Fundiin, the leading Buy Now, Pay Later (BNPL) service provider in Vietnam, has announced a strategic partnership with Sapo, a leading omnichannel commerce platform in Vietnam, to integrate a BNPL solution at checkout for over 100,000 merchant clients on the Sapo platform. Retail customers will have a smart and easy payment option which splits purchase amounts into three monthly installments at zero cost. Fundiin’s BNPL solution can increase a retailer’s sales by 30% without the need of a credit card or an application download.
Vietnam has one of the fastest growing internet economies in Southeast Asia, with a growth rate of 36 percent in 2020 (Statista). Fundiin is backed by international venture capital investors, such as 1982 Ventures.
The Vietnam retail sector was valued at USD 170 billion in 2020, and it is projected to register a CAGR of more than 10% from 2021 to2026. E-commerce is set to play a larger role in the economy and projected to grow at 29% CAGR through year 2025 (Google, Temasek and Bain, e-Conomy SEA 2020).
Despite the COVID-19 crisis, Vietnam has managed GDP growth of nearly three percent. Ongoing urbanization and evolving consumer demand are fueling rapid expansion of ecommerce. Over 40% of Vietnam’s digital consumers have come online due in part to COVID-19. Vietnam’s government is supporting the trend and targeting online shopping to reach 50% market share of all commerce in Hanoi and Ho Chi Minh City by 2025. Officials also aim to reduce cash payments and are actively working to improve the regulatory framework for e-payments.
Retailers are rapidly adopting solutions that can increase sales while reducing pressure on their consumers. Besides traditional sale promotions and free shipping, Fundiin’s interest-free BNPL solution has proven to be a great budgeting tool for consumers and increases sales for retailers.
Mr. Nguyen Anh Cuong, Co-founder and CEO of Fundiin, shares: “The Covid-19 pandemic created a wave of digital transformation and strong investment in omnichannel solutions for the retail industry. This shift to online shopping in Vietnam has created an urgent need for a simple and more affordable payment options for customers.”
Mr. Mai Van Tam, Director of Sapo Fin, shares: “With a deep understanding of the retail market, e-commerce and the recent change in consumer behavior, we believe that the Buy-Now-Pay-Later solution is an inevitable trend. Fundiin is the only company that meets Sapo’s strict criteria in terms of technology, customer experience, as well as stability in operations. Our cooperation as two leading Vietnamese technology companies promises to generate significant value to our merchant clients and help retailers increase sales.”
Sapo is a leading omnichannel commerce platform in Vietnam, servicing more than 100,000 merchant clients. The cooperation between Fundiin and Sapo will help Sapo’s 100,000 merchant clients increase sales up to 30% by integrating Fundiin’s BNPL payment solution. Eligible merchants will provide customers the option to split their orders into three interest-free monthly installments, which can be done in seconds with one single photo of ID card, without the need of a credit card or any application download. Retailers will receive full value of orders upfront.
Fundiin is the leading zero-cost Buy-Now-Pay-Later service provider in Vietnam, helping retailers increase sales by up to 30% by allowing end-consumers to pay in 3 interest-free monthly installments without need of credit card or app download. Fundiin is on mission to bridge the financial inclusion gap for the unbanked and underbanked population in Vietnam and Southeast Asia.
Sapo is a leading omnichannel commerce platform in Vietnam, servicing more than 100,000 merchant clients. Sapo provides retail businesses with an overall sales and management platform from online to offline including Sapo POS, Sapo Web, Sapo Social, Sapo Omnichannel.
Nguyen Anh Cuong, CFA