Singapore fintech company Finjo Singjo Group that has been present in more than 32 countries in the world, with a combined transaction value of $15 billion and an average profit of $400 million a year, is targeting at Vietnam Fintech market.
Senjo was established at the end of 2015 in Singapore. This company focuses on investing in financial technology services (fintech). The three main pillars of Senjo are payments, loans and investments in high-tech companies.
Gavin Lock, managing director of Senjo Group, said the company is looking for investment opportunities in Vietnam’s payment companies. This plan is part of Senjo’s general strategy in Asia.
Senjo has strong operation, and a large number of customers with good growth in the US and Europe. However, Senjo is a strange name in the Asian region.
This Fintech giant said that Vietnam will be an attractive market for Fintech in the near future, along with Indonesia and Thailand. So, Senjo is trying to find partners and develop ecosystems in these countries.
Fintech covers a series of activities. However, Senjo focuses on payment and lending. Fintech start-ups are facing a number of challenges, from developing ideas, building products, bringing products to markets, generating revenue and attracting customers, says Gavin Lock.
With experience in the field of Fintech in major markets such as the U.S and Europe, Senjo will seek to invest in payment companies with long-term experience and good personnel in Southeast Asia, including Vietnam.
In Asia, Senjo sees potential growth in Vietnam, Indonesia and Thailand in the near future due to factors related to young population and large consumer demand. This Fintech giant is not interested in developed countries like South Korea and Japan. The Chinese market, with a population of over one billion people, faces many cultural and political obstacles.
There have had many companies involving in the payment sector in Asia but so far, no “giant” has come to the fore. The penetration into Fintech market in Asian countries is said to be more difficult than in Europe or the United States because of factors related to consumer culture and the too different legal environment in each country.
However, Senjo said that when Asean countries reached a common agreement on trade, the situation will change. This company is optimistic about the scale and growth of Fintech in Southeast Asia in the near future.
