The article "The difference between unbanked and underbanked" helps us better comprehend two groups of people who, for a variety of reasons, are unable to or do not wish to utilize standard financial services.
Particularly for those who lack the qualifications to obtain traditional financial services, the underbanked. Let's explore with FinFan in this essay how fintech may assist those folks in having access to financial services and a better quality of life.
E-wallets have recently become quite well-liked in Vietnam. This is an excellent tool for accessing financial services without a lot of effort or drawn-out registration procedures.
The underbanked can now buy a variety of items with just one click and have them delivered to their home a few days later thanks to ewallet and the growth of ecommerce.
The underbanked can also use eWallet to easily open an online bank account, apply for credit online, and other tasks that they were previously unable to do because they lacked the necessary qualifications to access bank services.
With smart promotional strategies that hit the consumer's mind quickly, ewllets have brought very special experiences to customers using them. The promotion campaign of MoMo and Viettel Pay’s media campaign are two of those typical examples.
Digital banks have been also becoming popular in Vietnam’s fintech market. Along with the development of technology, startups have made breakthroughs to improve banking services, which Timo is a pioneer in this field.
After the development of Timo, some traditional banks have had to review their services and try to move up to digital banking.
Since then, users can perform all services equivalent to traditional banks with just a few simple steps such as eKYC, fingerprint authentication and digital token.
Moreover, to increase the number of customers on their side, the banks are making efforts to further improve the service and directly link with ewallets (such as the combination of MoMo and TPBank) to solve the problem of having fast consumer credit loans to customers without having money in the wallet.
Third, if the underbanked have some problems with receiving remittances from abroad, international NEOBank is always the best choice.
Remittances are always important to the lives of people in developing countries (Vietnam is no exception).
However, the old ways of receiving remittances can be confusing for users and take a long time to complete the stages of transferring and receiving money.
Understanding that problem, several companies specializing in online money transfer technology were born and combined with companies that provide integrated API solutions to make remittances and remittances faster and less expensive.
The best example of this is the service has cooperation between Remitly and FinFan to assist in transferring and receiving remittances directly to the recipient's ewallets in just 3 easy steps.
Since then, several fintech models such as NEOBank have been formed, which help customers overcome barriers to make cross-border money transfers easier.
If you want to know more about the services of 1 neobank, please contact FinFan. FinFan, a Neobank specializing in cross-border payment and money transfer in Vietnam, had a License of Foreign Currencies Acceptance and Payment approved by the Central Bank of Vietnam in 2014, licensing from our Strategy Bank to do Banking services, and was the first entity in Vietnam allowed to disburse money into E-wallet.
We operate based on the values of transparency and trustworthiness to provide products as a Neo-bank, such as CASH – IN & CASH –OUT (Payroll, e-Commerce, Import-Export, etc., Cross - Border Payment (Over 150 countries + currencies), Remittances (strong currencies like GBP, AUD, EUR, USD, CNY with competitive FX rate), Virtual Cards.
We are proud that we not only became the first Vietnamese non-bank partnered and integrated with Ripple Net but also partnered with over 20 top global brands as MoneyGram, Thunes, Remitly, Ria, Terrapay, PaySend, etc.