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Indonesia's FinAccel expands to Vietnam ahead of planned US listing

Kredivo platform to offer 'buy now, pay later' services in market hit by COVID

Vietnam's informal lenders often advertise their services on walls and street poles in Ho Chi Minh City, giving rise to the term “electricity pole banks.”     © Lien Hoang

HO CHI MINH CITY -- Indonesian fintech platform Kredivo is expanding its online lending business to Vietnam ahead of a planned U.S. listing by its parent company, a foray that could help it tap COVID-fueled demand for credit.

Kredivo, owned by Singapore-based FinAccel, set up a joint venture with Phoenix Holdings to offer digital credit cards to Vietnamese shoppers starting Friday. Phoenix Holdings is the family office of Henry Nguyen and his wife, Nguyen Thanh Phuong, daughter of a former Vietnamese prime minister.

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