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F88 receives the Gold Certificate of Customer Protection

Meeting 7 strict criteria set forth by Smart Campaign (USA), Vietnamese consumer loan provider F88 received a gold certificate of Customer Protection Certificate.

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This is the second time, F88 has received this honor. Seven criteria of Smart Campaign that F88 meets are Suitable products; Prevent excessive bad debt; Transparency; Responsible pricing; Respect customers; Privacy and customer data; Complaint handling mechanism.

The above criteria were established by Smart Campaign in 2013 and coordinated with auditing units such as M-CRIL, MFR to assess compliance at microfinance enterprises, thereby awarding Certificate of Insurance protect customers.

In Vietnam, in September 2019, F88 was the first financial institution to be awarded the Customer Protection Certificate, valid until October 2021. Recently, this business has received a notice to extend the certificate until June 2025.

Due to meeting more than 95% of the total criteria, F88 was awarded a gold certificate – the highest level in the certification system. Up to now, this is still the only financial institution in Vietnam to receive this prestigious certificate.

A representative of F88 said that there are 6 over 7 criteria, including suitable products; transparency; responsible pricing; respect customers; Protecting customer privacy and resolving complaints has been present in all of our transactions for many years.

F88 - Vietnam's only microfinance institution to receive a gold certificate for customer protection.
F88 – Vietnam’s only microfinance institution to receive a gold certificate for customer protection.

That is the comparative advantage, the value of the corporate culture that F88 has worked so hard to build. All customers when using the service at F88 are advised by the staff in detail on how to borrow, loan term and loan amount in accordance with each person’s ability to pay.

All customer information is strictly confidential. Debt settlement activities are conducted internally on the principle of understanding, respecting and creating the best conditions for customers to repay their debts.

In the condition that Vietnam’s microfinance market is still in its infancy, many customers are still afraid to access non-bank loans, this is the most effective way. In addition, despite the complicated developments of the COVID-19 epidemic, the total credit risk in the past three years has remained below 1%, helping F88 meet the criteria of preventing excessive bad debt.

From the above business results and operating principles, internal resources, in October 2021, F88 was assessed by Fiin Ratings as BBB – a promising and stable level.

Currently, F88 has developed nearly 700 stores nationwide, providing a variety of convenient financial services from loan product packages to services such as collection and payment agency, insurance distribution and many other convenient services… F88’s main customers are unskilled workers and those who do not have a bank account and cannot access financial services.

Source: https://e.nhipcaudautu.vn/tech/f88-receives-the-gold-certificate-of-customer-protection-3346384/

Sci-tech-environment

Tech unicorn VNG to list on UPCoM

Vietnamese tech giant VNG Corporation is finalizing its list of shareholders to prepare for a listing on the Unlisted Public Company Market (UPCoM) exchange.

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Towards this, it has asked shareholders to complete their transactions before 5 p.m. November 28. All further transactions will be delayed until its shares are up on the UPCoM, an exchange set up to encourage companies to list their stocks.

UPCoM is one of three bourses in Vietnam, of which the Ho Chi Minh Stock Exchange (HoSE) is the biggest with the highest criteria. It requires a company to post profits within the previous two years to list.

VNG, however, posted a loss of over VND70 billion last year.

The unicorn, a startup with a valuation of more than $1 billion, has also announced that its three foreign shareholders, Tenacious Bulldog Holdings Limited, Prosperous Prince Enterprises Limited and Gamevest PTE, have reduced their stakes to below 5% each.

Tenacious Bulldog and Prosperous Prince had a 28.46% stake in VNG, while Gamevest had an 8.14% stake.

The listing on UPCoM is an unexpected move by VNG, given that it had earlier announced plans to list on NASDAQ.

In the first nine months of the year, VNG posted losses of over VND764 billion.

Founded in 2004, VNG operates Zalo, a highly popular messaging and social network platform in Vietnam.

Source: VnExpress

Source: https://e.nhipcaudautu.vn/tech/tech-unicorn-vng-to-list-on-upcom-3349253/

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Vietnam’s Cerberus Esports team wins 6th place at PUBG Global Championship 2022

Vietnamese League of Legends esports team has set record for Vietnam and the APAC region after winning 6th place at PUBG Global Championship 2022, after a month of fierce competition in Dubai.

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The achievement brought the Vietnamese esports team VND3.78 billion ($152,500) in reward. Cerberus Esports team members who have averaged age of 19.6 has set six records for Vietnam and the APAC region.

Cerberus is also one of the teams that have never had experience in an international tournament. It started the competition with low expectations from international pundits. Twire.gg rated Cerberus to finish the game in 19th place.

However, it performed beyond the audience’s expectations. From the beginning, Cerberus demonstrated good performance and got important scores. The Vietnamese young men got 114 points and became the 6th ranked team in the world, setting unprecedented records for Vietnam as well as the APAC region.

“Our players, who are between 18 and 20 years old, set the record, proving that Cerberus team has great potential. We are confident to maintain our position as one of the leading e-sports teams in Vietnam,” said Michael Minsoo Chung, Cerberus Esports Operations Director.

“We have high hopes to become a team that will bring greater development opportunities for Vietnamese e-sports,” he added.  

Photo: Cerberus Esports
Photo: Cerberus Esports

At PUBG Global Championship 2022, 32 teams from four regions, including 12 from Asia, 8 from Europe, 6 from the Asia Pacific, and the remaining 6 from the Americas competed for a total prize of $2 million.

Founded in 2018, Cerberus Esports is a professional e-sports organization headquartered in Ho Chi Minh City. It is currently a training and competition place for five teams from five different e-sports.

Saudi Arabia to invest $38 billion in esports 

In a related development, Saudi Arabia has planned to invest $38 billion to turn the kingdom into a hub for e-sports by 2030 as part of its plan to diversify the economy of the world’s largest oil exporter, Bloomberg News reported.  

Photo: Cerberus Esports
Photo: Cerberus Esports

Savvy Games Group, a subsidiary of the country’s sovereign wealth fund, will invest $13 billion in acquiring and developing a games publisher and $18.7 billion in acquiring minority holdings in gaming firms. It will also invest $5.3 billion in established companies in the gaming sector.

Saudi Arabia has already begun to invest actively in the e-gaming business. It owns shares in Activision Blizzard Inc., Electronic Arts Inc., and Nintendo Co. through its Public Investment Fund. The plan has threatened South Korea’s esports suzerainty status.

Source: https://e.nhipcaudautu.vn/tech/vietnams-cerberus-esports-team-wins-6th-place-at-pubg-global-championship-2022-3349269/

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Vietnam to become a regional Digital Hub

Vietnam is aiming to become a Digital Hub, a place to transfer, connect, store and process data regional and world data.

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The Ministry of Information and Communications’ proposed information and communication infrastructure plan for the years 2021 to 2030 is to make Vietnam a “Digital Hub” where data from across the world may be transferred, connected, stored, and processed.

The term “Digital Hub” refers to a network of data storage facilities, cloud computing infrastructure, and Internet traffic exchanged by super developers, as well as global telecommunications, information technology, and digital content, which offer services in several nations and regions.

Vietnam has geographic advantages to become a regional digital hub, according to the Ministry of Information and Communications, including its location between Northeast Asia and Southeast Asia, close proximity to important and dynamic development centers in the region and the world, where many economies serve as growth engines, and its location on the trans-Asian road route established by the United Nations Economic and Social Commission for Asia and the Pacific in order to coordinate regional development.

Additionally, Vietnam is situated on the primary axis of the East-West Economic Corridor (EWEC), which connects the Pacific and Indian Oceans, offering tremendous potential for quick, economical, and efficient freight transit. 

The chance that Vietnam will emerge as the region’s digital hub is also demonstrated by the number of Internet users and, in particular, the data traffic that migrates to Vietnam. 

Statistics show that there are presently more than 72 million Internet users in Vietnam, with certain applications like Facebook having up to 75.6 million active users and accounts, and Zalo having more than 75.6 million active users, and 74.1 million active users, respectively.

Source: VnEconomy

Source: https://e.nhipcaudautu.vn/tech/vietnam-to-become-a-regional-digital-hub-3349082/

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