Intellect Design Arena said that Cathay United Bank has chosen to implement Intellect Global Consumer Banking's (iGCB) digital credit platform 'iKredit 360' to power the next growth stage of their lending business.
One of the largest and most prestigious financial groups in Taiwan, Cathay Financial Holdings has been in Vietnam for over 20 years now. Over the years, the institution has expanded their presence here to include joint venture bank, foreign bank branch, life insurance subsidiary and property and casualty insurance subsidiary.
The bank is now planning to launch their retail lending business in Vietnam and looking for a digital lending platform that could enable them to offer both commoditised and specialised credit products such as BNPL (buy now pay later) to their customers.
The bank chose iGCB's credit platform iKredit360 to meet the ever-changing needs of credit seekers.
An end-to-end loan lifecycle management system comprising of loan servicing, collateral & limits management and partner management, iKredit will empower Cathay United Bank to become the lender of choice in Vietnam by offering curated credit products across all business segments including retail and SME, enhancing customer experience with an end-to-end digitization of the lending process, increasing customer lifetime value and mitigate risks with a real-time 360 degree customer view and protecting and maximizing revenues with customer-centric strategies and streamlined collection processes.
Rajesh Saxena, chief executive officer, Intellect Global Consumer Banking, said 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$ 1,123.9 million in 2022.
With iKredit360, Cathay United Bank will be able to offer a comprehensive buy now pay later (BNPL) proposition to their customers which will also enable the bank to increase their addressable market.
We are truly 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 first financial tech company that covers the entire spectrum of banking and insurance needs with its wide suite of products.
The company's consolidated net profit declined 6.73% to Rs 68.77 crore despite a 32.56% increase in sales to Rs 541.30 crore in Q1 FY23 over Q1 FY22.
The scrip rose 0.59% to currently trade at Rs 561.85 on the BSE.
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