Vietnamese fintech firm officially enters Phl market

CEBU, Philippines — Vietnam-based fintech (financial technology) firm MFast has entered the Philippines capitalizing on the country’s robust digital financial potential.

“We are thrilled to bring MFast to the Philippines, a land known not just for its vibrant culture but for the resilience and enterprise of its people. From our humble beginnings in BinhPhuoc, we’ve always believed in the power of financial tools to transform lives,” said MFast co-founder and chief executive officer (CEO) Phan Thanh Long.

MFast, an agent banking aggregator platform that allows users in underserved communities to access financial services, is officially in the Philippines.

The Vietnamese fintech startup expanded into the Philippines within a year of raising US$6 million to support its regional growth.

The company also mentioned its plan to expand its presence in regional areas like Cebu and Davao before the end of this year, or in 2025.

“Launching MFast here [Philippines] is not just about expanding our reach—it’s about planting seeds of opportunity and watching them grow into possibilities far beyond what we ever imagined. We see this as a new chapter for our business and every Filipino joining us on this journey towards financial empowerment and independence,” Phan said.

MFast’s platform provides crucial services in finance, banking, and insurance to its users. It also leverages new technologies such as AI (artificial intelligence) to maintain high integrity and trust within its network.

Founded by twin brothers Thanh Vinh Phan and Thanh Long Phan from Binh Phuoc, a rural Vietnamese town, MFast is driven by a mission to address the financial challenges prevalent in underserved communities—a struggle the founders witnessed growing up.

The Philippine operation will be led by seasoned banker Carolyn Rose G. Lao.

According to Phan, with its tech-based agent banking, MFast could drive financial literacy and inclusion in remote areas, which are normally excluded from joining in the financial systems due to their locations.

The Philippine launch follows a Series A funding round in August 2023 in which MFast was able to raise $6 million (about P345 million). The round was led by Wavemaker Partners LLC, a Southeast Asian venture capital firm led by Filipinos Paul Santos and Eric Manlunas.

In Vietnam, MFast claims to be the largest sales agent network for financial services, leveraging the learn-practice-earn framework for its agents. The platform spans all 63 provinces, employing a vast network of agents who bridge the gaps in traditional field sales models.

Phan reiterated that MFast entry to the Philippines will not only help accelerate digital inclusion but also allow Filipinos to access lucrative careers as sales agents.

According to Phan, MFast’s agents in Vietnam earn as much as 100 million Vietnamese Dong or about P225,000 per month, which is 10 times more than the average salary in Vietnam.

Phan underscored that through technology-driven agent banking, MFast could enhance financial literacy and inclusion in remote areas that typically face exclusion from financial systems due to their geographical locations.

More than just a company, Phan said MFast is a movement grounded in the principles of inclusion and empowerment. With its foundational values, it is poised to become a significant contributor to the financial landscape in the Philippines, uplifting lives one agent at a time. — (FREEMAN)