredit will be greatly assisted in its management, risk management, and, especially, in the control of bad debts.

■ The MB Shinsei Finance Limited Liability Company (Mcredit) was established under License No. 27/GP-NHNN from the State Bank of Vietnam dated February 4, 2016.
■ Chartered capital as at February 2018: VND800 billion ($35 million).
■ As at the first quarter of 2018, the company had nearly 2,500 sales staff and 700 office and support staff.

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